Bitcoin Executives Predict BTC Price Surge Beyond $100,000 Following 2024 Halving
Summary:
Executives in the mining and manufacturing industries foresee the possibility of Bitcoin surpassing $100,000 after its fourth halving in 2024. The reduction in Bitcoin supply and increased interest from traditional financial institutions are cited as contributing factors. However, miners are struggling due to intense competition and rising costs, leading some to shut down operations. Canaan, a prominent industry player, has reported financial losses due to the prolonged cryptocurrency bear market.
Key industry figures in the mining and manufacturing sectors are predicting that the upcoming fourth Bitcoin halving in 2024 could push the price of BTC over $100,000. During a panel discussion at Canaan's Avalon Bitcoin and Crypto Day in Singapore, Canaan's vice president Davis Hui, alongside other Bitcoin mining executives, shared their projections for the BTC price. Hui believes that the supply of Bitcoin will decrease significantly with the halving, while there is a growing interest from traditional financial institutions to invest in the sector. Hui also mentioned the impact of Bitcoin exchange-traded fund applications on the market. In addition, he noted the challenges faced by miners due to intense competition and rising costs, and suggested that miners who are unable to cover electricity expenses may shut down their operations. However, those who continue mining with upgraded equipment could benefit from the potential price increase ahead of the halving. Hui also acknowledged the financial loss reported by Canaan in the first quarter of 2023, attributing it to the prolonged cryptocurrency bear market.
Published At
9/12/2023 11:44:02 AM
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