Bitcoin Magazine: 21 Reasons to Be Optimistic About Bitcoin in 2024
The stock market has performed well in 2023, reversing the 2022 bear market. Many traders see the potential for further gains next year. However, it’s also possible that stocks take a tumble if the economy slides into a recession.
For other asset classes, it’s largely the same story. But for bitcoin, and the broader cryptocurrency market, events are unfolding that appear perfect for bullish investors.
The biggest bull trend is the expectation that the SEC will approve a bitcoin ETF in the coming weeks.
That would mean creating an investment vehicle that makes bitcoin easy to own. And easy to hold in a tax-deferred retirement account like a Roth IRA.
If a bitcoin ETF is approved, other crypto-related ETFs will likely follow suit as well.
Plus, next year, bitcoin will have its next halving. That’s the process where the reward for mining bitcoin is cut in half. That’s part of gradually reducing bitcoin’s outstanding total until 21 million are minted.
Typically, halving events are a supply shock. They result in massive price gains in the months following that event. That could set 2024 up for some big moves, with bitcoin likely testing its old high near $69,000.
Also, regulators are changing the rules for companies that hold bitcoin. They will be able to mark the asset to its current value.
That change is coming starting 2025, and will make it easier for companies to buy and hold bitcoin.
These moves and others suggest a great year ahead for bitcoin, and likely with it most other cryptocurrencies.
To view the full list of bullish reasons to own bitcoin in 2024, click here.