Cryptocurrencies

Bitcoin, not meme coins, will continue to be a pivotal driving force in this

Bitcoin, not memes, will continue to be a pivotal driving force in this uptrend thanks to Bitcoin exchange-traded funds (ETFs) and the halving effect.

This was a key takeaway from the first day of Next Block Expo in Warsaw, as leading industry insiders unpacked the key trends of the current market cycle.

Bitcoin (BTC) remains a clear focal point and sentiment driver in mid-2024, four experts told Cointelegraph on stage.

Historical data around the previous halving indicates a significant upside for BTC until 2025, said Adrian Zduńczyk, founder of trading education platform The Birb Nest.

“From 2011 until the peak of 2013, we observed a 9,000% growth in price appreciation,” Zdonczyk said.

Related: Bitcoin Could Surpass $100K But Only If ‘High Return Rate’ Drops Below 7% – Analyst

Highlighting that Bitcoin’s rallies in 2017 and 2021 delivered gains of 3,000% and 700%, respectively, in Bitcoin’s value, Zdonczyk said that Bitcoin remains an essential indicator of market performance:

“Those are the facts. There is no way to refute that. The history of the Bitcoin halving led to a massive price rise. “Hence, based on the facts, the data is very favourable.”

Ben York, vice president of ecosystem at exchange platform WooX, also highlighted that there is no longer regulatory ambiguity around Bitcoin.

Related: Bitcoin reaches $56,000? BTC price chart indicates a breakout within days

He pointed to government and institutional verification through the approval of Bitcoin exchange-traded funds in the US and Hong Kong as prime examples of this.

“It makes it a very attractive proposition for young people around the world,” he said.

Regulatory green light is good for Bitcoin

Criticisms of Bitcoin’s utility are also negated due to the prevalence of the Lightning Network and other functions that allow the user to maintain full custody of BTC. York said the adoption of Bitcoin services like Lightning would eventually nullify these arguments.

“Over the past 10 years, we’ve built a lot of infrastructure using applications like Lightning. Once these apps take off, utility naysayers will have very few places to hide.

Zduńczyk also said that the timing of the regulatory green light for Bitcoin ETFs reflects the seasonality of investment cycles, with the summer months often driving the market performance of the S&P 500 and Nasdaq:

“ETFs were well coordinated because there was demand from institutions and there was a legal infrastructure. All these big pension funds, all the central banks that are actually entering the space from 2025 onwards.

Zduńczyk also highlighted historical trends surrounding the US presidential election which have improved the performance of traditional markets and extended to Bitcoin in recent years.

Magazine: Memes: Betrayal of Cryptocurrency Ideals…or Their True Purpose?

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