Bitcoin to hit $100K in 2024? Canaan VP weighs up 2024 halving opportunities

Executives from salient mining and manufacturing firms judge marketplace forces resulting from the 4th Bitcoin halving scheduled successful 2024 could unit the terms of BTC past $100,000.

Cointelegraph Magazine exertion Andrew Fenton spoke to Canaan vice president Davis Hui pursuing a sheet treatment astatine Canaan’s Avalon Bitcoin and Crypto Day (ABCD) successful Singapore.

Hui and a sheet that included Bitcoin mining ecosystem executives from Singapore, Kazakhstan and the United Arab Emirates, each offered BTC terms predictions astir $100,000 successful 2024 resulting from the effects of the latest Bitcoin mining reward halving.

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Hui told Cointelegraph that the proviso of Bitcoin would beryllium drastically reduced with the reward halving down to 6.25 BTC per block, portion accepted concern institutions are showing accrued involvement successful investing successful the sector:

“What astir BlackRock, they’re holding onto $10 trillion of assets nether management. The wide cryptocurrency marketplace headdress is $2 trillion - they person 5 times much than that.”

The Canaan VP said his prediction was heavy influenced connected the result of a fig of Bitcoin exchange-traded money applications lodged with the U.S. SEC by immoderate of the world’s largest plus managers.

“This wealth volition travel in, the BTC request volition summation portion the proviso has decreased and the terms volition increase.”

Hui besides noted that it had go hard for astir miners to proceed operating successful highly competitory marketplace conditions, with each clip hash rates and web difficulties straight eating into miner profitability.

Those that could not screen energy costs with the Bitcoin mining rewards earned volition simply unopen disconnected those machines, portion those that proceed operating volition bash truthful with a presumption of the imaginable upside up of the 2024 halving, helium said.

Miners that are capable to upgrade to much businesslike and almighty machines are capable to support amended profitability, helium said. Hui predicts that mining companies successful the U.S. mightiness beryllium peculiarly hard pressed, fixed precocious energy and administrative costs.

Hui besides conceded that Canaan was among manufacture companies to person reported a fiscal nonaccomplishment successful the archetypal 4th of 2023, highlighting the interaction of a prolonged cryptocurrency carnivore market.

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