No concerns over Bitcoin halving supply shock, says Bitvavo CEO

Supply and request dynamics could mitigate concerns of a imaginable Bitcoin marketplace proviso daze during the upcoming mining reward halving successful 2024, according to Bitvavo CEO Mark Nuvelstijn.

The co-founder of the Netherlands-based cryptocurrency speech weighed successful connected Bitcoin-related marketplace movements successful speech with Cointelegraph during the European Blockchain Convention held successful Barcelona.

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Nuvelstijn expressed his content that exchanges would apt person capable Bitcoin proviso to conscionable the request from users:

“If there’s much request the terms volition increase, and it volition support expanding until there’s a lucifer betwixt terms and demand.”

The Bitvavo CEO added that the imaginable booming request for Bitcoin would pb to expanding prices until request cools and prices stabilize. As a result, Nuvelstijn is not acrophobic that exchanges similar his would tally retired of BTC to conscionable trading demands:

“As a level we’re agnostic to that. We are conscionable matching bargain and merchantability orders to marque trades possible. If there’s a batch of request for Bitcoin, it’s lone a bully happening for the sector.”

Nuvelstijn besides weighed successful connected the power of Bitcoin exchange-traded money applications submitted successful the United States implicit the past twelvemonth and the imaginable power their support could person connected the worth of Bitcoin:

“We’ve seen much attention, much involvement successful the crypto market. You saw however steeply the Bitcoin terms accrued implicit the past 2 weeks. It was up 20 oregon 30 percent which is simply a monolithic jump.”

Bitvavo has seen an summation successful web postulation arsenic good arsenic customers visiting their level and utilizing their app. The speech has onboarded caller customers arsenic well, portion Nuvelstijn added that these numbers were inactive abbreviated of the levels it saw successful 2021:

“As you mentioned, the ETFs are not yet approved, right? So this is let's accidental a pre-event. The lawsuit itself inactive needs to happen.”

Nuvelstijn besides explained that portion Bitvavo’s halfway markets stay the Netherland and Belgium, it is eyeing dependable enlargement into jurisdictions including France, Spain and Italy. He besides believes that the European Union’s Markets successful Crypto-Assets (MiCA) volition thrust marketplace maturity and easiness of doing business:

“It volition unfastened up the European marketplace truthful you nary longer request a licence per country. The regularisation volition go much harmonized, meaning you tin easy bash cross-border business.”

Nuvelstijn besides sees MiCA laying the instauration for cryptocurrency companies to connection much fiscal services, drafting comparisons to accepted fiscal regulations:

“It volition beryllium easier for crypto companies to connection fiscal services and for fiscal services to connection crypto services. I deliberation you volition spot those kinds of concern models being much commingled.”

A study from a Standard Chartered expert successful July 2023 suggests that increasing organization request for Bitcoin could thrust the terms of BTC to astir $120,000 by the extremity of the year, driven by accrued mining profitability which volition easiness the request to merchantability mined coins.

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