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Home»ADOPTION NEWS»Bitcoin as ‘digital gold’ could enable sustained demand as ETFs ease volatility: Coinbase
ADOPTION NEWS

Bitcoin as ‘digital gold’ could enable sustained demand as ETFs ease volatility: Coinbase

By Crypto FlexsApril 6, 20243 Mins Read
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Bitcoin as ‘digital gold’ could enable sustained demand as ETFs ease volatility: Coinbase
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Markets • April 6, 2024, 6:33 a.m. EDT

Posted 1 minute ago In ~

A hawkish view on a possible interest rate cut by the U.S. Federal Reserve (Fed) has boosted gold among traditional investors. This, in Coinbase’s opinion, could further increase demand for Bitcoin.

“In our view, the acceptance of Bitcoin as a form of ‘digital gold’ will drive demand from new downstream investors in this market system,” David Han, institutional research analyst at the cryptocurrency exchange, said in a report published yesterday. “It can be activated,” he said.

“As a result, even if volatility persists in the price discovery process, bear markets are likely to be bought more aggressively than in previous cycles,” he added.

Han also noted that the recent launch of a spot Bitcoin exchange-traded fund in the U.S., which could provide broader access to capital, could ease Bitcoin price volatility.

“In our view, the capital unlocked by ETFs probably represents the most fundamental change in market structure between the previous 2020-2021 cycle and now,” Han added. “This unlocking of capital is coupled with the coming cycle. Bitcoin BTC

+1.45%
“The full second quarter still appears to be constructive from our perspective due to the halving (estimated to occur on April 20-21, depending on fluctuations in network hash rate) and other positive factors.”

Han and fellow Coinbase analyst David Duong said earlier this week that while the Bitcoin halving could already be priced in by seasoned traders, the collective belief in the price rise associated with the halving could still lead to such an outcome. .

According to The Block’s Bitcoin Halving Countdown, Bitcoin halving is scheduled to occur in approximately 14 days.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

About the author

Adam is Editor-in-Chief for Europe, Middle East and Africa. He lives in Central Europe and is the editor-in-chief and podcast host at OKX Insights, the former research arm of cryptocurrency exchange OKX. Prior to that, he co-founded and served as Editor-in-Chief of BeInCrypto.com, growing it into one of the leading cryptocurrency media brands. He previously served as Editor-in-Chief of Bitcoinist.com. Before joining the blockchain and cryptocurrency industry, he worked at Looper.com, Grunge.com, and SVG.com. He tweets at @XBT002 and can be emailed at (email protected).
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