Bitcoin, not memecoins, will continue to be a pivotal driving force in this bull market due to the impact of Bitcoin exchange-traded funds (ETFs) and the halving.
This has been the focus of the Next Block Expo in Warsaw since day one, with prominent industry insiders revealing key trends in the current market cycle.
As four experts told Cointelegraph on stage, Bitcoin (BTC) remains a clear focus and driver of sentiment through mid-2024.
Adrian Zduńczyk, founder of trading education platform The Birb Nest, said historical data from previous halvings suggests significant upside potential for BTC through 2025.
“From 2011 to the peak in 2013, we observed a 9,000% increase in price growth,” Zduńczyk said.
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Zduńczyk said Bitcoin remains a key indicator of market performance, highlighting that the 2017 and 2021 Bitcoin bull markets resulted in gains of 3,000% and 700% in BTC value, respectively.
“That’s true. There is no way to refute that. The history of Bitcoin halvings has resulted in massive price increases. So the facts are that the data is very favorable.”
Ben Yorke, vice president of ecosystem at exchange platform WooX, also emphasized that regulatory ambiguity for Bitcoin no longer exists.
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He pointed to government and institutional verification through the approval of Bitcoin ETFs in the United States and Hong Kong as a key example of this.
“It’s a very attractive proposition for young people around the world,” he said.
Regulatory Approval Signals Are Good for Bitcoin
The proliferation of Lightning Network and other features that allow users to retain full control of their BTC is also neutralizing criticism of Bitcoin’s usefulness. Yorke said the adoption of Bitcoin services like Lightning will ultimately undermine this argument.
“Over the last 10 years, we’ve been building a lot of our infrastructure using applications like Lightning. Once these applications take off, utility opponents will have little place to hide.”
Echoing this sentiment, Miko Matsumura, general partner at cryptocurrency asset fund Gumi Crypto, said infrastructure development that improves the ability to use Bitcoin for payments will attract additional capital to the ecosystem. suggested that this would be the case.
Zduńczyk added that the timing of regulatory approval of Bitcoin ETFs reflects the seasonality of the investment cycle, with summer months often driving market performance for the S&P 500 and Nasdaq.
“The ETF was well aligned because there was institutional demand and the legal infrastructure was there. “Every large pension fund, every central bank that actually enters this space from 2025 onwards.”
Zduńczyk also highlighted historical trends related to the US presidential election driving the performance of traditional markets that have flowed into Bitcoin over the past few years.
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