3 Key Events to Help Bitcoin Reach New Heights (43 characters)

Cryptocurrencies

Barron’s Take

Updated May 25, 2023 10:16 am ET / Original May 25, 2023 3:15 am ET

This year’s cryptocurrency rally has lost steam, and not even Bitcoin ‘s most ostentatious conference was able to hide jitters that the original crypto needs help if it’s ever going to regain prior heights.

Bitcoin, the most popular form of digital currency, is facing a tough time in the market despite its rally this year. It seems that the hype around the cryptocurrency is fading and making investors nervous. The recent Bitcoin conference, which was full of pomp and grandeur, could not conceal the fact that Bitcoin needs assistance to reach its earlier heights.

However, there are three events that can give Bitcoin the right push to start its next rally:

1. Bitcoin Halving: One of the biggest events in the Bitcoin community is the Bitcoin Halving, which is scheduled to take place later this year. It is an event where the rewards given to miners are reduced by half. This event has historically caused a surge in the price of Bitcoin. So, if the current trend continues, we can expect the price of Bitcoin to escalate.

2. Institutional Adoption: Another event that can play a crucial role in the resurgence of Bitcoin is the institutional adoption of the cryptocurrency. The lack of regulatory clarity and the risk of fraud have deterred institutions from investing in Bitcoin. However, the recent moves made by some of the big names in the finance industry, such as JPMorgan, Fidelity, and Goldman Sachs, suggest that Bitcoin is gaining some traction among the institutions.

3. Inflation: The global inflation rate is on the rise, and people are looking for a safe haven to park their money. Bitcoin, with its finite supply, can become the go-to asset for people who want to hedge against inflation. This trend can push the prices of Bitcoin higher.

In conclusion, despite the challenges that Bitcoin is facing right now, the three events mentioned above can provide the necessary impetus for its next rally. With the right support, Bitcoin can regain its lost glory and emerge as a dominant force in the ever-evolving world of cryptocurrencies.