“The bankruptcies of companies associated with Three Arrows Capital, Celsius, BlockFi, and FTX… It’s all essentially behind us. I don’t anticipate many major surprises.”
Consequently, Back believes that 2024 will be a year of recovery for Bitcoin, as the cryptocurrency responds to the upcoming halving event. He acknowledges that his claim of Bitcoin reaching $100,000 before the halving may seem outlandish, but he reminds skeptics that when he first made this prediction, Bitcoin was valued at only $20,000.
The Bitcoin halving is scheduled to occur in late April 2024. This event, which reduces the mining reward, is expected to impact Bitcoin’s hashrate, the computational power required for mining. Additionally, VanEck analysts anticipate that Bitcoin exchange-traded funds (ETFs) will attract over $2.4 billion in the first quarter of 2024, as US authorities are speculated to commence approving applications for spot Bitcoin ETFs.