The vice president of a major cryptocurrency mining firm, Canaan, has recently revealed that the price of the flagship cryptocurrency Bitcoin ($BTC) could top $100,000 after the cryptocurrency’s upcoming halving event, which will halve the block rewards miners currently receive.
According to a report from Cointelegraph Canaan vice president Davis Hui, at a panel on Canaan’s Avalon Bitcoin and Crypto Day (ABCD) in Singapore, offered his Bitcoin price prediction along with several Bitcoin mining ecosystem executives.
These executives, from Singapore, Kazakhstan and the United Arab Emirates, all pointed to the $100,000 mark next year, as a result of the upcoming halving event. Among the prominent figures was Davis Hui, Vice President of Canaan, who shared his insights post a riveting panel discussion.
Hui later detailed that the supply of Bitcoin will be drastically reduced by the halving event, down to 6.25 BTC per block, at a time in which financial behemoths are showing an interest in the sector.
As CryptoGlobe reported, financial powerhouses that collectively manage an astounding $27 trillion in assets are making inroads into the world of Bitcoin and cryptocurrency after a race to list the first spot Bitcoin exchange-traded fund (ETF) in the United States kicked off.
As noted by CoinShares Chief Strategy Officer, Meltem Demirors, at least eight financial behemoths, which include BlackRock, Fidelity, JP Morgan, Morgan Stanley, Goldman Sachs, BNY Mellon, Invesco, and Bank of America are “actively working to provide access to Bitcoin and more.”
The Canaan executive noted that his Bitcoin price prediction was shaped by the pending spot Bitcoin ETF applications with the U.S. Securities and Exchange Commission (SEC), as investors coming in would increase demand for the flagship cryptocurrency.
Coupling the rising demand with a strong decrease in supply, he added, would lead to a price increase.
Notably, the CEO of global investment platform eToro, Yoni Assia, has recently revealed he is still bullish on the flagship cryptocurrency even amid a wide cryptocurrency market decline that has seen BTC’s market capitalization drop to near $500 billion.
Bitcoin’s upcoming halving event is set to occur in April 2024 and has inspired a number of bullish Bitcoin price predictions. As reported, investment research firm Fundstrat has suggested BTC could see a leap of over 500% from its current value to reach the $180,000 mark ahead of its upcoming halving.
Moreover, London-based multinational banking and financial services firm Standard Chartered has suggested that the price of the flagship cryptocurrency could surge to $50,000 this year, and could breach the $120,000 by 2024’s close in another major bullish price prediction for BTC.
Featured image via Unsplash.