Why 2024 Will Be a Pivotal Year for Bitcoin, According to Charles Edwards
In a recent report, Charles Edwards of Capriole Investments makes a compelling case for why 2024 will be a critical year for Bitcoin. Edwards addresses the skepticism surrounding Bitcoin (BTC) as an inflation hedge, keeping in mind that it performed well in response to growing inflation in 2021. He outlines Bitcoin’s impressive rise during the liquidity boom, asserting that it was the best inflation hedge during that time.
Another pivotal catalyst for Bitcoin (BTC) is the upcoming halving in April 2024. Edwards emphasizes the significance of this event, as it will lower Bitcoin’s supply growth rate below that of Gold for the first time ever. He dismisses the argument that the halving is priced in, stating that historical data shows otherwise.
Furthermore, Edwards discusses the regulatory landscape, including the classification of Bitcoin (BTC) as a commodity and the capacity approval of Bitcoin (BTC) ETFs. He draws parallels to the impact of the Gold ETF approval in 2004 and believes that ETF approvals could have a similar effect on Bitcoin.
Charles Edwards predicts that 2024 will be the highest returning year for Bitcoin (BTC) in its current four-year cycle, based on historical data and the confluence of catalysts. He remains cautiously optimistic about the long-term prospects of Bitcoin.
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