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 Bitcoinย (BTC) as an inflation hedge, keepingย inย mindย that it performed well in response to growing inflation in 2021. He outlines Bitcoinโs impressive rise during the liquidity boom, asserting that it was the best inflation hedge during that time.
Another pivotal catalyst for Bitcoinย (BTC) is the upcoming halving in April 2024. Edwards emphasizes the significance of this event, as it will lower Bitcoinโs 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 Bitcoinย (BTC) as a commodity and theย capacity approval of Bitcoinย (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.
Hot Take
Charles Edwards predicts that 2024 will be the highest returning year for Bitcoinย (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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