Bitcoin, not memecoins, will continue to play a crucial role in the current bull run due to the introduction of Bitcoin exchange-traded funds (ETFs) and the impact of the halving event. This was a key insight from the first day of the Next Block Expo in Warsaw, where industry experts discussed the major trends of the market cycle. Bitcoin remains a central focus and driver of sentiment in 2024, according to four experts interviewed by Cointelegraph. Adrian Zduńczyk, founder of the trading education platform The Birb Nest, pointed out that historical data from previous halvings indicates significant potential for BTC’s growth until 2025. He cited a 9,000% price appreciation from 2011 to the peak of 2013 as an example. Zduńczyk also highlighted that the bull runs in 2017 and 2021 resulted in 3,000% and 700% gains respectively, emphasizing Bitcoin’s importance as a market indicator. Ben Yorke, ecosystem vice president at exchange platform WooX, added that there is now greater regulatory clarity around Bitcoin. He mentioned the approval of Bitcoin ETFs in the U.S. and Hong Kong by government and institutional bodies as evidence of this. Yorke believes this regulatory approval makes Bitcoin more appealing to young people worldwide. Additionally, the criticisms of Bitcoin’s utility are being countered by the proliferation of the Lightning network and other functionalities that allow users to have full custody of their BTC. Yorke stated that the adoption of Bitcoin services like Lightning will eventually dispel these arguments. Miko Matsumura, general partner of cryptocurrency asset fund Gumi Crypto, shared similar views, suggesting that the development of infrastructure to enhance Bitcoin’s use for payments will attract more capital to the ecosystem. Zduńczyk also noted that the timing of regulatory approval for Bitcoin ETFs aligns with the seasonal investment cycles, with the summer months often driving the performance of the S&P 500 and the Nasdaq. He also highlighted the historical trend of U.S. presidential elections affecting the performance of traditional markets, which can spill over into Bitcoin as well.
NBX Warsaw: Bitcoin Spurs Bull Run, Leaving Memecoins in the Dust