People in the crypto space are getting increasingly specific about what they are betting on for the next crypto bull cycle. And based on recent news and various reports, we have four key narratives that we are looking into for the future potential of Bitcoin.
1. Bitcoin is “Exponential Gold”
Fidelity’s Director of Global Macro Jurrien Timmer has revisited his bullish Bitcoin thesis from 2020 and said Bitcoin is “exponential gold.”
His thesis statement is simple. Bitcoin is a superior commodity currency that is on its way to becoming a store of value.
It was Timmer who spoke back in 2021 about Bitcoin’s potential to follow gold’s parabolic rally in the 1970s. This would put Bitcoin at $1 billion per coin by 2038, according to Fidelity.
It seems the bullish vibes from 2021 are returning.
Read: TradFi Is Now Taking Over The Bitcoin Revolution
2. Bitcoin FOMO
Someone who keeps getting more and more bullish is no other than Bitcoin bull Michael Saylor.
MicroStrategy has recently bought another 155 Bitcoins bringing MicroStrategy’s total holdings to 158,400 BTC worth over $5.4 billion.
However for billionaire investor Stanley Druckenmiller, he said he regrets selling Bitcoin in 2022 after fearing the Federal Reserve’s monetary tightening would ruin Bitcoin.
Read: Michael Saylor Explains Bitcoin’s Potential To Boost Cybersecurity
3. Spot Bitcoin ETFs
As we inch closer to the Bitcoin halving each day, the probability of spot Bitcoin ETFs getting approved goes up.
Invesco and Galaxy’s spot Bitcoin ETF has been added to the Nasdaq’s trade clearing desk alongside BlackRock under the ticker “BTCO” — soon, $17 trillion worth of wealth will have the option of investing in Bitcoin.
Read: BlackRock’s iShares Bitcoin ETF Progress Signals Optimism In The Crypto Market
4. Bitcoin Is Solving The Climate Crisis
Bitcoin mining company Marathon Digital has started a pilot project in Utah converting methane gas from landfill waste into electricity to mine Bitcoin.
Bitcoin miners are literally turning trash into cash by mitigating methane. The site is already operational and Marathon Digital plans on expanding the project if it is a success.
This narrative is only just getting started, but imagine this: What will happen when the world wakes up and realizes Bitcoin solves the energy crisis and climate crisis?
8 billion people and only 21 million coins. Bitcoin is extremely undervalued.
Final Thoughts
And there you have it — 4 of the top crypto narratives to look out for Bitcoin in late 2023 to 2024. Remember that crypto can be extremely volatile and narratives can wane just as quickly as they appear. Always do your own research and make sure you do not get blinded by the hype.