Bitcoin's Bright Future: $200K and Beyond?

High spending and interest rate policies are expected to boost the demand for assets like Bitcoin.

Author

Danielle du Toit
April 26, 2024

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Here's what we've got for you today:

  • Economic Instability Could Pave the Way for Bitcoin’s Ascent to $200K

  • Solana and Ethereum Attract Big Investors in the Altcoin Market

  • Consensys Sues Sues SEC Over Ethereum Crackdown

  • Stripe Bringing Back Crypto Payments, This Time with a Stablecoin

High spending and interest rate policies are expected to boost the demand for assets like Bitcoin that serve as a store of value.

  • Zach Pandl of Grayscale predicts that there could be an increase in Bitcoin interest due to inflation and budget deficits.

  • Jupiter Zheng from HashKey Capital is also optimistic about Bitcoin's growth potential and believes that BTC’s value could hit between $100,000 and $200,000 by end of 2024.

  • Venture capitalist Tim Draper believes Bitcoin could triple in value within the year, driven by the introduction of spot Bitcoin ETFs in the U.S. that provide a hedge against fiat currency devaluation.

Interest from institutional investors in altcoins is noticeably increasing, with Solana and Ethereum specifically standing out as key players.

  • According to a report penned by James Butterfill, institutional investors are expanding their focus beyond Bitcoin, and are increasingly exploring altcoins like Solana.

  • Solana experienced a lot of growth in investor interest, ranking third among cryptocurrencies for its growth potential. 15% of the survey respondents believe SOL’s price will rise, up from just 10% in January.

  • Ether (ETH) holds the second position, with just over 30% of respondents optimistic about its growth.

MetaMask developer Consensys asked a Texas Federal Court to declare that Ethereum is not a security.

  • Consensys sued the U.S. SEC, accusing it of unlawfully expanding its authority to regulate Ethereum (ETH) by misclassifying it as a security.

  • The blockchain company also criticized the SEC’s "reckless approach" and believes it is detrimental to innovation in the cryptocurrency sector.

  • This legal action comes at a time when the SEC has ramped-up legal actions against the crypto industry.

Payment service Stripe is bringing back crypto in the form of stablecoin payments.

  • According to President Jack Collison, starting this summer, Stripe customers will be able to make payments using USD Coin (USDC).

  • Collison believes that cryptocurrency is now a viable means of exchange, and pointed out improvements in transaction speeds and lower fees since Stripe stopped Bitcoin payments in 2018.

  • Stripe plans to support USDC payments on multiple blockchains, including Solana, Ethereum, and Polygon.

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