Bitcoin

Bitcoin (<a href="https://finbold.com/cryptocurrency/bitcoin/" rel="noopener noreferrer nofollow">BTC</a>) is still in the process of emerging from last year’s crypto winter, a situation that saw some attention move away from the maiden <a href="https://finbold.com/guides/cryptocurrency/" rel="noopener noreferrer nofollow">cryptocurrency</a>. The uncertainty regarding the general economy has also compounded Bitcoin’s recovery.Despite the uncertainty, 400-year-old German <a href="https://finbold.com/guides/investing/" rel="noopener noreferrer nofollow">investment</a> bank Berenberg has stated that Bitcoin is set to reclaim the spotlight in the world of <a href="https://finbold.com/cryptocurrencies" rel="noopener noreferrer nofollow">cryptocurrencies</a> and general finance sector after fading in the wake of <a href="https://finbold.com/guide/bear-market-definition/" rel="noopener noreferrer nofollow">bear market</a>, Coindesk <a href="https://www.coindesk.com/markets/2023/04/28/bitcoin-is-poised-to-reclaim-cryptos-spotlight-berenberg/?utm_source&#61;twitter&amp;utm_campaign&#61;coindesk_main&amp;utm_content&#61;editorial&amp;utm_medium&#61;social&amp;utm_term&#61;organic" rel="noopener noreferrer nofollow">reported </a>on April 28.Interestingly, the bank acknowledged that Bitcoin’s status in the crypto market had been relinquished to other digital assets and projects in recent years.The bank’s bet on Bitcoin is rooted in a research report that outlines several factors that could elevate the cryptocurrency’s status in the coming months. The report sheds light on the increasingly stringent <a href="https://finbold.com/category/technology-news/" rel="noopener noreferrer nofollow">regulatory</a> environment in the United States, which puts almost every token at risk of being classified as a security and subjected to enforcement action.However, Bitcoin’s unique design, characterized by decentralization and transparency, makes it an exception to this regulatory crackdown.The report comes at a time Bitcoin has experienced a price rally in recent weeks, with the asset partly inspired by the US <a href="https://finbold.com/guides/banking/" rel="noopener noreferrer nofollow">banking</a> crisis. Therefore, the bank views the rally as a sign that more investors are considering Bitcoin as a ‘sensible alternative’ among digital assets and the general finance sector.<h2 id="header-0">Benefits from global de-dollarization</h2>Furthermore, the lender suggested that with other global economies attempting to abandon the dollar as the world’s reserve currency, Bitcoin’s value proposition as an alternative to traditional currencies may rise.The report also notes that the next Bitcoin halving, slated for May 2024, is another possible catalyst for a Bitcoin rally.<blockquote>“If history is any guide, then Bitcoin could rally ahead of and after this much-anticipated halving,” the report said.</blockquote>Finally, the bank emphasized the growing importance of the Bitcoin blockchain and how the widespread adoption of the Lightning Network has demonstrated it. Notably, the Bitcoin Lightning Network is a second-layer solution for the Bitcoin blockchain that enables almost-instant transactions with low fees.Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.Read more cryptocurrency news on <a href="https://finbold.com/category/cryptocurrency-news/?utm_source&#61;CMC&amp;utm_medium&#61;social&amp;utm_campaign&#61;CMC&amp;utm_content&#61;long" rel="noopener noreferrer nofollow">Finbold.com.</a>

400-year-old bank says Bitcoin set to reclaim finance sector spotlight

Table of Contents

Finbold

Other articles published on Apr 30, 2023

‘Wolf of Wall Street’ J. Belfort shares 3 perspectives on Bitcoin’s future

Weekly Roundup

Avalanche price analysis: AVAX remains consistent at $17.4

The mystery behind Bitcoin’s recent crash: Did Mt. Gox and the US government cause it?

eCash Monthly Recap - April 2023

Uniswap price analysis: UNI value upgrades to $5.62 after a bullish market

Join our free newsletter for daily crypto updates!