Bitcoin

<p>Although Bitcoin (<a href="https://finbold.com/cryptocurrency/bitcoin/" rel="noopener noreferrer nofollow">BTC</a>) has been moving in a largely sideways pattern for the past several weeks, some observers have noted that there was a possibility that the flagship decentralized finance (<a href="https://finbold.com/guide/liquidity-mining-definition/" rel="noopener noreferrer nofollow">DeFi</a>) asset could eventually reach the coveted price of $1 million, making everyone who held at least one wholecoin significantly rich(er).</p><p>Indeed, some of the sector’s most famous <a href="https://finbold.com/guides/investing/" rel="noopener noreferrer nofollow">investors</a>, including Michael Saylor’s business intelligence firm MicroStrategy, which has <a href="https://www.microstrategy.com/content/dam/website-assets/collateral/financial-documents/events-presentations/Q2-2023-Earnings-Presentation.pdf#page&#61;12" rel="noopener noreferrer nofollow">purchased</a> over 12,000 <a href="https://finbold.com/guide/fastest-way-to-buy-bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a> during the second quarter of 2023, are willing to bet that the maiden <a href="https://finbold.com/cryptocurrencies/" rel="noopener noreferrer nofollow">cryptocurrency</a> will continue to grow its price, eventually culminating at $1 million, and Finbold has analyzed the factors that could lead to this result.</p><h2 id="header-0">Continued halvings</h2><p>One factor that has continuously stood out for its major role in Bitcoin’s price movements is its halving, i.e., the algorithmic event that cuts the previous reward for mining this <a href="https://finbold.com/guide/cryptocurrency-staking-guide/#ProofofStake_vs_ProofofWork" rel="noopener noreferrer nofollow">Proof-of-Work</a> (PoW) <a href="https://finbold.com/guides/cryptocurrency/" rel="noopener noreferrer nofollow">crypto</a> in half, thus reducing the amount of BTC in circulation and increasing demand which, in turn, drives the price up. As it happens, Bitcoin has <a href="https://finbold.com/bitcoin-enters-final-phase-before-halving-everything-you-need-to-know/" rel="noopener noreferrer nofollow">entered the final phase</a> before its fourth halving earlier in May 2023.</p><p>Indeed, the <a href="https://finbold.com/category/cryptocurrency-news/" rel="noopener noreferrer nofollow">crypto community</a> expects the next halving event for Bitcoin to take place in May 2024, and multiple <a href="https://finbold.com/guide/cryptocurrency-trading/" rel="noopener noreferrer nofollow">crypto trading</a> experts have voiced their opinion that the price of the maiden digital asset will surely <a href="https://finbold.com/bitcoin-mimics-past-pre-halving-behavior-when-the-next-all-time-high/" rel="noopener noreferrer nofollow">skyrocket</a> during that time, with pseudonymous analyst <em>PlanB</em> <a href="https://finbold.com/this-price-model-hints-btc-could-explode-to-1m-after-2024-halving/" rel="noopener noreferrer nofollow">discussing</a> several pricing models that could give it room to grow toward $1 million.</p><h2 id="header-1">Increased institutional adoption</h2><p>Following the unexpected change in stance from Larry Fink, CEO of the world’s largest asset manager BlackRock (NYSE: <a href="https://finbold.com/stock/blackrock-stock-blk/" rel="noopener noreferrer nofollow">BLK</a>), toward Bitcoin, doing a 360 from claiming that clients had “<a href="https://finbold.com/massive-adoption-alert-blackrocks-ceo-once-said-zero-clients-interested-in-crypto/" rel="noopener noreferrer nofollow">zero interest</a>” in crypto assets to openly embracing Bitcoin and becoming its enthusiastic supporter, the institutional interest in it has become more apparent.</p><p>Specifically, BlackRock’s surprise application for a spot Bitcoin exchange-traded fund (<a href="https://finbold.com/etfs/" rel="noopener noreferrer nofollow">ETF</a>) in June has encouraged multiple other companies to follow the asset manager’s example, starting a chain of <a href="https://finbold.com/guide/what-is-bitcoin-etf/" rel="noopener noreferrer nofollow">Bitcoin ETF</a> filings with the United States Securities and Exchange Commission (<a href="https://finbold.com/etfs/" rel="noopener noreferrer nofollow">SEC</a>) and triggering a massive Bitcoin price increase, which billionaire Mike Novogratz <a href="https://finbold.com/billionaire-m-novogratz-identifies-game-changing-bitcoin-event-in-2023/" rel="noopener noreferrer nofollow">identified</a> as a turning point.</p><h2 id="header-2">Wider acceptance as payment method</h2><p>At the same time, as Bitcoin becomes a more accepted payment method around the world, with increasingly more e-commerce and brick-and-mortar businesses introducing the option to pay via crypto for their products and/or services, and more Bitcoin ATMs springing in <a href="https://finbold.com/capital-of-bosnia-and-herzegovina-gets-its-first-bitcoin-atm-despite-lack-of-regulation/" rel="noopener noreferrer nofollow">all corners of the globe</a>, the increased acceptance could also drive up the demand for the cryptocurrency.</p><p>Specifically, according to the <a href="https://coinatmradar.com/" rel="noopener noreferrer nofollow">statistics</a> by the crypto ATM analytics platform <em>Coin ATM Radar,</em> there were 36,316 crypto ATMs and 236,756 other Bitcoin-to-cash and cash-to-Bitcoin service providers in 71 countries around the world, produced by 46 Bitcoin ATM manufacturers and installed by 515 Bitcoin machine operators, recording a <a href="https://coinatmradar.com/charts/growth/" rel="noopener noreferrer nofollow">continuous increase</a> in installations.</p><h2 id="header-3">Favorable regulatory environment</h2><p>Furthermore, governments and <a href="https://finbold.com/category/regulations-news/" rel="noopener noreferrer nofollow">regulators</a> becoming more open and favorable towards Bitcoin, as evident in the example of the United Kindom’s <a href="https://finbold.com/guides/finance/" rel="noopener noreferrer nofollow">financial</a> services minister, Andrew Griffith, <a href="https://finbold.com/another-win-for-crypto-as-uk-rejects-regulating-cryptocurrencies-as-gambling/" rel="noopener noreferrer nofollow">rejecting</a> the Treasury Committee’s recommendation to regulate retail trading and <a href="https://finbold.com/guide/invest-in-crypto-on-autopilot/" rel="noopener noreferrer nofollow">investing in crypto</a> as gambling, could also help drive up the price.</p><p>Another example of a crypto-friendly environment is Malta, an island country that has used cryptocurrencies for the longest time among all others, with several bills to make it the global leader in crypto regulation, and leading <a href="https://finbold.com/review/binance-review/" rel="noopener noreferrer nofollow">Binance</a>, one of the largest <a href="https://finbold.com/guide/best-cryptocurrency-trading-platforms/" rel="noopener noreferrer nofollow">crypto exchanges</a> in the world, to <a href="https://www.welcome-center-malta.com/post/binance-malta-move-welcoming-cryptocurrency-companies" rel="noopener noreferrer nofollow">choose</a> it over Japan, as it considered it more favorable than the East Asian country.</p><h2 id="header-4">Economic situation</h2><p>Finally, amid a global economic crisis, many people could turn to Bitcoin as a <a href="https://finbold.com/bitcoin-correlation-with-gold-hits-40-day-high-as-battle-for-safe-haven-asset-intensifies/" rel="noopener noreferrer nofollow">safe haven asset</a>, including <a href="https://finbold.com/guide/who-is-robert-kiyosaki/" rel="noopener noreferrer nofollow">Robert Kiyosaki</a>, a renowned investor and author of the best-selling <a href="https://finbold.com/guide/investment-books/" rel="noopener noreferrer nofollow">personal finance book</a> <em>‘Rich Dad Poor Dad,’</em> who has recently <a href="https://finbold.com/robert-kiyosaki-destroys-wsjs-economy-claims-why-hes-all-in-on-bitcoin/" rel="noopener noreferrer nofollow">strongly criticized</a> the Wall Street Journal (WSJ) over the claims that the US economy was strong.</p><p>As more preferable assets to fiat money, particularly the US dollar, the finance educator has long advised his followers to buy gold, silver, and Bitcoin to <a href="https://finbold.com/rich-dad-robert-kiyosaki-shares-plan-to-survive-market-crash/" rel="noopener noreferrer nofollow">survive</a> the looming major financial depression and <a href="https://finbold.com/stocks/" rel="noopener noreferrer nofollow">stock</a> market crash, as well as <a href="https://finbold.com/rich-dad-r-kiyosaki-predicts-bitcoin-to-hit-120k-next-year-as-usd-will-die/" rel="noopener noreferrer nofollow">predicting</a> that the largest cryptocurrency by market capitalization would hit $120,000 next year.</p><h2 id="header-5">Bitcoin price analysis</h2><p>Meanwhile, Bitcoin was at press time changing hands at the price of $29,467, recording an increase of 1.76% on the day and gaining 0.88% across the previous week, whereas, on its monthly chart, it has witnessed a decline of 3.83%, according to the information retrieved on August 2.</p><img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/1da987bf3b744ec18fe2efee637d7994.png" /><p><em>Bitcoin 7-day price chart. Source: <a href="https://finbold.com/cryptocurrency/bitcoin/" rel="noopener noreferrer nofollow">Finbold</a></em></p><p>All things considered, when and if Bitcoin truly manages to reach the whopping price of $1 million is impossible to say but could depend on the above factors, either acting alone or coming together. Ultimately, the forces of supply and demand will be the ones to determine the actual price of the representative digital asset.</p><p><em><strong>Disclaimer:</strong> The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p><p><strong>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>.</strong></p>

5 factors that could send Bitcoin to $1 million

Table of Contents

Finbold

Other articles published on Aug 2, 2023

AI in the Battle of Cybersecurity

Third Litecoin Halving Event Officially Completed! Here’s How LTC Price Is Reacting

NEOPIN X Enjoymyhobbychat Live AMA Reward Distribution Completed!

Indian Supreme Court Rebukes Government Over Lack of Crypto Regulations

Terminal 3 Raises Pre-Seed Funding for Decentralized User Data Infrastructure

Fitch Ratings Downgrades US Debt to AA+ Citing “Erosion of Governance”

Join our free newsletter for daily crypto updates!