United

Avalon

Bitcoin

<div class="sg-post-des">
 Canaan vice president Davis Hui believes a supply deficit following the next Bitcoin halving will drive its price past $100,000. 
</div> 
<div class="cointelegraph"> 
 Executives from prominent mining and manufacturing firms believe market forces resulting from the fourth Bitcoin <a rel="noopener noreferrer nofollow" title="halving" href="https://thebittimes.com/tag/halving.html">halving</a> scheduled in 2024 could force the price of Bitcoin (BTC) past $100,000. 
 Magazine editor Andrew Fenton spoke to Canaan vice president Davis Hui following a panel discussion at Canaan’s Avalon Bitcoin and Crypto Day (ABCD) in Singapore. 
 Hui and a panel that included Bitcoin mining ecosystem executives from Singapore, Kazakhstan and the United Arab Emirates all offered BTC price predictions around $100,000 in 2024 resulting from the effects of the latest Bitcoin mining reward <a rel="noopener noreferrer nofollow" title="halving" href="https://thebittimes.com/tag/halving.html">halving</a>. 
 Related: Bitcoin all-time high in 2025? BTC price idea reveals ‘bull run launch’ 
 Hui told Cointelegraph that the supply of Bitcoin would be drastically reduced with the reward <a rel="noopener noreferrer nofollow" title="halving" href="https://thebittimes.com/tag/halving.html">halving</a> down to 6.25 BTC per block, while traditional finance institutions are showing increased interest in investing in the sector: 
 <blockquote>
 “What about BlackRock? They’re holding onto $10 trillion of assets under management. The overall cryptocurrency market cap is $2 trillion — they have five times more than that.” 
 </blockquote> 
 The Canaan VP said his prediction was heavily influenced by the outcome of a number of Bitcoin exchange-traded fund applications lodged with the United States Securities and Exchange Commission by some of the world’s largest asset managers. 
 <blockquote>
 “This money will come in, the BTC demand will increase, while the supply has decreased, and the price will increase.” 
 </blockquote> 
 Hui also noted that it had become difficult for most miners to continue operating in highly competitive market conditions, with all-time hash rates and network difficulties directly eating into miner profitability. 
 Those who could not cover electricity costs with the Bitcoin mining rewards earned will simply shut off those machines, while those who continue operating will do so with a view of the potential upside ahead of the 2024 <a rel="noopener noreferrer nofollow" title="halving" href="https://thebittimes.com/tag/halving.html">halving</a>, he said. 
 Miners who can upgrade to more efficient and powerful machines are able to maintain better profitability, he said. Hui predicts that mining companies in the U.S. might be particularly hard pressed, given high electricity and administrative costs. 
 Hui also conceded that Canaan was among the industry companies to have reported a financial loss in the first quarter of 2023, highlighting the impact of a prolonged cryptocurrency bear market. 
 Magazine:&nbsp;Recursive inscriptions: Bitcoin ‘supercomputer’ and BTC DeFi coming soon 
 <template data-name="subscription_form" data-type="markets_outlook"></template> 
</div> 
Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-to-hit-100k-in-2024-canaan-vp-weighs-up-2024-halving-opportunities-tbt62412.html">https://thebittimes.com/bitcoin-to-hit-100k-in-2024-canaan-vp-weighs-up-2024-halving-opportunities-tbt62412.html</a>

Bitcoin to hit $100K in 2024? Canaan VP weighs up 2024 halving opportunities

TheBitTimes

Other articles published on Sep 12, 2023

Ripple or Shiba Inu: Which Is the Better Cryptocurrency Investment?

CCDAS, London’s Flagship Institutional Digital Asset Summit, Returns to London October 2-3

Defense Challenges DOJ’s Attempt to Disqualify Expert Witnesses in FTX Founder’s Trial

Ethereum Founder Addresses X Hacking Incident

Spot Bitcoin ETF Applications Decision Postponed by SEC: Bitcoin to Crash?

Introducing WOOFi Pro - the future of onchain orderbook trading

Join our free newsletter for daily crypto updates!