![](\"https:\/\/www.financialmirror.com\/wp-content\/uploads\/2023\/05\/bitcoin-BTC-BitcoinCasinos.jpg\")
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Bitcoin will hit fresh all-time highs in the coming months \u2013 despite a recent sell-off in price, following the news of escalating military and diplomatic tensions between Israel and Iran, the chief executive of a leading financial advisory and fintech said.<\/p>\n
\u201cWe believe that the negative impact of recent events has now already been factored into Bitcoin\u2019s price, paving the way for positive structural drivers to reassert dominance,\u201d said deVere Group\u2019s CEO Nigel Green.<\/p>\n
Building upon this optimistic outlook, he foresees the largest cryptocurrency surpassing its previous record high of $73,800, achieved on March 14.<\/p>\n
The convergence of several key factors is expected to fuel this upward trajectory.<\/p>\n
\u201cChief among them is the supply shock resulting from the recent halving event, a mechanism embedded in the crypto\u2019s protocol that reduces the rate at which new Bitcoins are generated,\u201d Green explained.<\/p>\n
\u201cWith the halving cutting the supply of new Bitcoin issuance to 3.125 bitcoins per block, the scarcity of the digital asset is set to drive up its value,\u201d he noted.<\/p>\n
\u201cAlso the imminent launch of new Bitcoin exchange-traded funds (ETFs) outside the US, namely in the UK and Hong Kong \u2013 the latter of which starts trading next week \u2013 is likely to play a pivotal role in bolstering prices.\u201d<\/p>\n
\u201cThese financial instruments, which garnered substantial interest and institutional investment when they launched in the US earlier this year by some of the world\u2019s largest asset managers, are set to absorb billions of dollars\u2019 worth of Bitcoin, further reducing its available supply and increasing demand.<\/p>\n
\u201cThe ETFs confirmed Bitcoin\u2019s status within the global financial system.\u201d<\/p>\n
Since the first ETFs to track spot Bitcoin were launched in the United States three months ago, they have taken in $12 bln in net inflows.<\/p>\n
Bitcoin has gained more than 50% this year. It was trading around $65,000 on Wednesday and 63,400 on Thursday.<\/p>\n
\u201cWhile short-term fluctuations may be inevitable, Bitcoin\u2019s long-term trajectory is upward,\u201d a bullish Green predicted.<\/p>\n
\u201cThe underlying fundamentals and structural drivers are robust, paving the way for Bitcoin to achieve new price heights in 2024,\u201d he concluded.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin is expected to hit fresh all-time highs in the coming months, with the CEO of deVere Group predicting that the cryptocurrency will surpass its previous record high of ,800. Factors such as the recent halving event reducing the supply of new Bitcoin issuance and the launch of new Bitcoin exchange-traded funds outside the US are expected to drive up the value of Bitcoin. The CEO believes that despite short-term fluctuations, Bitcoin’s long-term trajectory is upward and that it will achieve new price heights in 2024.<\/p>\n","protected":false},"author":4,"featured_media":9654,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"Default","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[1521,7914,77,4039,33,80,1470,4893,82,259,2403,7913,6117,3343,84,2658,2110,6216,2588,7905,899,2753,146,299,7776,34,3504,3331,86,5838,1033,7915,7123,468,494,544,380,261,18],"class_list":["post-9653","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-other","tag-1521","tag-all-time-highs","tag-bitcoin","tag-building","tag-companies","tag-crypto","tag-cryptocurrency","tag-demand","tag-devere","tag-digital-asset","tag-driving","tag-etfs","tag-event","tag-events","tag-fintech","tag-fuel","tag-funds","tag-halving","tag-hong-kong","tag-impact","tag-interest","tag-investment","tag-iran","tag-israel","tag-march","tag-markets","tag-military","tag-news","tag-nigel-green","tag-price","tag-prices","tag-recent-sell-off","tag-scarcity","tag-tensions","tag-uk","tag-united-states","tag-us","tag-usdbtc","tag-world"],"acf":{"keyphrase":"","keywords":"","sourceimg":"","country-category":""},"yoast_head":"\n