• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

Analysis of Factors Driving Bitcoin Surge

user avatar

by Giorgi Kostiuk

a year ago


BitGo CEO Mike Belshe recently projected a substantial rise in Bitcoin's value, foreseeing an increase of up to 94% in the upcoming six months. In a conversation with Kitco News, Belshe articulated his belief that by the end of the year, Bitcoin could attain a price range of $125,000 to $135,000, noting that Bitcoin was trading at approximately $69,000 to $70,000 when he made the prediction.

Factors Fueling Bitcoin's Momentum

Belshe's optimistic outlook is rooted in several pivotal factors, with the mounting US national debt at the forefront. He emphasized how current macroeconomic conditions amplify Bitcoin's appeal as a substitute for conventional financial systems, drawing parallels between the uncontrollable expansion of US debt and Bitcoin's role akin to modern-day gold. This economic context solidifies Bitcoin's position as a secure asset.

Erosion of the US Dollar's Dominance

Belshe also highlighted the instrumental role played by the US dollar's weaponization in propelling Bitcoin's growth potential. The US government's deployment of sanctions and its currency dominance in global affairs have incentivized other countries to explore options beyond the dollar. This shift has led to the establishment of economic alliances such as BRICS, fostering payment infrastructures independent of US dollar influence.

While these alternatives are currently nascent, their significance is expected to escalate over time, chipping away at the supremacy of the US dollar. The absence of a strong substitute for the global reserve currency paves the way for Bitcoin to step into this void.

Determinants Boosting Bitcoin's Ascent

  • Swift escalation of US national debt
  • Favorable macroeconomic conditions that position Bitcoin favorably vis-à-vis traditional financial frameworks
  • Weaponization of the US dollar through sanctions
  • Proliferation of non-dollar payment systems by economic alliances like BRICS
  • Lack of a robust alternative global reserve currency

Belshe stressed how these components create an auspicious environment for Bitcoin's progression. The fusion of the US debt crisis, the weaponization of the US dollar, and the emergence of alternative payment networks establishes a bullish scenario for the primary cryptocurrency. According to Belshe, this narrative forms the crux of Bitcoin's enduring relevance and potential for substantial appreciation.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

Other news

Midnight Glacier: Token Distribution Set for July 16-26

chest

The Midnight Glacier airdrop will take place from July 16 to July 26, providing opportunities to claim NIGHT and DUST tokens.

user avatarGiorgi Kostiuk

PENGU Coin: How Coinbase's Update Affected Token Price

chest

PENGU Coin saw a significant price increase after Coinbase's profile update. Discover the reasons and implications of this event.

user avatarGiorgi Kostiuk

Grayscale vs. SEC: Dispute Over ETF Approval Delay

chest

Grayscale's attorneys challenge the SEC's delay in approving their ETF, arguing it violates statutory timelines.

user avatarGiorgi Kostiuk

Shanghai Authorities Consider Yuan-Backed Stablecoin Plans

chest

Shanghai discussed a strategy for yuan-backed stablecoin without immediate market changes.

user avatarGiorgi Kostiuk

Brad Garlinghouse: Ripple Leader and Advocate for New Crypto Regulations

chest

Garlinghouse leads Ripple and advocates for fair cryptocurrency laws; his net worth is close to $10 billion.

user avatarGiorgi Kostiuk

Coinbase Drives PENGU Coin Surge: What Happened?

chest

Coinbase changes profile picture, leading to a 10% increase in PENGU Coin price. Discover the details and implications for the market.

user avatarGiorgi Kostiuk
dapp expert logo
© 2020-2025. DappExpert. All rights reserved.
© 2020-2025. DappExpert. All rights reserved.

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.