CNBC Says Bitcoin Scarcity Surpasses Gold, Fueling Price Surge To $43,000
- Bitcoin has surpassed $43,000 and is poised to become the first asset in history that is “more scarce than gold.”
- The upcoming halving event, which reduces the rate of Bitcoin mining, is driving the surge in price and increasing its scarcity.
BTC surpasses $43K as CNBC stated that Bitcoin scarcity surpasses Gold due to upcoming halving event. Experts predict potential approval of Spot Bitcoin ETF and a price of $100K by 2024.
Bitcoin has soared past $43,000, prompting CNBC to declare that it is on track to become the first asset in history that is “more scarce than gold.” The surge in price is attributed to the upcoming halving event, which will reduce the rate at which new Bitcoins are mined, making it even scarcer than gold.
As of this writing, BTC is trading at $43,362 after reaching a high of $44,000. The king of cryptocurrency has experienced a 14% surge over the past 7 days, as show by CoinMarketCap data.
The halving event, when mining rewards are cut in half, has historically led to the best price performance for Bitcoin. With the potential approval of a Spot Bitcoin ETF on the horizon, experts predict a perfect storm that could propel the cryptocurrency’s price even higher. Standard Chartered has even forecasted a price of $100,000 for Bitcoin by the end of 2024.
Bitcoin Scarcity Surpasses Gold, Fueling Price Surge and Frenzy
CNBC highlights the significance of the halving event, stating that it will result in less Bitcoin being mined compared to gold on a relative basis. This scarcity is expected to increase the value of Bitcoin and solidify its position as one of the scarcest assets in the market.
The positive outlook for Bitcoin is fueled by speculation and the anticipation of significant events such as the halving. The cryptocurrency’s resurgence throughout the year has attracted attention and investment, with the expectation that it will continue to surge in value.
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