Crypto experts in Australia decode bitcoin’s unexpected rise

6 min read

Crypto experts in Australia decode bitcoin’s unexpected rise, Over the past 15 years, Bitcoin has experienced an all-time high, making it the most valuable digital currency in history. 

According to experts at the University of Technology Sydney, cryptocurrency enthusiasts in Australia believe the current spike in Bitcoin’s value is equivalent to stepping into a “brand new world” for cryptocurrencies with the recent increase in its value. Just two years ago, a major issue in the bitcoin industry caused billions of dollars to disappear from the marketplace, causing millions to disappear from the bitcoin market as a result. That issue has now been resolved, which has buoyed up cryptocurrency enthusiasts.

Jackson Zeng, one of the world’s leading bitcoin brokers located in Melbourne, said the reason for the unexpected rise in Bitcoin’s value is that the U.S. regulatory bodies approved 11 new ways of investing in Bitcoin in January, resulting in the unexpected boost for Bitcoin’s value. ETFs (Exchange Traded Funds) are a type of investment fund that enables anyone, much like the purchase of a stock in a corporation, to buy Bitcoin with little to no effort on their part.

The number of dollars invested in these Bitcoin ETFs in the United States has risen to nearly a billion in the past few years. There is one of these investment trusts that has more than billion invested in it, called BlackRock’s iShares Bitcoin Trust.

Is there a reason why the value of Bitcoin is increasing so rapidly?

A change that is called “halving” is going to be implemented in April. Due to this change, the reward for those people who have helped make Bitcoin run for over a year has been reduced by half. 

The number of new Bitcoins being made every day is approximately 900 at the moment. As a result of the halving, 450 Bitcoins will be issued every day following the halving. In the past, we have seen something like this happen. It was always accompanied by a significant increase in Bitcoin’s value every time it took place.

Experts who are familiar with the crypto market, like Michael Sloggett, for example, are saying that this time is different and exciting. As Mr Sloggett put it, “I firmly believe that’s going to be something we haven’t experienced before and not something we are likely to experience again.”

In today’s world, everything is possible. The sky is the limit because everything is possible. If you want to move up or down, then you can. It’s a brand new world.

There are speculations that large companies are buying a lot of bitcoin, whereas the general public has not even begun to buy much of it yet.

The founder of the Australian Crypto Convention, David Haslop, is also optimistic about the future of crypto. It is conceivable that after the halving, the value of one Bitcoin could reach more than $250k within a very short period of time after this event.

Currently, experts are waiting for a decision from the Securities and Exchange Commission (SEC) in the US regarding the possibility of individuals purchasing Ethereum, another cryptocurrency that differs from Bitcoin in terms of features. It is expected that the decision will be announced by May 23rd. Depending on whether the answer to this question is affirmative or not, the market may experience significant changes.

Bitcoin’s value continues to make headlines as crypto analysts keep an eye on what is going to happen next with the value of the cryptocurrency. There seems to be an exciting future ahead for the world of cryptocurrencies according to analysts as well.

Timenews1 provided that news.

You May Also Like

+ There are no comments

Add yours