Bitcoin transactions reach new milestone, exceeding 1 billion
On Sunday night, Bitcoin officially passed its 1 billionth transaction, marking a new milestone that the cryptocurrency community celebrated with many prominent Bitcoin investors taking to X (formerly known as Twitter) to show how far the world’s first decentralized digital asset has come.
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According to Clark Moody’s on-chain data, the popular cryptocurrency had processed 1,000,004,488 transactions last Sunday evening!
Nischal Shetty, co-founder of layer 1 blockchain Shardeum, said the development “helps further strengthen trust in Bitcoin as an asset.” Although news of the milestone comes just after a week of subdued prices for Bitcoin: the digital currency plunged to $58,000 last week.
Investment banking giants Goldman Sachs and JPMorgan Chase said Bitcoin holders should not rely too much on data from previous halving cycles — during which rallies were common — because the economic environment Bitcoin is currently operating in is very different from that in previous historical cycles.
On the other hand, some Bitcoin users and holders are still holding on and refusing to sell their coins, believing that Bitcoin will eventually recover and could hit new all-time highs in the coming weeks.
Bernstein predicts that Bitcoin will reach $150,000 by the end of next year
Despite the roller-coaster price volatility of Bitcoin since last month’s halving, analysts at research firm Bernstein are maintaining their previous forecast that the world’s top digital asset will reach $150,000 by the end of next year.
Bernstein reiterated in a report on Monday that Bitcoin is gradually regaining momentum and expects its price to reach $150,000 next year for three reasons:
First, inflows into Bitcoin spot ETFs continue and have already reached half of Bernstein’s projected full-year 2024 volumes—in less than four months.
The report noted that "the launch of Bitcoin ETFs has been the most successful in history, and we expect ETF demand to continue to increase for the rest of the year, driven by private banks, wealth management companies, pension funds and sovereign funds increasing their allocation of Bitcoin assets. It is expected that approximately US$70 billion of new funds will flow in from 2024 to 2025." Since the establishment of these funds, approximately US$12 billion has flowed in.
Last week may have had investors worried that the trend would reverse as funds experienced eight days of outflows. However, not only has that ended, but the Grayscale Bitcoin Trust also had its first day of inflows, bringing positive effects to the ETF market.
Second, Bernstein said that the Financial Accounting Standards Board's rule updates for cryptocurrencies have stimulated corporate interest in Bitcoin. For example, although Block already has about $840 million worth of Bitcoin, it still announced that it will continue to buy more Bitcoin every month. Bernstein also mentioned that there is a strong demand for direct purchases of spot Bitcoin, which helps balance the recent outflow of funds from the ETF market.
Third, despite the April Bitcoin halving event, which reduces the total supply of Bitcoin by reducing the number of tokens awarded to successful miners, there has been no significant pressure on cryptocurrency mining activity.
While this is expected to make mining more competitive, so far the required computing resources have not increased significantly. Meanwhile, despite the increase in the value of Bitcoin, mining equipment prices have remained low. This not only increases the profitability of the industry, but also ensures the leading position of existing mining players in the market.
“Overall, healthy Bitcoin demand and continued discipline in Bitcoin mining cycles allow this Bitcoin boom to last longer. Bitcoin could reach $150,000 by 2025,” Chhugani wrote.
Bernstein is not the only institution that maintains an optimistic outlook. Standard Bank predicted in a report last week that although the price of Bitcoin may fall to $50,000 first, it is still expected to climb to $150,000 this year. If you also want to enter the market, here is a trustworthy brokerage firm to recommend you - BiyaPay, a multi-asset trading tool that can invest in both Bitcoin and US stocks/Hong Kong stocks.
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Chhugani and Sapra are not the only industry experts who believe that Bitcoin’s upward momentum is not over yet, as others have previously predicted a similar rise in the price of Bitcoin.
Matt Hougan, CIO of Bitwise Investments, the world’s largest cryptocurrency index fund manager, wrote last month that he expects Bitcoin to top $250,000 sometime within the next four years — roughly before the next halving, expected in 2028.
