By Crypto Execs Argue Bull Run Could Lead to $100,000 BTC in 2024 + More News
Last updated: December 3, 2023 20:07 EST
. 4 min read
Get your daily, bite-sized digest of crypto and blockchain-related news – investigating the stories flying under the radar of today’s news.
In this edition:
- Crypto Execs Argue Bull Run Could Lead to $100,000 BTC in 2024
- Spanish Police Arrest a Man for Working with ETH Dev in N. Korea, Violating US Sanctions
- Bybit: Institutions Have Doubled Bitcoin Allocations
- Bitget Protection Fund Sees An All-Time High
- Trezor Launches Education Program in Africa, Funds Bitcoineta Land Rover
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Crypto Execs Argue Bull Run Could Lead to $100,000 BTC in 2024
Executives in the crypto industry argue that we may be witnessing the start of a new bull run that could lead to all-time highs for bitcoin (BTC) in 2024 – above $100,000.
Pascal Gauthier, CEO of hardware wallet maker Ledger, told CNBC that it feels that 2023 “was a year to get ready for the bull run that is yet to come. But the sentiment is very hopeful” for 2024 and 2025.
Vijay Ayyar, vice president of international markets at crypto exchange CoinDCX, commented that a number of market participants are expecting a bull run following the halving next year, “but given the ETF news, we could very well have a run before that leaving most investors on the sidelines. That could cause a massive upward run in the price,” he said.
Ayyar also warned that an all-out ETF rejection “could play havoc to this run as well, hence definitely something to be mindful of.”
Meanwhile, last week, multinational bank Standard Chartered reiterated that bitcoin could hit $100,000 by the end of next year, driven by numerous ETF approvals.
Crypto financial services firm Matrixport also released a note last week projecting BTC would hit $63,140 by April and $125,000 by the end of 2024.
David Marcus, CEO of Lightning Network infrastructure builder Lightspark, told CNBC, “I think that once you get the speculative phase out of the way, which I think we’re almost done with, probably not yet completely done, then you can get real builders focusing on the technology and the problems that can solve in the world, rather than just having a giant digital casino for people to trade.”
Spanish Police Arrest a Man for Working with ETH Dev in North Korea, Violating US Sanctions
Spanish police have arrested a Spaniard wanted by US officials for working with American crypto expert and Ethereum developer Virgil Griffith to provide cryptocurrency and blockchain technology services to North Korea, thus violating US sanctions against the country.
According to VOA, the police said they had arrested Alejandro Cao de Benos (48) on Thursday. After appearing before a judge on Friday, Cao De Benos was released, pending the formal extradition process, which could take months to complete. He faces 20 years in prison.
The US Justice Department (DOJ) indicted Cao de Benos and British citizen Christopher Emms (then 30) last April, accusing them of conspiring with Griffith to provide North Korea with training in the technology.
Griffith pleaded guilty to the charges and was sentenced to 63 months in prison. Emms remains at large.
Bybit: Institutions Have Doubled Bitcoin Allocations
Institutional investors nearly doubled their bitcoin (BTC) holdings in the first three quarters of 2023, according to crypto exchange Bybit’s new report, “Navigating Bull and Bear Markets — A Dive Into Asset Allocation.”
Institutional investors hold 45% in stablecoins, 35% in bitcoin, and 15% in ethereum (ETH), emphasizing liquidity and strategic diversification.
The report further observed a decline in institutional interest in ETH. But upcoming market developments, like the rumored BlackRock spot Ether ETF, could shift the trend, it said.
Retail traders hold more stablecoins, the report found, suggesting a more cautious allocation to riskier assets compared to traditional finance norms.
Both retail and VIP traders show higher altcoin holdings than institutional investors. These, however, remain a minor part of total portfolios, indicating caution, perhaps as a result of the recent bear market, Bybit noted.
Bitget Protection Fund Sees An All-Time High
Crypto exchange Bitget has released its Protection Fund Valuation Report for November 2023, including “an exciting all-time-high of $410 million.”
“With an average of over $400 million for the month, this was the highest value of the Protection fund since its launch,” the company said.
The highest value reported was $410.37 million (November 16), the lowest value was $389.36 million (November 1), and the average value was $401.31 million.
The Protection Fund is entirely self-funded, the exchange noted.
Trezor Launches Education Program in Africa, Funds Bitcoineta Land Rover
Hardware wallet maker Trezor announced the launch of its education program, Trezor Academy, which will be rolled out in Africa. Throughout 2024, the company plans to set up academies in more than ten new African countries to engage with and provide Bitcoin education for hundreds of local educators, the announcement said.
The launch of Trezor Academy follows a successful pilot program that took place throughout 2023 and saw the company and local influencers host events in Ghana, Nigeria, Cameroon, Uganda, Kenya, and Burundi. They helped introduce attendees to the benefits of Bitcoin and the importance of self-custody.
As part of the initiative, Trezor is also funding Bitcoineta, a branded Land Rover that, in conjunction with Bitcoin Cowries, will tour the Economic Community of West African States (ECOWAS). The Bitcoineta road trip started on December 1 at the Africa Bitcoin Conference. Its progress will be shared via the official Bitcoineta X account.
The Bitcoineta vehicle is the fifth of its kind, with other educational road trips currently active in Central America, South America, Europe, and South Africa.
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