This Country Implements Mandatory Registration Rules for Crypto Companies

The value of Bitcoin is predicted to continue to increase after the halving in April 2024. In fact, this superior crypto asset is predicted to be able to provide financial security such as retirement savings in the future.

This appeared in a report published by the broker Canaccord Genuity which was released this week. Canaccord noted the continued upward movement in Bitcoin since the beginning of this year.

The report noted that Bitcoin's 60 percent first-quarter rise in value was primarily driven by the approval of spot exchange-traded funds (ETFs), the upcoming halving of rewards, and an appetite for increased risk in financial markets.

“While the macro outlook and timing of potential interest rate cuts remain uncertain, the upcoming halving event could increase ETF interest in bitcoin,” wrote the analysts led by Michael Graham, quoted from Yahoo Finance, Thursday (28/3/2024).

Please note, a quadrennial halving is when miner rewards are reduced by 50 percent, thereby reducing the supply of Bitcoin. The next halving is expected to occur in April 2024. Canaccord said this was driven by the Securities and Exchange Commission (SEC) approval of 11 US spot Bitcoin ETFs in the quarter.

“While the increase in bitcoin value during Q1 was much greater than ETF inflows, this impact will remain as retail investors look to add crypto exposure to IRAs and other tax-advantaged accounts, and we expect spot ETFs to become a more meaningful part of the bitcoin price in the future,” as quoted.

IRAs are a way of saving for retirement in the United States. You could say, there is an opportunity for financial security for retirees in crypto investments such as Bitcoin.