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Executives in the cryptocurrency industry called the start of a new bull run with a growing number of voices calling for fresh all-time highs for bitcoin in 2024 above $100,000.
Bitcoin has rallied more than 120% this year, with many optimistic about the surge continuing into 2024.
“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 25,” Pascal Gauthier, CEO of Ledger, told CNBC last week in an interview.
The digital currency’s last record high of nearly $69,00 was hit in November 2021.
Since then, the crypto industry has been hit with a litany of issues from the collapse of coins and projects to bankruptcies and criminal trials. FTX, once one of the world’s biggest exchanges, collapsed with its founder Sam Bankman-Fried facing over 100 years in prison after he was found guilty on seven counts of criminal fraud.
Meanwhile, Binance chief Changpeng Zhao pleaded guilty to criminal charges and stepped down as the company’s CEO as part of a $4.3 billion settlement with the U.S. Department of Justice.
Many in the industry see the two cases concluding as a line being drawn under issues that have plagued the crypto market.
“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,” David Marcus, CEO of Lightspark, told CNBC last week in an interview.
Marcus, the former leader of Facebook’s failed Diem stablecoin project, is now working on technology to improve bitcoin as a payments network.
Now that those issues are out the way, investors are focused on what the industry sees as positive developments. The first is the growing excitement that a bitcoin exchange-traded fund, or ETF, might be approved soon. This could…
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