{"id":36407,"date":"2024-02-23T18:52:54","date_gmt":"2024-02-23T22:52:54","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=36407"},"modified":"2024-02-23T18:52:54","modified_gmt":"2024-02-23T22:52:54","slug":"bitcoin-demands-exceeds-miner-supply-by-1300-why-a-push-to-237000-is-possible","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2024\/02\/23\/bitcoin-demands-exceeds-miner-supply-by-1300-why-a-push-to-237000-is-possible\/","title":{"rendered":"Bitcoin Demands Exceeds Miner Supply By 1,300%, Why A Push To $237,000 Is Possible"},"content":{"rendered":"

As the Bitcoin Halving<\/a> draws nearer, there is so much optimism about what could happen to Bitcoin\u2019s price in the aftermath of this event. This optimism is further heightened by a recent development showing how Bitcoin\u2019s demand<\/a> far outpaces its supply, which could see the flagship crypto token<\/a> rise to as high as $237,000.\u00a0<\/p>\n

Bitcoin Demand Significantly Outpacing Its Demand<\/h2>\n

Crypto analyst Willy Woo mentioned in an X (formerly Twitter) post<\/a> that the Bitcoin network receives an average of $607 million of new investor demand daily. On the other hand, this demand is said to be met by a supply of just $46 million daily in terms of Bitcoin mined. This development is more significant considering that the Halving<\/a> is fast approaching.\u00a0<\/p>\n

This is when Bitcoin Miners\u2019<\/a> rewards are cut in half<\/a>, acting as a deflationary measure and reducing the rate at which more BTC comes into circulation. This also offers a bullish narrative, as the already insufficient supply will decline further after the Halving event. Once that happens, Bitcoin is expected to become more valuable, with more price increases imminent.\u00a0<\/p>\n

Industry expert Anthony Pompliano also highlighted<\/a> this phenomenon when he noted how institutional investors were gobbling up BTC almost 13x faster than its production rate. He added that the flagship crypto token was bound to see a new all-time high (ATH) if this trend continues.\u00a0<\/p>\n

This institutional demand for BTC is mainly driven by the Spot Bitcoin ETFs, which were approved in January<\/a>. Due to the impressive demand for these funds, fund issuers like BlackRock have continued to accumulate a significant portion of the BTC supply on a daily. Interestingly, these Bitcoin ETFs were reported<\/a> to hold 3.3% of Bitcoin\u2019s circulating supply earlier in the month.\u00a0<\/p>\n

Bitcoin\u2019s Road To $237,000<\/h2>\n

In response to Willy Woo\u2019s post, crypto analyst MacronautBTC made a \u201cconservative\u201d calculation of how Bitcoin\u2019s price could rise to $237,000. Using a multiplier of 3x the Dollar currently flowing into the Bitcoin ecosystem<\/a>, the analyst mentioned that Bitcoin could see an added market cap of 4.38 trillion.\u00a0<\/p>\n

He then added the 4.38 trillion to Bitcoin\u2019s current market cap<\/a> of 1 trillion, which sums up to a 5.38 trillion market cap. This potentially puts Bitcoin\u2019s price at $273,000 (a year from now, going by MacronautBTC\u2019s calculation.\u00a0<\/p>\n

The analyst also highlighted how this price level coincides with predictions made by notable Bitcoin bulls. One of them is Tim Draper, who recently stated<\/a> that BTC will hit $250,000 in 2025.\u00a0<\/p>\n

At the time of writing, Bitcoin is trading at around $50,900, down almost 2%% in the last 24 hours, according to data<\/a> from CoinMarketCap.\u00a0<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

As the Bitcoin Halving<\/a> draws nearer, there is so much optimism about what could happen to Bitcoin\u2019s price in the aftermath of this event. This optimism is further heightened by a recent development showing how Bitcoin\u2019s demand<\/a> far outpaces its supply, which could see the flagship crypto token<\/a> rise to as high as $237,000.\u00a0<\/p>\n

Bitcoin Demand Significantly Outpacing Its Demand<\/h2>\n

Crypto analyst Willy Woo mentioned in an X (formerly Twitter) post<\/a> that the Bitcoin network receives an average of $607 million of new investor demand daily. On the other hand, this demand is said to be met by a supply of just $46 million daily in terms of Bitcoin mined. This development is more significant considering that the Halving<\/a> is fast approaching.\u00a0<\/p>\n

This is when Bitcoin Miners\u2019<\/a> rewards are cut in half<\/a>, acting as a deflationary measure and reducing the rate at which more BTC comes into circulation. This also offers a bullish narrative, as the already insufficient supply will decline further after the Halving event. Once that happens, Bitcoin is expected to become more valuable, with more price increases imminent.\u00a0<\/p>\n

Industry expert Anthony Pompliano also highlighted<\/a> this phenomenon when he noted how institutional investors were gobbling up BTC almost 13x faster than its production rate. He added that the flagship crypto token was bound to see a new all-time high (ATH) if this trend continues.\u00a0<\/p>\n

This institutional demand for BTC is mainly driven by the Spot Bitcoin ETFs, which were approved in January<\/a>. Due to the impressive demand for these funds, fund issuers like BlackRock have continued to accumulate a significant portion of the BTC supply on a daily. Interestingly, these Bitcoin ETFs were reported<\/a> to hold 3.3% of Bitcoin\u2019s circulating supply earlier in the month.\u00a0<\/p>\n

Bitcoin\u2019s Road To $237,000<\/h2>\n

In response to Willy Woo\u2019s post, crypto analyst MacronautBTC made a \u201cconservative\u201d calculation of how Bitcoin\u2019s price could rise to $237,000. Using a multiplier of 3x the Dollar currently flowing into the Bitcoin ecosystem<\/a>, the analyst mentioned that Bitcoin could see an added market cap of 4.38 trillion.\u00a0<\/p>\n

He then added the 4.38 trillion to Bitcoin\u2019s current market cap<\/a> of 1 trillion, which sums up to a 5.38 trillion market cap. This potentially puts Bitcoin\u2019s price at $273,000 (a year from now, going by MacronautBTC\u2019s calculation.\u00a0<\/p>\n

The analyst also highlighted how this price level coincides with predictions made by notable Bitcoin bulls. One of them is Tim Draper, who recently stated<\/a> that BTC will hit $250,000 in 2025.\u00a0<\/p>\n

At the time of writing, Bitcoin is trading at around $50,900, down almost 2%% in the last 24 hours, according to data<\/a> from CoinMarketCap.\u00a0<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-36407","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/36407","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=36407"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/36407\/revisions"}],"predecessor-version":[{"id":36417,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/36407\/revisions\/36417"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=36407"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=36407"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=36407"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}