Bitcoin ($BTC) price could reach $100,000 after halving, Canaan vice president predicts

The vice president of a major cryptocurrency mining company, Canaan, recently revealed that the price of the flagship cryptocurrency Bitcoin ($BTC) could exceed $100,000 after the cryptocurrency’s upcoming halving, thereby increasing the block rewards that Miners currently receive will be halved.

According to a report by Cointelegraph, Canaan Vice President Davis Hui gave his Bitcoin price prediction at a panel discussion at Canaan’s Avalon Bitcoin and Crypto Day (ABCD) in Singapore alongside several leaders from the Bitcoin mining ecosystem.

These leaders from Singapore, Kazakhstan and the United Arab Emirates all pointed to $100,000 next year due to the upcoming halving. Prominent personalities included Davis Hui, Vice President of Canaan, who shared his insights after an engaging panel discussion.

Hui later explained that the halving will see Bitcoin supply drop dramatically to 6.25 BTC per block, at a time when financial giants are showing interest in the sector.

As CryptoGlobe reported, financial giants that collectively manage a staggering $27 trillion in assets are moving into the world of Bitcoin and cryptocurrencies after a race began to list the first Bitcoin exchange-traded fund (ETF) in the United States .

As CoinShares Chief Strategy Officer Meltem Demirors noted, at least eight financial giants, including BlackRock, Fidelity, JP Morgan, Morgan Stanley, Goldman Sachs, BNY Mellon, Invesco and Bank of America, are “actively working to provide access to Bitcoin. ” and more.”

1/ The @BlackRock Spot Bitcoin ETF filing last week was big news!

But it’s not the only story. Many of the largest financial institutions in the US are actively working to provide access to Bitcoin and more.

A quick look – $27 trillion in client assets here! pic.twitter.com/azmHZmUL2a

— Meltem Demirors (@Melt_Dem) June 26, 2023

The Canaan manager noted that his Bitcoin price prediction was influenced by the pending spot Bitcoin ETF applications with the US Securities and Exchange Commission (SEC), as the influx of investors fuels demand for the flagship cryptocurrency would increase.

Rising demand and a sharp decline in supply would lead to a rise in prices, he added.

Notably, the CEO of global investment platform eToro, Yoni Assia, recently revealed that he is still bullish on the flagship cryptocurrency even as the cryptocurrency market is in sharp decline and BTC’s market cap is close to $500 billion has fallen.

The upcoming Bitcoin halving is scheduled to take place in April 2024 and has led to a number of bullish Bitcoin price predictions. As reported, investment research firm Fundstrat has suggested that BTC could see a jump of over 500% from its current value to the $180,000 mark ahead of its upcoming halving.

Additionally, London-based multinational banking and financial services company Standard Chartered has suggested that the price of the flagship cryptocurrency could rise to $50,000 this year and break $120,000 by the close of trading in 2024, which represents another major bullish price prediction for BTC.

Featured image via Unsplash.

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