Swan Bitcoin CEO Predicts Bullish 2024 for Bitcoin with Spot ETFs and Safe Haven Appeal

On December 1, Cory Klippsten, CEO of Swan Bitcoin, shared his thoughts on Bitcoin on Bloomberg Radio with Carol Massar and Bailey Lipschultz, discussing the future of Bitcoin, particularly in 2024.

Swan Bitcoin is a cryptocurrency service focused on facilitating the purchase and investment in Bitcoin. Their primary service is enabling users to regularly buy Bitcoin through a process known as dollar-cost averaging (DCA). This strategy involves purchasing fixed dollar amounts of Bitcoin at regular intervals, regardless of its price at the time, which can potentially reduce the impact of volatility on the overall investment.

Klippsten expressed several bullish sentiments about Bitcoin in his discussion. Here are the key points:

1. Increased Interest and Volume Amid Price Surge: Klippsten noted a significant influx of new users and a spike in trading volumes, especially during the recent price rise of Bitcoin. This trend indicates growing investor confidence and interest in Bitcoin.
2. Anticipation of a Spot Bitcoin ETF: He expressed optimism about the potential approval of a spot Bitcoin ETF, possibly in January 2024. Klippsten believes this development could greatly benefit Bitcoin by providing a more mainstream and institutional gateway for Bitcoin investments.
3. Shift in Marketing Narrative: Klippsten pointed out that the noise and confusing marketing strategies of various crypto ventures in the past years overshadowed Bitcoin. The introduction of a spot Bitcoin ETF, backed by major financial institutions, could refocus the market’s attention on Bitcoin, distinguishing it from other cryptocurrencies.
4. Demographics of Bitcoin Buyers: He highlighted the broad and diverse range of Bitcoin investors, from younger generations to more financially established older generations. This wide demographic appeal suggests a robust and growing market for Bitcoin.
5. Bitcoin as a Safe Haven Asset: Contrary to the view of Bitcoin as a high-risk asset, Klippsten argued for its perception as a safe haven, especially against monetary inflation. This perspective could attract more conservative investors looking for a hedge against inflation.
6. Resilience in Market Fluctuations: While acknowledging the volatility in Bitcoin’s price, Klippsten suggested that Bitcoin is likely in the early stages of a bull market, influenced by macroeconomic factors and a growing understanding of what Bitcoin represents.
7. Legal Distinction from Other Cryptos: Klippsten emphasized that Bitcoin is distinct from other cryptocurrencies that face regulatory challenges. This distinction could make Bitcoin a more stable and reliable investment in the eyes of investors concerned about regulatory risks.

Standard Chartered, a multinational banking and financial services company headquartered in London, has reiterated its April prediction that Bitcoin’s value will hit $100,000 by late 2024. With roots tracing back to the 19th century, the bank emerged from the merger of the Standard Bank of British South Africa and the Chartered Bank of India, Australia, and China.

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Offering a diverse array of services, including retail, corporate, and institutional banking, along with treasury services, Standard Chartered stands out for its focus on emerging markets, contrasting with many global banks’ emphasis on US and European markets.

A CoinDesk report dated 28 November 2023 cites Geoff Kendrick and his team at Standard Chartered forecasting a significant rise in Bitcoin’s price, spurred by the expected early 2024 approval of multiple spot Bitcoin ETFs in the U.S. This development is seen as a key driver for heightened institutional investment in Bitcoin and Ethereum.

The bank’s optimistic outlook is further bolstered by the upcoming Bitcoin halving around mid-April 2024. This event, which halves the reward for mining new Bitcoin blocks, is expected to amplify Bitcoin’s scarcity and potentially drive up its price.

Standard Chartered also highlights Bitcoin’s sustained dominance in the digital asset market. Since April, Bitcoin has increased its market cap share from 45% to 50%, a testament to its perceived role as a reliable digital safe haven, reinforcing its market position.

Featured Image via Pixabay

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• Source: https://www.cryptoglobe.com/latest/2023/12/swan-bitcoin-ceo-envisions-bright-future-for-bitcoin-spot-etfs-safe-haven-status-and-growing-investor-base/