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Bitcoin set for ‘supercyle’ this year

Patrick Buncsi28 March 2024
Bitcoin Rally IR

Australians’ trust and confidence in Bitcoin has soared to new highs, which leading crypto researcher Independent Reserve (IR) predicts will fuel an ongoing rally for the cryptocurrency through this year.

“Australians are flocking to the digital currency”, IR wrote in its latest report, as cynicism falls, trust increases, and crypto investors show clear preferences for Bitcoin.

This increased confidence is contributing to a “remarkable rally” for the cryptocurrency, which has been driven, IR said, by record daily inflows.

Bitcoin has soared to a record high of more than $100,000 this month, with cryptocurrency’s value growing more than 158% in the last six months.

Significant interest in the cryptocurrency has been garnered through the recently launched spot Bitcoin exchange traded fund (ETF) as well as investor anticipation of the upcoming halving event in April – effectively cutting Bitcoin’s mining reward by half, and thus lowering the available amount of new supply

According to data from the Independent Reserve’s latest annual Cryptocurrency Index (IRCI), a national survey of awareness, attitudes and investment preferences for digital currencies, Australian crypto investors’ sights are firmly set on the Bitcoin halving event, with 41% planning to double down on Bitcoin this year.

“With the way things are going currently, we could be in for a supercycle – we’re hitting all-time highs before the bull market traditionally starts in crypto,” said Independent Reserve chief executive Adrian Przelozny.

Bitcoin ETF drives trust dividend

According to the survey, Australians are far less cynical of Bitcoin, with only a small handful (6%) in 2024 considering it a scam – down from 14% in 2019.

There has also been a notable uptick in Australians considering Bitcoin as either “money, a store of value or an investment asset”, up from 63% in 2022 to 69% in the most recent survey.

Following the SEC’s approval and then subsequent launch by investment firms of a Bitcoin ETF at the beginning of 2024, Australians appear to have a far more favourable perception of the cryptocurrency.

According to the IRCI survey, one quarter (25%) of Australians now view Bitcoin more favourably following the SEC’s approval. This has solidified Bitcoin’s place as the favoured crypto asset of Australians, with 63% of crypto investors holding Bitcoin, while 41% of these investors declaring that, over the next 12 months, they will only buy Bitcoin.

Further, more than half (52%) of crypto investors stated their preference for Bitcoin over other digital assets.

“There’s no doubt that when it comes to awareness, ownership and crypto preference, Bitcoin remains the first choice for the majority of Australians,” Przelozny said.

“In 2023, Bitcoin propelled many investors into profitability, solidifying its position as the undisputed digital gold, and with the next Bitcoin halving approaching in April 2024 promises to be a bullish year,” he added.


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Andy Semple
15 days ago

Bitcoin will soon become the hardest money the world has ever known. And it will keep getting harder as its S2F ratio approaches infinity.

Hardness does not mean something that is necessarily tangible or physically hard, like metal. Instead, it means “hard to produce.” By contrast, “easy money” is easy to produce.

15 days ago
Reply to  Andy Semple

Metals also tend to be hard to produce. However, we only bother producing metals when there is a use for them.
I don’t understand the (legal) use case for bitcoin apart from speculation.