5 factors that can help bitcoin’s price rise to $ 1 million

Despite the fact that bitcoin has been moving mostly sideways in recent weeks, many analysts do not give up hope of reaching BTC $64,373.90 Bitcoin -2.84% Market capitalization $1.27 trillion VOL. 24 hours $0.81 billion $ 1 million in the future. Cryptocurrency experts have identified 5 factors that can help BTC reach the expected mark.

Halving
One of the important factors in the price dynamics of bitcoin is halving. This is an algorithmic event that cuts the previous reward for mining a token block in half, thereby reducing the amount of BTC in use. Increased demand, in turn, leads to higher prices. Bitcoin has now entered the final phase before the fourth halving in May 2024.

According to analyst and trader PlanB, after the halving, the value of the flagship digital asset will rise to new highs.

Growing institutional acceptance
Following the unexpected change of position on bitcoin by the world’s largest asset management company, BlackRock, institutional interest in BTC has become more apparent.

BlackRock’s surprise application for a bitcoin spot ETF in June prompted other organizations to follow BlackRock’s lead by filing similar applications with the US Securities and Exchange Commission (SEC). In the future, this will lead to an increase in the value of Cryptocurrencies.

Using Cryptocurrencies as a payment method
More and more e-commerce businesses and many others are offering cryptocurrency payments for their products and services. The world is also seeing more ATMs that support bitcoin transactions.

According to the Coin ATM Radar analytical platform, there are 36,316 cryptomachines in 71 countries, which serve 236,756 bitcoin exchange service providers. The devices belong to 46 companies, and their pace of operation is constantly increasing, as is the number of customers interested in BTC.

Favorable regulatory environment
Governments and regulators are becoming more and more favorable to bitcoin. For example, the adoption of several bills in Malta has made it a leader in cryptocurrency regulation. Binance, a leading crypto exchange, has chosen this country, noting its reasonable approach to the new asset class. The more countries realize the importance of creating a favorable regulatory environment for cryptocurrencies, the more citizens will become bitcoin investors.

Economic situation
Amid the global economic crisis, many people are turning to bitcoin as a safe asset. Among the supporters of BTC is Robert Kiyosaki, a well-known investor and author of the bestselling book on finance, Rich Dad, Poor Dad.

Kiyosaki has long advised his fans to buy gold, silver, and bitcoin as the most secure assets. He predicts a severe financial depression and stock market crash for the United States, which will cause the price of bitcoin to rise significantly.