Currently caught in sideways price action, Bitcoin could benefit from a major catalyst to push prices higher for bulls. One of those could be a large country adopting the leading cryptocurrency as legal tender, according to the CEO of crypto exchange Okcoin.
El Salvador has already adopted Bitcoin as legal tender, but it could take something at an even larger scale to provide a catalyst that could increase bullish vibes for Bitcoin.
“I think from a macro perspective, we continue to see challenges out there… I think the World Bank recently came out saying that a dozen countries may default on their own country’s debt next year, which is a failure of a centralized monetary system," Okcoin CEO Hong Fang in an interview with Kitco News.
“I would suspect that the fundamental need for a more sound money will continue to build in the background, something like El Salvador, but maybe of a larger size,” Fang added, noting that a halving cycle for Bitcoin in 2024 could also be a catalyst.
Fang also noted that real projects could pave the way for another bull market. In the current bear market, Fang noted it’s an opportunity for developers to build projects, setting up for future Bitcoin strength.
“So I think that all of the projects that are being built right now, when there is a little more substance that can be felt by the customers that they tend to serve, [it] will trigger another bull market,” Fang said.
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