‘Bitcoin’s Rally Will Continue, Investors Need to Stay for the Long Run,’ says CoinFlip CEO Ben Weiss
In Brief
Bitcoin recently soared past the $45,000 mark, CoinFlip CEO Ben Weiss shared key factors behind the rally and upcoming trends.
The start of the new year has brought forth a crypto resurgence that has caught the attention of investors, enthusiasts and skeptics alike. Bitcoin, the flagship cryptocurrency, has shattered expectations by soaring past the $45,000 mark for the first time since April 2022.
This led to an increasing curiosity among the crypto community to understand the reasons behind this rally.
In a conversation with Metaverse Post — Ben Weiss, the CEO and co-founder of CoinFlip, a Bitcoin ATM operator in the US shared insights into the recent surge in Bitcoin’s value, its sustainability, the impact of the halving and the broader narrative of cryptocurrency resurgence.
CoinFlip’s Ben Weiss highlighted key factors contributing to Bitcoin’s surge and its value surpassing $45,000.
He emphasized the impact of the halving, high inflation rates and the potential approval of Exchange-Traded Funds (ETFs). Weiss believes that despite negative headlines and economic uncertainties, Bitcoin’s strong performance creates a positive feedback loop, encouraging investors and driving up the price.
“The reality is, crypto is a volatile market. That said, a potential Bitcoin ETF approval could open the floodgates and empower a new wave of investors, both seasoned and newcomers, to take the leap into digital assets. The larger and more diverse the investor base is the more stable the rally will be,” Weiss told Metaverse Post, commenting on the sustainability of the trend.
“In addition, a potential approval would likely unleash a surge of liquidity, institutional involvement, and market expansion,” he added.
2024‘s Outlook for the Cryptocurrency Landscape
Bitcoin hasn’t historically seen gains like this in January it has only gained twice in the past five years. Weiss, drawing on historical patterns, expressed optimism about the halving’s impact on Bitcoin in 2024.
“Historically, after each halving, we’ve seen an increase in the price of Bitcoin because it introduces a constraint on supply which drives demand. In fact, bitcoin has recorded a new all-time high price in each 4-year period between halvings, indicating positive long-term performance. They say history repeats itself, and, in this case, I’m hopeful the halving drives all-time highs for Bitcoin,” said Weiss.
“Although Bitcoin’s price has fluctuated, it continues to prove time and time again it’s here for the long run,”
Moreover, Weiss delved on the rise of alternative cryptocurrencies like Solana into the broader narrative of Bitcoin’s resurgence. He asserts we are in a transformative era where ETF approvals bridge traditional finance and cryptocurrencies, attracting institutional and retail investors alike. The emergence of cryptocurrencies like Solana showcases the industry’s maturity, drawing in new users and expanding the market.
However, he said that individuals should take caution during periods of heightened momentum and emphasizes the importance of pausing before making significant financial decisions.
“Whether it’s crypto or any financial asset, investors should understand and believe in their investment decisions. I only buy assets that I am willing to hold for a decade or more. In the long run, I believe crypto will continue to perform robustly, much like it always has,” said Weiss.
Likewise, monitoring a range of factors beyond price, including regulatory developments, institutional involvement and technological advancements is recommended.
“Bitcoin is the best performing asset of the past decade however, from a technological perspective, it is still very similar to the internet in the 90s. We’ve only unlocked a small fraction of its potential,” Weiss told Metaverse Post. “Overall shifts like the halving, potential ETF approvals, emerging regulatory frameworks, layer 2 scaling solutions such as the Ethereum 2.0 upgrade and the continued rise of stablecoins will all play a pivotal role in the trajectory of digital assets.”
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Kumar is an experienced Tech Journalist with a specialization in the dynamic intersections of AI/ML, marketing technology, and emerging fields such as crypto, blockchain, and NFTs. With over 3 years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and delivering comprehensive insights. Kumar's expertise lies in producing high-impact content, including articles, reports, and research publications for prominent industry platforms. With a unique skill set that combines technical knowledge and storytelling, Kumar excels at communicating complex technological concepts to diverse audiences in a clear and engaging manner.
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Kumar is an experienced Tech Journalist with a specialization in the dynamic intersections of AI/ML, marketing technology, and emerging fields such as crypto, blockchain, and NFTs. With over 3 years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and delivering comprehensive insights. Kumar's expertise lies in producing high-impact content, including articles, reports, and research publications for prominent industry platforms. With a unique skill set that combines technical knowledge and storytelling, Kumar excels at communicating complex technological concepts to diverse audiences in a clear and engaging manner.
