That could also impact the supply-demand imbalance. But that could change when the government needs to distribute some amount of that to victims, which may mean selling.Īs the asset price rises, many institutional buyers will also need to take profits to maintain the balance of their portfolios. The fact that they are just being held and not sold currently has constrained the supply. The stash includes confiscations in various seizures, such as from the 2016 hack of crypto exchange Bitfinex. One example: The US government has seized 215,000 BTC since 2020, according to data tracked by 21Shares. There are certainly other factors at work in the current supply crunch beyond the demand from ETFs. "Those estimates are admittedly a little stale now," Matthew Sigel, head of digital asset research for VanEck, said. Next year, it anticipates an eye-popping target of $350,000 to $450,000 per coin.Īnother money manager, VanEck, set an $80,000 2024 price target for bitcoin last quarter. "We can’t produce more bitcoin to meet demand."Ĭonnor’s firm has set its mid- to high-range price target for bitcoin this year at between $160,000 and $180,000. "We are in potentially the sweetest spot right here," Mark Connors, head of research for crypto asset manager 3iQ, told Yahoo Finance. When it was created in 2009 by pseudonymous developer Satoshi Nakamoto, bitcoin was programmed with a fixed supply schedule that is cut in half every four years.Īfter that next cut, the so-called halving, the daily supply of new coins will be 450 instead of 900. More supply problems are expected for bitcoin this year in light of the "halving" scheduled to take place 46 days from Monday. That is considerably more than the 900 coins being created daily by the bitcoin network in the same period. The new ETFs have been purchasing a daily average of 3,320-4,300 coins since the beginning of February, three analysts who work for crypto money managers said last week. Fresh demand from the ETFs means more bitcoins are being bought on average each day than new coins are being created. There is also a basic law of economics at play in the new market frenzy surrounding bitcoin: supply and demand. (Brendan McDermid/REUTERS) (REUTERS / Reuters) Supply and demand They have pulled in nearly $8 billion from investors in just two months, with the lion's share going to Wall Street heavyweights like BlackRock ( BLK) and Fidelity Investments.īrian Armstrong, CEO of Coinbase. One sign of the new mania surrounding bitcoin is the trading activity in the ETFs that launched in January. Several so-called meme coins - such as dogecoin ( DOGE-USD), shiba inu ( SHIB), and dogwifhat ( WIF) - are also surging. Ether ( ETH-USD), the second-largest cryptocurrency, has outperformed bitcoin by more than 7% since the beginning of the year. Investors are bidding other cryptocurrencies and related stocks higher too. Several money managers are now predicting the digital asset could rise above $100,000 before the end of 2024. Bitwise was among the firms that got the green light from the Securities and Exchange Commission to run one of these funds. "The demand for these ETFs far exceeded anyone's expectations," Bitwise Asset Management chief investment officer Matt Hougan told Yahoo Finance. Read more: With bitcoin near $69,000, does it deserve a place in your portfolio? Those funds gave everyday investors widespread exposure to the digital asset, triggering anticipation of a record-breaking year. Memes today are as flexible and varied as the whole internet, and Kapwing is the generator that can keep pace with your content.So far this year bitcoin has been riding a wave of excitement sparked by a series of spot bitcoin exchange-traded funds that started trading in January. The meme generator can be used for videos for a variety of platforms. The Kapwing meme generator is simple enough to make the most basic memes, but powerful enough that you can use Studio to create video memes, gif memes, and all sorts of other content. Kapwing's editor will work in the web browser on any device. Share a link to the Kapwing project editor to edit content in real time. Kapwing's meme creator is completely online, which means that memes can be made collaboratively, and will always be backed up the cloud. Choose from popular meme formats or disover new meme trends that you can use to create your content. Start from one of thousands of meme templates to get inspiration for the memes that you could make on Kapwing. Join thousands of meme makers who use Kapwing every day. It's one of the web's most popular meme makers and is the first meme generator to support videos. Kapwing is a powerful online editor that you can use to create memes from images, GIFs, and videos online.
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