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Investors will be hoping that Bitcoin (BTC) has started as it means to go on in 2024. After a great 2023, which saw crypto's number-one token regain a lot of its value, it has started this year on the front foot. This is likely driven by potential Bitcoin ETF approvals that may come later this week.
There are plenty of experts, including some over at investment bank Standard Chartered, that have forecast that the bitcoin price will reach the $100,000 mark by the end of 2024. This would not only break the previous high that Bitcoin set 3 years ago but absolutely shatter it.
While most experts are focusing on the upcoming Bitcoin halving event and possible ETF approvals, there is another up-and-coming project that may help Bitcoin pump all the way to $100k. Bitcoin Minetrix (BTCMTX) aims to solve a huge issue that currently plagues the mining of crypto’s number one token.
So before we get into Bitcoin’s price prediction, let’s look at the presale that has had a stratospheric rise since it began.
Bitcoin Minetrix- Its meteoric presale rise indicates its huge potential
The Bitcoin Minetrix (BTCMTX) presale is just about to hit $8 million, which is a very impressive amount for a seemingly niche crypto. However, if readers are thinking, ‘I don’t mine Bitcoin I don’t need this project,’ we would pose the simple question, do you like profit? Because it looks like if you invest in this project now that is what you will get.
That is because once this project launches and the market sees that it is a cheaper and greener way to mine Bitcoin, it will garner all kinds of attention. Before we get into the solution that Bitcoin Minetrix offers, let's first look at the problem.
Bitcoin is crypto’s number one token. Thus, it should represent the values of crypto, which is an anti-bank, decentralized movement meant to empower the individual investor to have control over their assets. When it first started out, Bitcoin mining could be done by anyone, but that has changed.
Ironically, it is Bitcoin’s explosion in popularity that caused the issues we currently see. As we know, the mining of Bitcoin is a controversial topic as it is now a process that takes place in warehouse-sized data centers that require a small town's worth of energy to function.
These, of course, cost a huge amount of money to run, and as Bitcoin is almost exclusively mined now at this level, it has eliminated 99% of the market from possibly being able to take part in the process. The original solution to this was thought to be cloud mining. While a good idea in theory, it has not worked out as planned.
How Bitcoin Minetrix adds staking to cloud mining to save the day
Cloud mining involves individuals being able to enter into cash contracts with leasing companies in order to partake in mining Bitcoin. However, greed has stopped this working as the companies charge massive deposits and demand a share of the yields. There are also a huge amount of scammers in this sector so all-in-all it is a broken system.
Bitcoin Minetrix has realized that the idea of cloud mining is a good one, but it needs some tweaking. They have added staking to the mix to create a process where the individual who wants to mine is in control every step of the way.
The project calls the process stake-to-mine. The staking part is crucial to the whole ecosystem. As is usual with staking, investors can stake and unstake at their will, they can also hold onto their staked tokens and earn a passive income from a generous APY%.
The third option is they can exchange their staked tokens for mining credits. These credits and non-exchangeable ERC-20 tokens have one function: to be burned in exchange for mining time or a share of the yields.
The whole process is smooth and, most importantly, gives potential miners control every step of the way. As we mentioned above it is also a cheaper and greener process when compared to traditional mining. This project is not only likely to pump itself but also help Bitcoin reach new highs in 2024.
Is it really possible for Bitcoin to reach $100k in 2024?
Above is Bitcoin’s (BTC) performance chart for the last year. From start to finish, this shows Over 170% growth. If Bitcoin were to have a similar 2024 to last year, that would not only see it hit $100k but far surpass it. Considering Standard Chartered has also predicted Bitcoin will hit $200k in 2025, this would fit their forecast.
2023 was a year of recovery for Bitcoin, but 2024 could be a year when it hits new highs. As some experts have noted, Bitcoin has followed a pattern of growth and loss since its inception, and if history repeats itself, that would mean a new all-time high in 2024.
While 2023 was a great year for the market’s number one currency, there were not many significant developments, and its growth had more to do with the general market recovery. With the halving event and possible ETF approval on the horizon, there are many more potential positive stimuli for Bitcoin.
Standard Chartered are not the only experts predicting a big year for Bitcoin. Forbes has also provided evidence that indicates a record high is just around the corner. While we cannot say for sure what will happen, with all the positive feelings surrounding the currency as well as credible experts backing up the $100k prediction, we have to say things look good.
Let’s finish up with this: Both Bitcoin and Bitcoin Minetrix represent different but very good investment options. Bitcoin is a long-term option as it is likely to continue to grow with not too much worry about volatility, Bitcoin Minetrix, on the other hand, is a low market-cap coin that could explode in 2024 and give investors a sizeable return.