Coinbase Exec: Upcoming Events To Be “Explosive” For Bitcoin

It has been reported that an important Coinbase executive said the fact that the upcoming events will be explosive for Bitcoin in 2024. check out the latest reports about this below.

According to Hassan Ahmed, Coinbase’s country director for Singapore, there are two potential catalysts that could lead to a bullish outlook for Bitcoin (BTC) in 2024.

In a recent CNBC interview, Ahmed mentioned that Bitcoin may experience an increase in demand while simultaneously facing a fall in supply.

“So this spot Bitcoin ETF (exchange-traded fund) for the US markets is really as foundational and as big a deal as people are making it out to be. It’s a structural market change for this asset class that’s coming into its being.

The noise and chatter around sort of this approval is certainly intensifying and we’ll see how things play out. But the way we see it is that there’s going to be secular demand and fund flows that are going to be coming into this asset class and this asset in particular.

And then when you couple that with the halving that’s coming up which will reduce the block subsidy, that’s on the supply side, by half, those two factors will, I think, combine together to be pretty explosive.”

The executive of Coinbase believes that the forthcoming Bitcoin ETF will validate the asset class for institutions that were previously hesitant to invest in the space due to a lack of regulatory clarity.

Despite the ongoing regulatory conversation in the US, the ETF is gaining momentum, and the SEC is paving the way for it, indicating that the demand and support for this asset class is too significant to ignore.

By providing a familiar and compliant channel for asset managers and allocators to access this asset, the ETF further removes the negative stigma and legitimizes the asset class.