With the much-anticipated spot Bitcoin ETF approval from the United States Securities and Exchange Commission (SEC) out of the way, many observers are beginning to wonder what the next move for the crypto ecosystem will be.
BTC Halving to Succeed Spot Bitcoin ETF Debut
Vance Spencer, the CEO of Framework Ventures outlined some of the events to look out for this year after someone requested his opinion on the subject. Spencer listed some outstanding events that are bound to impact the crypto industry in the next few months.
He itemized events like Bitcoin halving which is only about three months away, Ethereum ETF, DeFi earnings, and rate cutting cycle amongst other subjects. Noteworthy, the Bitcoin halving event has got many crypto enthusiasts predicting huge price gains for the flagship cryptocurrency.
While many people were getting too concerned about spot Bitcoin ETF approval and its capacity to jack up the price of BTC, popular author of “Rich Dad Poor Dad” Robert Kiyosaki predicted that Bitcoin would reach $150,000, focusing his forecast on the upcoming halving event.
“A Bitcoin halving is fast approaching. Please pay attention to Bitcoin halving,” Kiyosaki urged Bitcoin investors. In the meantime, the coin is trading at only $42,849.56, more than 200% away from the renowned author’s forecast.
For Ethereum ETF, there are still some gray areas making the SEC skeptical about greenlighting the offering. SEC Chair Gary Gensler is cautious about his definition of Ethereum. Unlike Bitcoin which has been categorized as a commodity, Gensler perceives Ethereum as more of a securities.
The ambiguity of Ethereum’s classification seems to be the clog in its wheel for a potential ETF.
DeFi Revival is Imminent
Besides the rush for spot Bitcoin ETF last year, DeFi experienced some challenges, especially in terms of security breaches with millions of dollars stolen across multiple platforms. Spencer is positive that the DeFi sector earnings and revenue will jump significantly. By 2025, the sector would have recorded up to a $1 billion jump in revenue, per Spencer’s X post.
Someone asked me whats next today
A few things
– Halvening, ETH ETF, increasing instutional adoption
– DeFi earnings and revenues scare superlinearly with price. At least two will have $1bn in revenue in next 24 months
– Games bring 100M people into crypto in 2024/2025
— Vance Spencer (@pythianism) January 12, 2024
By Q4 2024, the Federal Reserve had paused interest rate hikes with the public speculating that it would resume after Bitcoin halving in April 2024.
The sudden pause was significant for the crypto industry as prices of coins including Bitcoin, improved remarkably. Spencer sees the prevalence of a rate-cutting cycle and this may have an impact on the crypto ecosystem.