MARKETS DAILY: Crypto Update | 21Shares Exec on Aftermath of the Halving, Future of Bitcoin Network
Apr 22, 2024
auto_awesome
21Shares' Eliézer Ndinga discusses the impact of the halving on miners, entrepreneurs, and consumer-facing applications. They explore the future of Bitcoin post-halving, spot ETH ETF approvals, global accessibility of crypto assets, and exciting prospects for consumer-facing applications on the Bitcoin network. The discussion also compares Bitcoin and Ethereum in the consumer-facing blockchain market.
Bitcoin halving impacts miners, entrepreneurs, and future consumer applications.
Bitcoin's evolving utility towards consumer-facing applications intensifies competition in blockchain space.
Deep dives
Bitcoin's Halving Impact on the Industry
The recent halving event in the Bitcoin network marked a significant industry milestone, with the inflation rate dropping below 1% for the first time in history. Notably, Bitcoin reached an all-time high before the halving, showcasing unprecedented developments. With transaction fees on the Bitcoin network soaring to around $120 on average, there is a strong incentive for miners to secure the network. This surge in transaction fees also paves the way for a burgeoning DeFi economy built on top of the Bitcoin network, attracting interest from entrepreneurs and investors.
Bitcoin Price Predictions and Market Volatility
While the halving event is traditionally considered bullish for Bitcoin's price, the actual impact may take time to materialize. Historical data suggests that significant price increases often occur a year after the halving, signaling potential future volatility. Factors such as supply shock, increasing investor accessibility through investment products like ETFs, and institutional interest indicate a dynamic market landscape. Despite potential volatility, the overall trend points toward heightened educational outreach and broader adoption of Bitcoin.
Bitcoin vs. Ethereum: Competition and Innovation
In the realm of blockchain technology, Bitcoin's progress towards becoming a more consumer-facing application hub presents an intriguing narrative. Despite Ethereum's stronghold in DeFi activities, various blockchain platforms, such as Solana, are intensifying competition by offering lower fees and faster settlement times. As Bitcoin evolves its utility beyond simply a store of value to potentially include smart contract capabilities, the landscape echoes the rivalry between iOS and Android, highlighting a diverse and evolving ecosystem. The emphasis on decentralized, censorship-resistant, and user-friendly consumer applications sets the stage for a nuanced competition in the blockchain space.
The latest price moves and insights with Jennifer Sanasie and 21Shares' Eliézer Ndinga.
To get the show every day, follow the podcast here.
Bitcoin (BTC) is trading above the $66,000 level after the halving took place late last Friday. Eliézer Ndinga, 21Shares' VP and Head of Strategy and Business Development, Digital Assets, discusses the halving's impact on miners, entrepreneurs, and future consumer-facing applications.
-
Consensus is where experts convene to talk about the ideas shaping our digital future. Join developers, investors, founders, brands, policymakers and more in Austin, Texas from May 29-31. The tenth annual Consensus is curated by CoinDesk to feature the industry’s most sought-after speakers, unparalleled networking opportunities and unforgettable experiences. Take 15% off registration with the code MD15. Register now at consensus.coindesk.com.
-
This episode was hosted by Jennifer Sanasie. “Markets Daily” is executive produced by Jared Schwartz and produced and edited by Victor Chen, alongside Senior Booking Producer Melissa Montañez. All original music by Doc Blust and Colin Mealey.