The CEO of the San Francisco-based United States crypto exchange Okcoin is now pinpointing three elements that could propel the next crypto bull market.
In an interview with Kitco News, Okcoin CEO Hong Fang suggested that the growing necessity for a strong monetary system, caused by the failings of current centralized financial systems, could be the catalyst for the next crypto surge.
Fang suggested that he is seeing a country that has an economy larger than that of El Salvador take the leap and make use of digital assets in a meaningful way.
“I think from a macro perspective, we continue to see challenges out there… I think the World Bank recently reported that twelve countries could default on their debts next year. This is a failure of the centralized financial system.
I think the demand for a strong currency will continue to grow in the background. Maybe not El Salvador, but a larger country.”
According to Fang, the 2024 Bitcoin halving and the swift development of blockchain projects could also lead to higher prices for digital assets.
“Bitcoin has its own [halving] cycle. It could be that the past crypto cycles have been somewhat coincidental. However, the Bitcoin [halving] cycle could also be a catalyst…
My third potential trigger would be actual projects. Every time we had a bullish market, it was because a lot of developers built projects during the last bear market.
So all the projects being constructed right now will become more tangible when the clients they serve start to experience it. That will create a new bull market.
At the time of writing, Bitcoin was trading at $16,618, down 1.5% in 24 hours.
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