The managing director of San Francisco-based crypto exchange Okcoin identifies three catalysts that could spark the next bull run in the crypto market.
In a new interview with Kitco News, Hong Fang, CEO of Okcoin said that the growing need for strong monetary systems, caused by the failures of current centralized monetary systems, could trigger the next crypto bull market.
Fang says she envisions a country with a much bigger economy than El Salvador taking the plunge and embracing digital assets in some way.
“I think from a macro perspective, we continue to see challenges there… I think the World Bank recently said that a dozen countries could default on their own country’s debt l next year, which is a failure of a centralized monetary system.
I would suspect that the fundamental need for a healthier currency will continue to build in the background, something like El Salvador, but perhaps of a bigger size.
According to Fang, Bitcoins (BTC) The next round of halving in 2024 and the development of burgeoning blockchain projects could also help trigger a rise in digital asset prices.
“Bitcoin has its own [halving] cycle. I don’t know if it’s a coincidence that past crypto cycles have somewhat coincided with Bitcoin [halving] cycle, but it can also be another catalyst…
I think the third potential catalyst is real projects. Whenever we have a bull market with Bitcoin, with DeFi [decentralized finance] and NFTs [non-fungible tokens]that’s because a lot of builders built projects during the last bear market.
So I think all the projects that are being built right now, when there’s a little bit more substance that can be felt by the customers that they tend to serve, [it] will trigger another bull market.
Bitcoin is changing hands for $16,618 at the time of writing, a decline of 1.5% in the past 24 hours.
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