Binance CEO CZ More Bullish On Bitcoin, Here’s Why
Bitcoin’s utility has been growing over the years as more merchants and service providers accept Bitcoin as a form of payment. Additionally, there has been an increase in Bitcoin futures and options, lending platforms, and decentralized finance (DeFi) applications.
In a recent tweet by CZ, the CEO of Binance, the fluctuating price of Bitcoin and its growing utility were highlighted. The tweet coincided with Bitcoin’s price surging above $31,450, reaching its highest level since June 2022.
The surge was attributed to the SEC’s approval of the Volatility Shares 2x Bitcoin Strategy ETF, known as BITX, which became the first leveraged bitcoin futures ETF in the United States. Additionally, a bullish sentiment fueled by BlackRock further bolstered the crypto market.
Binance CZ On Bitcoin Utility
Bitcoin’s utility has been growing over the years as more merchants and service providers accept Bitcoin as a form of payment. Additionally, there has been an increase in Bitcoin futures and options, lending platforms, and decentralized finance (DeFi) applications. The SEC’s approval of the Volatility Shares 2x Bitcoin Strategy ETF (BITX) increases Bitcoin’s utility as an investment asset is expanding.
CZ took to twitter saying-
Bitcoin price fluctuates. Its utility is steadily increasing.
Amidst the positive developments, CoinGape reported allegations that emerged concerning Binance and its CEO, CZ around the sale of spot Bitcoin in a “liquidation waterfall” strategy which he later refuted. Recently, Binance announced its progress on integrating the Bitcoin Lightning Network for faster deposits and withdrawals.
According to Glassnode, the surge in Bitcoin’s price and utility has led to a remarkable milestone. The number of non-zero Bitcoin addresses has reached a record high of 44 million, signifying a novel and unique chapter in Bitcoin’s history.
Will Bitcoin Price Surge Past $35k?
After Bitcoin surged to over $31k after Fidelity applied for Spot ETF, it is now back to$30,424.05, with a 24-hour trading volume of $23,666,097,117.
While Bitcoin continues to garner attention, another significant event on the horizon is the upcoming Bitcoin halving. Expected to occur between April and May 2024, the 4th Halving will mark a reduction in block rewards from 6.25 BTC to 3.125 BTC at the 840,000 block height.
Although Bitcoin has not yet reclaimed its all-time high of $68,789.63, which was achieved on November 10, 2021, it has shown resilience despite experiencing a 55.76% drop. The all-time low of Bitcoin occurred 13 years ago on July 14, 2010, when it reached $0.04865. Since then, Bitcoin has made an astonishing recovery, surging by a staggering 62,553,511.59%.
