In January 2009, a mysterious figure named Satoshi Nakamoto introduced a ground-breaking concept to the world— Bitcoin. It marked the beginning of a decentralised digital currency that would disrupt the traditional financial landscape.

Over the past 15 years, Bitcoin has continued to attract new supporters in all manner of places. And as a resilient, decentralised monetary network it has continued to operate as intended through all market conditions too.

Now in 2024, the largest cryptocurrency celebrated its 15th anniversary on January 3.
Along with two key events that could see Bitcoin’s price double again in 2024 – The imminent launch of the Bitcoin ETF and the Bitcoin halvening.

Bitcoin event #1: 10 January 2024 – The first ETF approval?

According to some reports, this is the most likely date the SEC will decide whether to approve the first Bitcoin ETF – the one from Ark Invest/21 Shares.

If this ETF is approved, it’s likely the rest will follow on the same day.

That’s as many as 12 new spot bitcoin ETFs getting ready to hit the market – from the likes of BlackRock (through iShares), VanEck, Fidelity, WisdomTree, Invesco, Greyscale and a slew of others.

Combined, these giants’ manage tens of trillions in assets.

So, if these ETFs get approved, for the first time in Bitcoin’s history, advisors and super funds will be able to allocate funds to Bitcoin through an approved regulatory vehicle (an ETF).

Regulated, listed, bitcoin spot ETFs could very well see tens of billions of dollars flowing into these funds within weeks of their launch.

Bitcoin event #2: April 2024 – The next Bitcoin Halvening

Around 20 April this year, the supply of new Bitcoin mined falls in half.

This event is known as the “Halvening”.

It happens every four years or so (to be exact, every 210,000 blocks).

The last halvening event happened on 11 May, 2020.

This year, bitcoin block reward is set to drop from its current 6.25 BTC per block to 3.125.

That means new bitcoin supply hitting the market, is cut in half.

What’s more, after this halving, Bitcoin will become scarcer than gold.

As eToro notes:

‘Bitcoin’s supply halving will cause Bitcoin’s stock to flow ratio, which is a comparison of an assets supply issuance relative to its current circulating supply, above that of gold.

The “halvening” event has historically seen the bitcoin prices cycles kick off and acts as one of the catalysts of the bull market cycles.

For example, before the last halvening, the price of Bitcoin was around $9,000.

Post-halvening the Bitcoin price shot up to an all-time high of $69,000 in just over 12 months!

In short, Bitcoin’s halving events re-enforce the absolute scarcity of Bitcoin.

That kind of constricting supply, with higher demand, could kick-start the next major bitcoin price run.

PS. If you want the inside track on Bitcoin and cryptocurrency investment opportunities, then make sure you are subscribed to South African Investor. Take advantage of our great New Year special offer here.

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