In the last 24 hours, Bitcoin (BTC) and some other cryptocurrencies have been seeing market price surge, keeping investors smiling with high expectation that Bitcoin will soon get to its all-time high. However, Forbes analysts have analyzed three important factors that are liable to initiate Bitcoin (BTC) market price increase and its global adoption.
The three important factors to keep Bitcoin (BTC) rising in cryptocurrency market are explained below;
1. Maintenance of Decentralization
The number one factor Forbes believes can keep Bitcoin (BTC) price rising is to maintain its decentralization, with the use of additional protocol layers.
According to the report, Forbes opined that Bitcoin should keep functioning on a protocol that is accessible anywhere. The Forbes analyst gave an option to obtain DLT data via a satellite and operate a full node with Android-powered smartphone, which is cited to illustrate a Bitcoin node with low requirements.
Taproot and Schnorr signatures are suggested in the quest to improve privacy approach and execution of a smart contract option. The authors also added that mining activities of Bitcoin (BTC) should be taken to the countries with low electricity billing and political stability.
In enabling Bitcoin (BTC) users to make transfers of fund without relying on miners or take up block space on the chain, there must be improvement in Lightning Network and development of sidechains
2. Expansion of Bitcoin (BTC) Financial Sector
The second important factor mentioned by Forbes is the mode of financing Bitcoin (BTC). The document also stressed the importance of spreading Bitcoin futures among its investors and traders. The first sets were launched by CME, LedgerX and CBOE about two years ago.
The Bakkt exchange invented by the Intercontinental Exchange (ICE) this year would be launched once the firm’s license is granted by CFTC. Nasdaq bitcoin futures, Fidelity Digital Custody and a crypto asset custody solution from Northern Trust are also expected to be launched this year.
According to Forbes analysts, Bitwise’s estimate shows that Bitcoin futures records over 30 percent of total spot of its exchange volume and Genesis Capital’s processing of $1.1 billion in borrowed cryptocurrencies and cash loans, serving as additional proof of Bitcoin’s (BTC) expansion in the financial sector.
3. Millennials involvement in Bitcoin (BTC) investment
The last factor on Forbes’ list is the contribution of Millennial, which would make a great impact in maintaining Bitcoin (BTC) market price surge. Considering the report, the left over income after deduction of taxes and social security charges of millennial could surpass all records of past years by 2029.
According to research, this generation is likely to be more kind and pleasant to cryptocurrency and blockchain, which would speed up the global adoption of Bitcoin (BTC) and it is expected to positively influence its price.
Conclusively, the continuous increase in Millennial disposable income would corresponds to BTC’s market price appreciation and adoption.