{"id":576550,"date":"2024-02-23T18:00:22","date_gmt":"2024-02-23T18:00:22","guid":{"rendered":"https:\/\/www.wncen.com\/?p=576550"},"modified":"2024-06-11T07:56:12","modified_gmt":"2024-06-11T07:56:12","slug":"bitcoin-demands-exceeds-supply","status":"publish","type":"post","link":"https:\/\/www.wncen.com\/news\/bitcoin-demands-exceeds-supply\/","title":{"rendered":"Bitcoin Demands Exceeds Miner Supply By 1,300%, Why A Push To $237,000 Is Possible"},"content":{"rendered":"

As the <\/span>Bitcoin Halving<\/span><\/a> draws nearer, there is so much optimism about what could happen to Bitcoin\u2019s price in the aftermath of this event. This optimism is further heightened by a recent development showing how <\/span>Bitcoin\u2019s demand<\/span><\/a> far outpaces its supply, which could see the <\/span>flagship crypto token<\/span><\/a> rise to as high as $237,000.\u00a0<\/span><\/p>\n

Bitcoin Demand Significantly Outpacing Its Demand<\/h2>\n

Crypto analyst Willy Woo mentioned in an X (formerly Twitter) <\/span>post<\/span><\/a> that the Bitcoin network receives an average of $607 million of new investor demand daily. On the other hand, this demand is said to be met by a supply of just $46 million daily in terms of Bitcoin mined. This development is more significant considering that the <\/span>Halving<\/span><\/a> is fast approaching.\u00a0<\/span><\/p>\n

Related Reading: Bitcoin Millionaire Takes A Shot At Cardano For Being A \u2018Wannabe Ethereum\u2019 \u2013 Details<\/a><\/div>\n

This is when <\/span>Bitcoin Miners\u2019<\/span><\/a> rewards are <\/span>cut in half<\/span><\/a>, acting as a deflationary measure and reducing the rate at which more BTC comes into circulation. This also offers a bullish narrative, as the already insufficient supply will decline further after the Halving event. Once that happens, Bitcoin is expected to become more valuable, with more price increases imminent.\u00a0<\/span><\/p>\n

Industry expert Anthony Pompliano <\/span>also highlighted<\/span><\/a> this phenomenon when he noted how institutional investors were gobbling up BTC almost 13x faster than its production rate. He added that the flagship crypto token was bound to see a new all-time high (ATH) if this trend continues.\u00a0<\/span><\/p>\n

This institutional demand for BTC is mainly driven by the Spot Bitcoin ETFs, which were <\/span>approved in January<\/span><\/a>. Due to the impressive demand for these funds, fund issuers like BlackRock have continued to accumulate a significant portion of the BTC supply on a daily. Interestingly, these Bitcoin ETFs were <\/span>reported<\/span><\/a> to hold 3.3% of Bitcoin\u2019s circulating supply earlier in the month.\u00a0<\/span><\/p>\n

Bitcoin\u2019s Road To $237,000<\/h2>\n

In response to Willy Woo\u2019s post, crypto analyst MacronautBTC made a \u201cconservative\u201d calculation of how Bitcoin\u2019s price could rise to $237,000. Using a multiplier of 3x the Dollar currently flowing into the <\/span>Bitcoin ecosystem<\/span><\/a>, the analyst mentioned that Bitcoin could see an added market cap of 4.38 trillion.\u00a0<\/span><\/p>\n

Related Reading: Is Ripple Dumping Millions Of XRP? CTO Addresses Reasons Behind $34 Million Transaction<\/a><\/div>\n

He then added the 4.38 trillion to <\/span>Bitcoin\u2019s current market cap<\/span><\/a> of 1 trillion, which sums up to a 5.38 trillion market cap. This potentially puts Bitcoin\u2019s price at $273,000 (a year from now, going by MacronautBTC\u2019s calculation.\u00a0<\/span><\/p>\n

The analyst also highlighted how this price level coincides with predictions made by notable Bitcoin bulls. One of them is Tim Draper, who <\/span>recently stated<\/span><\/a> that BTC will hit $250,000 in 2025.\u00a0<\/span><\/p>\n

At the time of writing, Bitcoin is trading at around $50,900, down almost 2%% in the last 24 hours, according to <\/span>data<\/span><\/a> from CoinMarketCap.\u00a0<\/span><\/p>\n

\"Bitcoin<\/p>\n

BTC price sits above $51,200 | Source: BTCUSD on Tradingview.com<\/a><\/pre>\n
Featured image from CNBC, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
As the Bitcoin Halving draws nearer, there is so much optimism about what could happen to Bitcoin\u2019s price in the aftermath of this event. This optimism is further heightened by a recent development showing how Bitcoin\u2019s demand far outpaces its supply, which could see the flagship crypto token rise to as high as $237,000.\u00a0 Bitcoin Demand Significantly Outpacing Its Demand Crypto analyst Willy Woo mentioned in an X (formerly Twitter) post that the Bitcoin network receives an average of $607 million of new investor demand daily. On the other hand, this demand is said to be met by a supply of just $46 million daily in terms of Bitcoin mined. This development is more significant considering that the Halving is fast approaching.\u00a0 Related Reading: Bitcoin Millionaire Takes A Shot At Cardano For Being A \u2018Wannabe Ethereum\u2019 \u2013 Details This is when Bitcoin Miners\u2019 rewards are cut in half, acting as a deflationary measure and reducing the rate at which more BTC comes into circulation. This also offers a bullish narrative, as the already insufficient supply will decline further after the Halving event. Once that happens, Bitcoin is expected to become more valuable, with more price increases imminent.\u00a0 Industry expert Anthony Pompliano also highlighted this phenomenon when he noted how institutional investors were gobbling up BTC almost 13x faster than its production rate. He added that the flagship crypto token was bound to see a new all-time high (ATH) if this trend continues.\u00a0 This institutional demand for BTC is mainly driven by the Spot Bitcoin ETFs, which were approved in January. Due to the impressive demand for these funds, fund issuers like BlackRock have continued to accumulate a significant portion of the BTC supply on a daily. Interestingly, these Bitcoin ETFs were reported to hold 3.3% of Bitcoin\u2019s circulating supply earlier in the month.\u00a0 Bitcoin\u2019s Road To $237,000 In response to Willy Woo\u2019s post, crypto analyst MacronautBTC made a \u201cconservative\u201d calculation of how Bitcoin\u2019s price could rise to $237,000. Using a multiplier of 3x the Dollar currently flowing into the Bitcoin ecosystem, the analyst mentioned that Bitcoin could see an added market cap of 4.38 trillion.\u00a0 Related Reading: Is Ripple Dumping Millions Of XRP? CTO Addresses Reasons Behind $34 Million Transaction He then added the 4.38 trillion to Bitcoin\u2019s current market cap of 1 trillion, which sums up to a 5.38 trillion market cap. This potentially puts Bitcoin\u2019s price at $273,000 (a year from now, going by MacronautBTC\u2019s calculation.\u00a0 The analyst also highlighted how this price level coincides with predictions made by notable Bitcoin bulls. One of them is Tim Draper, who recently stated that BTC will hit $250,000 in 2025.\u00a0 At the time of writing, Bitcoin is trading at around $50,900, down almost 2%% in the last 24 hours, according to data from CoinMarketCap.\u00a0 BTC price sits above $51,200 | Source: BTCUSD on Tradingview.com Featured image from CNBC, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":576557,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,91726,639,656,679,12210,1119,91727,87389,89185,1122,37773,1144,78790],"class_list":["post-576550","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-miner-supply","tag-bitcoin-miners","tag-bitcoin-news","tag-bitcoin-price","tag-bitcoin-supply","tag-btc","tag-btc-miner-supply","tag-btc-miners","tag-btc-news","tag-btc-price","tag-btc-supply","tag-btcusd","tag-btcusdt"],"acf":[],"yoast_head":"\nBitcoin Demands Exceeds Miner Supply By 1,300%, Why A Push To $237,000 Is Possible<\/title>\n<meta name=\"description\" content=\"As the Bitcoin Halving draws nearer, there is so much optimism about what could happen to 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Matherson","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.wncen.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/3d21ae3d2529ce2df4466b61ea80b449?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/3d21ae3d2529ce2df4466b61ea80b449?s=96&d=mm&r=g","caption":"Scott Matherson"},"description":"Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers. Scott\u2019s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott\u2019s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life. With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/www.wncen.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Demands Exceeds Miner Supply By 1,300%, Why A Push To $237,000 Is Possible","url":"http:\/\/www.wncen.com\/news\/bitcoin-demands-exceeds-supply\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/www.wncen.com\/news\/bitcoin-demands-exceeds-supply\/"},"thumbnailUrl":"https:\/\/www.wncen.com\/wp-content\/uploads\/2024\/02\/Bitcoin_957914.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/www.wncen.com\/wp-content\/uploads\/2024\/02\/Bitcoin_957914.jpeg?fit=1600%2C900"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/www.wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin miner supply","bitcoin miners","bitcoin news","bitcoin price","bitcoin supply","btc","btc miner supply","btc miners","btc news","btc price","btc supply","btcusd","btcusdt"],"dateCreated":"2024-02-23T18:00:22Z","datePublished":"2024-02-23T18:00:22Z","dateModified":"2024-06-11T07:56:12Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Demands Exceeds Miner Supply By 1,300%, Why A Push To $237,000 Is Possible\",\"url\":\"http:\\\/\\\/www.wncen.com\\\/news\\\/bitcoin-demands-exceeds-supply\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/www.wncen.com\\\/news\\\/bitcoin-demands-exceeds-supply\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/www.wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/02\\\/Bitcoin_957914.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/www.wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/02\\\/Bitcoin_957914.jpeg?fit=1600%2C900\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/www.wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin miner supply\",\"bitcoin miners\",\"bitcoin news\",\"bitcoin price\",\"bitcoin supply\",\"btc\",\"btc miner supply\",\"btc miners\",\"btc news\",\"btc price\",\"btc supply\",\"btcusd\",\"btcusdt\"],\"dateCreated\":\"2024-02-23T18:00:22Z\",\"datePublished\":\"2024-02-23T18:00:22Z\",\"dateModified\":\"2024-06-11T07:56:12Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/www.wncen.com\/wp-content\/uploads\/2024\/02\/Bitcoin_957914.jpeg?fit=1600%2C900","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/posts\/576550"}],"collection":[{"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/comments?post=576550"}],"version-history":[{"count":0,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/posts\/576550\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/media\/576557"}],"wp:attachment":[{"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/media?parent=576550"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/categories?post=576550"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/tags?post=576550"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}