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BTC At $41K, Here Are 5 Things That Will Drive It To $70K

05 December 2023 14:17, UTC

Bitcoin has clawed its way up to $41K from its yearly lows, gaining 129% in a year. It looks ready for even bigger gains in 2024. The year-end outlook 2024 suggests it will reach a new ATH at $70-80K.

Degens may be reasoning out the spurt in Bitcoin prices to the Bitcoin halving narrative and positive investor outlook, but we can do better. After a rough 2022, aka the Luna-Terra fall and FTX fiasco, and 474 Bitcoin obituaries, Bitcoin stands robust. (The larger market did not flinch when CZ said goodbye.)

The greater crypto market is witnessing some of the most brilliant innovations and real-world use cases, making crypto and BItcoin more relevant and resilient than ever. Here are Five more reasons driving BTC prices to $70K in the next bull run.

#1 Real products, Real Solutions, And Real Clients

Crypto platforms solve real-world problems and inefficiencies in traditional sectors like finance, supply chains, trade, and finance. The crypto market has grown into a full-fledged sector with real clients, real use cases, and real products.

For example, multi-billion dollar enterprises like FCL, Gultainer, Coke, and Marsh use blockchain middleware solutions from Morpheus.Network ($MNW) to add visibility and traceability to their supply chains. The Google Accelerator and Microsoft hub-backed startup integrates with over 100 leading technology and service providers, such as DHL, FedEx, Swift, Ripple, Salesforce, Oracle, and more.

Ripple provides global payment solutions for seamless value transfer to leading enterprises and institutions, such as I-Remit, Novatti, Tranglo, Travelex Bank, Instarem, SBI Remit, and many more.

Web3 games are fast catching on to the frenzy, offering free-to-play and play-to-earn models for players above and beyond entertainment. The global blockchain gaming market is expected to grow from $4.6 billion in 2022 to $65.7 billion by 2027. Already, there are 3 billion gamers worldwide. Metaverse-based universities, rock concerts, and exhibitions have blurred the divide between the physical and virtual.

#2 Enterprise Adoption

Banks, corporations, governments, and institutions look more than ready to explore the blockchain potential and crypto capabilities. JPM’s Onyx blockchain, PayPal’s stablecoin launch, Starbucks’ NFT loyalty program, Walmart’s blockchain-based food tracking, the flurry of spot ETF applications with the SEC — the list continues.
Polygon has partnered with big brands like Nike, Starbucks, Reddit, Mastercard, Adobe, Disney, Meta, Adidas, Mercedes, and Google Cloud. Nike’s digital marketplace for NFTs and digital fashion items lives on the blockchain.

Enterprise-level adoption is evident across sectors, including healthcare, education, supply chain, data management, cloud computing, and more. The industry is focused on solving the problem of scalability — the biggest hurdle to mass adoption of blockchains at the enterprise level.

Investors, especially, have a long-term outlook for the sector. Rather than skimming the sector for quick profits, investors are driven to viable projects. Institutional interest in Bitcoin and other cryptos is also on the rise. BlackRock, MicroStrategy, Galaxy Digital, Ark Invest, Amazon, Google, and many more have anticipated the surge in crypto adoption and already investing or innovating in the sector.

#3 Utility Over Hype

Cryptos are looking beyond the hype toward utility-driven economic models. The market is maturing, and the growth isn’t led by hyped-up memecoins. Cryptos serve multiple utilities. They can be utility tokens native to a blockchain or a platform’s economy.

For instance, ETH is used to pay gas fees for using the Ethereum network. MNW token is used to initiate smart contract-based work contracts, shipping and customs documents, and international payments.

Stablecoins are pegged to fiat or precious metals, and RWA tokens have underlying assets such as real estate, securities,, collectibles, etc. They can also be a store of value or a medium of exchange, just like Bitcoin, Litecoin, ZCash, etc.

NFTs and soulbound tokens establish ownership and terms of contract for trustless transactions and traceability. University degrees, product documents, property papers, ticketing, decentralized identities, etc. — NFTs can handle all and more.

#4 Multi-category Growth via NFTs, RWA, DeFi and AI

Though Bitcoin claims the maximum market share, it is not the only crypto witnessing real-world adoption. The growth has been diverse and multi-category for the crypto sector even before we saw the inception of crypto bigwigs like Ethereum, Litecoin, Monero, etc.

We have seen some brilliant use cases in DeFi, RWAs, NFTs, etc., be it selling property on the blockchain by a small-cap RWA platform, Landshare, or large-cap projects like Chainlikn enabling smart contracts for over 30 enterprises, institutions, and platforms. To an extent, this has brought down crypto volatility and improved market resilience. Traders look forward to exploring new projects on the scene.

DeFi disrupted the FinTech sector, bringing new products like flash loans, liquidity pools, crowdfunding, etc. DeFi has a TVL worth $52 billion locked in its projects like Aave, 1inch, Lido, Compound, Rocketpool, MakerDAO, Uniswap, etc.

The RWA sector is winning institutional favor for its capability to sync TradFi and DeFi, fractionalize real estate, and tokenize securities, loans, artworks, and whatnot. It is the eighth biggest sector today and is estimated to reach $16 trillion by 2030, per Binance Research.

2021 belonged to overhyped NFT jpegs. However, the NFT bubble has revealed mind-blowing utilities in gaming, collectibles, and supply chain provenance.

AI hype took the sheen away from crypto projects worth the investor’s money for a while. But projects like DeepBrain Chain and BlackBird AI are bridging the utility of AI, ML, and blockchain to explore never-before-seen use cases.

#5 Progressive Regulations

Institutional investors stay away from unregulated projects. The SEC has been shying away from approving Bitcoin/Ethereum spot ETF applications, even from BlakcRock, Grayscale, etc.

Progressive regulations such as the EU’s MiCA framework for stablecoins are paving the way for the next crypto revolution and reinstating investor trust. Dubai and Abu Dhabi are warming up to crypto. El Salvador’s move to become the first Bitcoin-led economy and countries like Singapore, Slovenia, Portugal, Switzerland, etc., granting capital-tax-free gains to crypto holders has favored adoption.

Why The Next Bull Run Will Be Led By Utility-Driven Projects

The next bull run in the crypto market will be utility-driven and led by projects delivering real-world products and services, taking Bitcoin and the likes to new heights. Above and beyond, signing off momentum to delivering next-gen solutions from scratch up or on top of existing legacy systems.

The market is still in its nascence. However, mainstream adoption isn’t far away as more use cases and products emerge. Projects that solve real-world problems will flourish, and the industry will benefit as a whole.
This time, it won’t be just BTC driving the market up. The larger market will catalyze never-seen-before solutions and functionalities to grant a greater value to the beloved OG crypto.