XRP Holder’s Lawyer Names 5 Bitcoin (BTC) Growth Catalysts

Pro-XRP lawyer John E. Deaton has highlighted five catalysts that can catalyze the growth of the flagship cryptocurrency Bitcoin (BTC) in the coming year.

Bitcoin (BTC) Halving Event and ETF Sentiment

Deaton started by listing Bitcoin halving which is scheduled to take place in 2024. According to an explanation of Bitcoin halving, it is a “quadrennial event in the crypto space that reduces the supply of new coins into circulation by half.” 

This means the last Bitcoin halving event was held in 2020. It is generally aimed at managing the supply and increasing the value of the coin through scarcity.

The event usually comes with a lot of potential and investors are already looking forward to the 2024 season, especially the ability of the halving to spike the price of Bitcoin further than it is currently performing. A few months ago, Matrixport research hinted at the possibility of Bitcoin reaching $125,000 by December 2024 following the Bitcoin halving. 

The second catalyst on Deaton’s list is the matter of the much-anticipated spot Bitcoin ETF. Already, the anticipation of receiving approval from the United States Securities and Exchange Commission (SEC) has driven the price of Bitcoin by a reasonable percentage.  At the time of this writing, BTC is trading at $42,635.27, a much better figure than its value as of December 2022. 

Noteworthy, the broad crypto community is still very optimistic even though Gary Gensler, SEC Chair said to a Bloomberg reporter that the subject of crypto, precisely Bitcoin ETFs, is currently not a priority. 

Other Bullish Catalysts Spotted

The subject of the Federal Reserve resuming interest rate hikes in 2024 was also one of the listed catalysts, although he thinks there might only be three cuts next year. Investment bank Goldman Sachs believes that the first rate cut will happen in the third quarter, after the Bitcoin halving event. 

In addition, the XRP holder’s lawyer highlighted some ongoing litigation whose outcomes will be pivotal to the crypto industry. The SEC is yet to finally settle with crypto payment firm Ripple Labs as well as Grayscale Investments. Notably, the SEC has followed the court’s order to review Grayscale’s application to convert its GBTC to a physically backed product. 

Binance equally has a looming case with the regulator and the crypto community is earnestly waiting for the outcome. Finally, Deaton pointed to the fact that 2024 is an election year that may come with some changes including market liquidity. Ultimately, the presence of these catalysts will play a huge role in how the coming year turns out for Bitcoin (BTC).