OKCoin’s CEO believes that the rising need for sound currency systems could result in the next bull run.
More countries will follow El Salvador’s footsteps and adopt digital currencies, the CEO added.
The next Bitcoin halving in 2024 could also trigger a surge in crypto prices.
Three catalysts could ignite the next bull run
Okcoin CEO Hong Fang, revealed in a recent interview, that he believes three catalysts could trigger the next Bitcoin bull run. He mentioned this while talking to Kitco News earlier this week.
According to Fang, the rising need for sound currency systems, caused by the failures of current centralised monetary systems, could serve as a catalyst for the next crypto bull market.
He added that he envisions a scenario where more countries will follow El Salvador’s footsteps and make Bitcoin a legal tender. Fang said;
“I think from a macro perspective, we continue to see challenges out there… I think the World Bank recently came out saying that a dozen countries may default on their own country’s debt next year, which is a failure of a centralized monetary system. I would suspect that the fundamental need for a more sound money will continue to build in the background, something like El Salvador, but maybe of a larger size.”
Bitcoin halving could trigger the next bull cycle
According to Fang, the next Bitcoin halving event in 2024 could also trigger a bull cycle. He stated that;
“Bitcoin has its own [halving] cycle. I don’t know if it’s coincidental that the past crypto cycles have somewhat coincided with the Bitcoin [halving] cycle, but that may also be another catalyst…I think the third potential catalyst is real projects. Every time we have a bull market with Bitcoin, with DeFi [decentralized finance] and NFTs [non-fungible tokens], that was because a lot of builders, they built projects in the last bear market. So I think that all of the projects that are being built right now, when there is a little more substance that can be felt by the customers that they tend to serve, [it] will trigger another bull market.”
The leading cryptocurrency has been underperforming in recent months, with the price of Bitcoin now close to the $17k mark.