Bitcoin could be in for a significant year in 2024, according to a report by Capriole Investments. Charles Edwards, the author of the report, suggests that a combination of factors, such as Bitcoin’s role as an inflation hedge, the upcoming Halving event, and the possibility of ETF approvals, could lead to high returns. Edwards addresses skepticism regarding Bitcoin’s performance as an inflation hedge, noting its 1000% rise from Q1-2020 to Q1-2021 in response to the Federal Reserve’s multi-trillion-dollar QE packages. He also highlights the upcoming Halving event in April 2024, which will reduce Bitcoin’s supply growth rate to 0.8% p.a., lower than that of Gold (1.6%) for the first time. Edwards also discusses the regulatory landscape, noting Blackrock’s Bitcoin ETF application and a federal appeals court’s order for the SEC to reconsider its rejection of the Grayscale spot ETF. He expects the SEC to approve the spot ETF in either October 2023 or January 2024. Despite the bullish outlook, Edwards cautions that Bitcoin’s four-year cycles typically involve 12-18 months of significant returns followed by 2-3 years of sideways or declining performance. He anticipates that 2024 will be the single highest returning year of this cycle based on data analysis. In conclusion, Edwards’ report suggests that 2024 could be a pivotal year for Bitcoin, with the potential for high returns. While acknowledging short-term bearish signals, the long-term outlook remains optimistic.

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Information	Details
Geography	Global
Countries
Sentiment	positive
Relevance Score	9
People	Charles Edwards, SEC, Blackrock, Federal Reserve, Grayscale
Companies	Charles Edwards, SEC, Capriole Investments, Blackrock, CFTC, Federal Reserve, Grayscale
Currencies	Ethereum, Bitcoin
Securities	None