Bitcoin Well (TSXV:BTCW, OTCQB:BCNWF), OTCQB:BCNWF) provides an ecosystem of products and services making it easier for people to use bitcoin. Established in Canada in 2013 and has reached significant revenue growth year-over-year, Bitcoin Well will soon be expanding to the US market.
The company's three core business lines include Crypto ATM network composed of 250+ Crypto ATMs across Canada with US$21 million revenue in 2022; Bitcoin Well Infinite whichcaters to high net worth individuals and businesses and with US$29 million revenue in 2022; and Online Ecosystem, the fastest and safest way for Canadians to buy, sell and use bitcoin with current monthly revenues exceeding $350,000.
This Bitcoin Well profile is part of a paid investor education campaign.*
Click here to connect with Bitcoin Well (TSXV:BTCW, OTCQB:BCNWF) to receive an Investor Presentation
Bitcoin Well (TSXV:BTCW,OTCQB:BCNWF) is a two-business-unit organization providing an ecosystem of products and services to make it easy for everyday people to use bitcoin. The company was established in Canada in 2013, has reached significant revenue growth year-over-year since, and has recently expanded the Online Bitcoin Portal to the US market.
Bitcoin Well earns revenue through its two core business lines, which include:
Bitcoin Well earns consistent cash flow through its existing fleet of Bitcoin ATMs. The company reinvests this cash flow into the Online Bitcoin Portal, which is a scalable growth product the company believes will see exponential adoption during the bitcoin bull run – which appears to be underway.
The Bitcoin market often makes headlines when it reaches new heights or lows, but it’s shown consistent growth over the long term. The price of Bitcoin surpassed the US$72,000 mark in March 2024 and is expected to continuously captivate investors’ interest as it follows the typical halving price cycle.
Bitcoin Well has passed significant milestones since its establishment in 2013:
Every product or service offered by the company is wrapped in the security of its non-custodial ecosystem. This is a hot topic right now as multiple custodial exchanges have collapsed in the last few years. The non-custodial ecosystem is widely seen by knowledgeable investors as the safest way to buy bitcoin.
The company intends to utilize its unique positioning of a large network of Bitcoin ATMs and a growing online Bitcoin Portal to begin combining the benefits and set itself out as a true differentiator. These unique differences allow for Bitcoin Well to offer their customer a stickier product with more offerings than other competitors which could open the door for a subscription model or other alternative customer revenue models.
The Bitcoin Well business strategy is embodied in two core product lines, designed to make it easier for everyday people to use bitcoin as part of their financial plans. Both offerings cater to different types of customers.
With more than 190 Bitcoin ATMs across Canada, the Bitcoin Well ATM network provides users a way to buy bitcoin quickly and safely with cash. This well-established, cash-flowing Bitcoin ATM business provides revenue to support the company’s accretive future growth.
This is the most scalable and future-oriented product. It offers the fastest and safest way for North Americans to buy, sell and use bitcoin. Launched in Q4 2022, this offering currently generates monthly revenues exceeding $3 million.
Adam O’Brien is a husband, father of four and a bitcoin entrepreneur with a mission to enable independence. Since founding Bitcoin Well in 2013, he has made it easy to buy, sell and use bitcoin both online in the bitcoin-only portal, and in person at Bitcoin ATMs across Canada. Today, Bitcoin Well is a publicly traded organization (BTCW) and is one of the largest bitcoin companies in the country... And it's just getting started!
Jason Vandenberg brings more than 20 years of experience across diverse financial leadership positions and has an established record of leading multiple companies through substantial growth, both organically and through business acquisitions. He has experience with micro-cap companies listed on the TSXV and was involved with the company as they went public in 2021.
Chantel Lillycrop has 10 years of experience in leadership, business development and operations. She has a deep-rooted passion for streamlining processes, optimizing efficiency and fostering collaboration with her teams and external partners. Her mission is to drive the company’s growth while ensuring operational excellence.
James Kerr is an accredited product builder with nearly a decade of experience working with teams to build solutions for both B2B and B2C users. Kerr loves solving problems, challenging conventions, and working with creative people to build and grow products that make the world a better place.
Dave Bradley is widely considered one of the leading experts in Canada on bitcoin and blockchain technology. Before his current role, Bradley founded the world’s first bricks-and-mortar bitcoin store and co-founded the successful company, Bull Bitcoin, which is Canada’s longest-serving bitcoin brokerage. He also serves as a vice-president for the Canadian Blockchain Consortium.
Terry Rhode was one of Rosenau Transport's longest-serving employees and a partial owner. Before starting with Rosenau Transport in 1998, he was a management consultant and advised various businesses on ways to streamline their operations. Rhode is well-versed in every aspect of administration including accounting and IT, operations, change management, project management, sales, and pricing.
Mitchell Demeter brought the world its first Bitcoin ATM in 2013 to Vancouver, BC. After a successful exit, he moved to be the president of Netcoins, a Canadian online cryptocurrency brokerage wholly owned by BIGG Digital Assets. Demeter is a serial entrepreneur with a range of experience in blockchain, exchanges and currency trading. He currently sits on the board of Neptune Digital Assets and advises several other cryptocurrency and fintech businesses including Secure Digital Markets and Inetco Systems.
Virtual Investor Conferences, the leading proprietary investor conference series, today announced the agenda for the Blockchain & Digital Assets Virtual Investor Conference sponsored by Alpha Transform Holdings and Blockchain Wire to be held April 25 th . Individual investors, institutional investors, advisors, and analysts are invited to attend.
REGISTER NOW AT : https://bit.ly/3w5hy6Q
It is recommended that investors pre-register and run the online system check to expedite participation and receive event updates. There is no cost to log-in, attend live presentations, or schedule 1x1 meetings with management.
"We're looking forward to hosting the Blockchain & Digital Assets Virtual Investor Conference this week, in collaboration with sponsors Alpha Transform Holdings and Blockchain Wire," said Jason Paltrowitz, Executive Vice President of Corporate Services at OTC Markets Group. "The event will feature a panel on the future of digital assets, along with a roster of innovative OTCQX, OTCQB and privately held companies presenting."
Enzo Villani, CEO, Co-CIO, Alpha Transform Holdings, commented, "We're thrilled to partner with OTC Markets Group for the Blockchain & Digital Assets Virtual Investor Conference on April 25th. This event brings together industry leaders to offer valuable educational insights on blockchain, AI and the digital assets space to the OTC Markets Group investor community."
April 25 th
| Eastern Time (ET) | Presentation | Ticker(s) |
| 9:30 AM | Amphibian Capital | Private |
| 10:00 AM | Vinanz Limited | OTCQB: VINZF | AQSE: BTC |
| 10:30 AM | Exodus Movement, Inc. | OTCQX: EXOD |
| 11:00 AM | Panel: Digital Assets: The Future is now: How Digital assets, Blockchain and AI will change the world as we know it. Moderator: Enzo Villani, Chairman & CEO, Alpha Transform Holdings Panelists: F. Daniel Siciliano, Chairman of the Council of Federal Home Loan Banks & Co-founder/CEO of Nikkl Michael Terpin, General Partner, Alpha Transform Holdings and Transform Ventures | |
| 12:00 PM | Grayscale Digital Large Cap Fund LLC | OTCQX: GDLC |
| 12:30 PM | Bitcoin Well Inc. | OTCQB: BCNWF | TSXV: BTCW |
| 1:00 PM | Montis Group | Private |
| 1:30 PM | Constellation Network | Private |
| 2:00 PM | Neptune Digital Assets Corp. | OTCQB: NPPTF | TSXV: NDA |
| 2:30 PM | Bluesky Digital Assets Corp. | OTCQB: BTCWF | CSE: BTC |
| 3:00 PM | Defi Technologies Inc./Valour Inc. | OTCQB: DEFTF | NEO: DEFI |
| 3:30 PM | Bitwise 10 Crypto Index Fund | OTCQX: BITW |
| 4:00 PM | BitMine Immersion Technologies Inc. | OTCQX: BMNR |
| 4:30 PM | Alpha Transform Holdings | Private |
To facilitate investor relations scheduling and to view a complete calendar of Virtual Investor Conferences, please visit www.virtualinvestorconferences.com .
About Virtual Investor Conferences ®
Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to seamlessly present directly to investors.
Providing a real-time investor engagement solution, VIC is specifically designed to offer companies more efficient investor access. Replicating the components of an on-site investor conference, VIC offers companies enhanced capabilities to connect with investors, schedule targeted one-on-one meetings and enhance their presentations with dynamic video content. Accelerating the next level of investor engagement, Virtual Investor Conferences delivers leading investor communications to a global network of retail and institutional investors.
Media Contact:
OTC Markets Group Inc. +1 (212) 896-4428, media@otcmarkets.com
Virtual Investor Conferences Contact:
John M. Viglotti
SVP Corporate Services, Investor Access
OTC Markets Group
(212) 220-2221
johnv@otcmarkets.com
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Leverages Bitcoin Well proprietary infrastructure to offer customers a seamless cash experience through their Bitcoin Well Account
Edmonton, Alberta – TheNewswire - April 15 – Bitcoin Well Inc. (" Bitcoin Well " or the " Company ") ( TSXV: BTCW; OTCQB: BCNWF ), the non-custodial bitcoin business on a mission to enable independence, has launched Cash Vouchers - a revolutionary payment rail to allow customers to buy bitcoin in the Bitcoin Portal using cash.
"Bitcoin Well customers already benefit from a wide range of products that offer the convenience of modern banking with the benefits of bitcoin," said Adam O'Brien, Founder and CEO of Bitcoin Well. "Cash Vouchers will eliminate some of the barriers our customers experience when using digital payments to use the Bitcoin Portal , making it even faster and easier to buy bitcoin with Bitcoin Well."
Brand new customers can instantly load a Cash Voucher in their Bitcoin Well Account. Here's how:
Signup with an email and password, select "Buy bitcoin"
Select "Cash Voucher" to receive unique Cash Voucher QR code
Go to one of the Bitcoin Well supported ATMs and scan the Cash Voucher QR code (the full list of supported ATMs can be found from inside the account)
Insert cash
Redeem the Cash Voucher for bitcoin directly to a personal bitcoin wallet at any time from the Bitcoin Portal
Cash Vouchers are available to Canadian customers immediately and are only made possible through the Bitcoin Well proprietary infrastructure, which means customers won't experience third parties or payment processors frivolously blocking their transactions, which happens from time to time. This feature furthers the mission to enable independence for current and future generations of Canadians.
Launching this innovation comes at a time of accelerated growth for Bitcoin Well. The Company recently announced a record number of signups in one day to the Bitcoin Portal following an endorsement from BTC Sessions' YouTube channel, which is now a Bitcoin Well sponsored partner. In March 2024, Bitcoin Well saw over 1,900 new user sign ups, representing a 56% month-over-month increase from February 2024.
To use cash vouchers, please visit: https://bitcoinwell.com/app
About Bitcoin Well
Bitcoin Well is on a mission to enable independence. We do this by making bitcoin useful to everyday people to give them the convenience of modern banking and the benefits of bitcoin. We like to think of it as future-proofing money. Our existing Bitcoin ATM and Online Bitcoin Portal business units drive cash flow to help fund this mission.
Join our investor community and follow us on Nostr , , and to keep up to date with our business.
Bitcoin Well contact information
To book a virtual meeting with our Founder & CEO Adam O'Brien please use the following link: https://bitcoinwell.com/meet-adam
For additional investor & media information, please contact:
Andrew Slock
Talk Shop Media
andrew@talkshopmedia.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release .
Forward-looking information
Certain statements contained in this news release may constitute forward-looking information. Forward-looking information is often, but not always, identified by the use of words such as "anticipate", "plan", "estimate", "expect", "may", "will", "intend", "should", or the negative thereof and similar expressions. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. Bitcoin Well actual results could differ materially from those anticipated in this forward-looking information as a result of regulatory decisions, competitive factors in the industries in which Bitcoin Well operates, prevailing economic conditions, and other factors, many of which are beyond the control of Bitcoin Well.
Bitcoin Well believes that the expectations reflected in the forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking information should not be unduly relied upon. Any forward-looking information contained in this news release represents Bitcoin Well expectations as of the date hereof, and is subject to change after such date. Bitcoin Well disclaims any intention or obligation to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required by applicable securities legislation. For more information, see the Cautionary Note Regarding Forward Looking Information found in the Bitcoin Well quarterly Management Discussion and Analysis.
Copyright (c) 2024 TheNewswire - All rights reserved.
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Bitcoin Well Inc. (" Bitcoin Well " or the " Company ") ( TSXV: BTCW; OTCQB: BCNWF ), the non-custodial bitcoin business on a mission to enable independence is pleased to announce that it has entered into a sponsorship agreement with Ben Perrin, AKA BTC Sessions (" BTC Sessions ") dated April 1, 2024 (the " Agreement ").
BTC Sessions boasts over 130,000 followers on X, 175,000 subscribers and nearly 10,000,000 lifetime views on YouTube, with the majority of his followers in Canada and the USA. Bitcoin Well will have the privilege of the title sponsor which will entitle the Company to the top spot on all advertisements as well as product tutorials and updates.
"Working with BTC Sessions puts another leading Bitcoin creator on our roster." Said Adam O'Brien, founder & CEO of the Company. "Ben will be talking about our ecosystem of products in his videos, engaging with and walking his YouTube audience through our products with dedicated tutorials and onboarding his clientele directly to the Bitcoin Portal. His most recent tutorial (posted six days ago) has already gathered over 3,000 views and his unique referral code has directly resulted in at least 70 individuals signing up to the Bitcoin Portal. All of this was done before the paid partnership began."
Pursuant to the Agreement, BTC Sessions will provide advertising and promotion of the Company's products and services. Bitcoin Well will pay BTC Sessions US$22,000 per month from April 1 to June 30, 2024, with US$6,000 due on the first of each month and US$48,000 to accrue and be payable before July 15, 2024 by the issuance of common shares of Bitcoin Well at a price to be determined at the time of issuance, subject to the approval of the TSX Venture Exchange. Following June 30, 2024, Bitcoin Well shall pay BTC Sessions US$6,000 per month. Either party may terminate the Agreement with 30 days' written notice.
About Bitcoin Well
Bitcoin Well is on a mission to enable independence. We do this by making bitcoin useful to everyday people to give them the convenience of modern banking and the benefits of bitcoin. We like to think of it as future-proofing money. Our existing Bitcoin ATM and Online Bitcoin Portal business units drive cash flow to help fund this mission.
Join our investor community and follow us on Nostr , LinkedIn , Twitter and YouTube to keep up to date with our business.
Bitcoin Well contact information
To book a virtual meeting with our Founder & CEO Adam O'Brien please use the following link: https://bitcoinwell.com/meet-adam
For additional investor & media information, please contact:
Adam O'Brien
Tel: 1 888 711 3866
ir@bitcoinwell.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release .
Forward-looking information
Certain statements contained in this news release may constitute forward-looking information. Forward-looking information is often, but not always, identified by the use of words such as "anticipate", "plan", "estimate", "expect", "may", "will", "intend", "should", or the negative thereof and similar expressions. All statements herein other than statements of historical fact constitute forward-looking information, including but not limited to statements in respect of: results from the partnership with BTC Sessions; future followers of and subscribers to BTC Sessions and Ben Perrin; TSX Venture Exchange approval of the Agreement and the share issuance thereunder; market trends, cycles and outlook; and Bitcoin Well's business plans, strategy, productivity, user growth and outlook. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information, including but not limited to the following: economic and financial conditions; volatility in the capital or credit markets; the level of demand and financial performance of the cryptocurrency and digital asset industry; the occurrence of force majeure events; the extent to which we are successful in gaining new long-term users or retaining existing users; developments and changes in laws and regulations; disruptions to our technology network; competitive factors; and such other factors as discussed in the "Risk Factors" section of the our management's discussion and analysis for the period ended September 30, 2023. Bitcoin Well's actual results could differ materially from those anticipated in the forward-looking information as a result of the foregoing risk factors and other factors, many of which are beyond the control of Bitcoin Well.
Bitcoin Well believes that the expectations reflected in the forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking information should not be unduly relied upon. Any forward-looking information contained in this news release represents Bitcoin Well expectations as of the date hereof, and is subject to change after such date. Bitcoin Well disclaims any intention or obligation to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required by applicable securities legislation. For more information, see the Cautionary Note Regarding Forward Looking Information found in the Bitcoin Well quarterly Management Discussion and Analysis.
News Provided by GlobeNewswire via QuoteMedia
Bitcoin Well Inc. (" Bitcoin Well " or the " Company ") ( TSXV: BTCW; OTCQB: BCNWF ), the non-custodial bitcoin business on a mission to enable independence announces a company record for new users signed up in one day.
On March 27, 2024 the Company signed up 146 new users. The previous record was 101 new users, earlier in March of this year.
The Company attributes this specific success to a tutorial video posted on YouTube by popular Bitcoin YouTuber "BTC Sessions". His video (posted to his 175,000+ subscribers on the morning of March 27, 2024) has garnered thousands of views in the first day. This was not a paid post, however the Company intends to work more closely with BTC Sessions in a formal partnership.
"Our Bitcoin Portal's differentiator of Automatic Self Custody, where users maintain control of their bitcoin, is resonating within the bitcoin community," said Adam O'Brien, founder & CEO of the Company. "Tutorial videos are likely one of the most efficient ways to simultaneously show off our unique differentiators and fast track a relationship with the viewer through the creator. I am very excited about this strategy. We believe that the Automatic Self Custody approach is the best way to buy bitcoin and are confident that we can highlight the benefits through tutorials like this."
About Bitcoin Well
Bitcoin Well is on a mission to enable independence. We do this by making bitcoin useful to everyday people to give them the convenience of modern banking and the benefits of bitcoin. We like to think of it as future-proofing money. Our existing Bitcoin ATM and Online Bitcoin Portal business units drive cash flow to help fund this mission.
Join our investor community and follow us on Nostr , LinkedIn , Twitter and YouTube to keep up to date with our business.
Bitcoin Well contact information
To book a virtual meeting with our Founder & CEO Adam O'Brien please use the following link: https://bitcoinwell.com/meet-adam
For additional investor & media information, please contact:
Adam O'Brien
Tel: 1 888 711 3866
ir@bitcoinwell.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release .
Forward-looking information
Certain statements contained in this news release may constitute forward-looking information. Forward-looking information is often, but not always, identified by the use of words such as "anticipate", "plan", "estimate", "expect", "may", "will", "intend", "should", or the negative thereof and similar expressions. All statements herein other than statements of historical fact constitute forward-looking information, including but not limited to statements in respect of: expectations regarding a formal partnership with BTC Sessions; the benefits and results of tutorial videos; user benefits of Automatic Self Custody; earning the trust of the public; future user growth; market trends, cycles and outlook; and Bitcoin Well's business plans, strategy, productivity and outlook. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information, including but not limited to the following: economic and financial conditions; volatility in the capital or credit markets; the level of demand and financial performance of the cryptocurrency and digital asset industry; the occurrence of force majeure events; the extent to which we are successful in gaining new long-term users or retaining existing users; developments and changes in laws and regulations; disruptions to our technology network; competitive factors; and such other factors as discussed in the "Risk Factors" section of the our management's discussion and analysis for the period ended September 30, 2023. Bitcoin Well's actual results could differ materially from those anticipated in the forward-looking information as a result of the foregoing risk factors and other factors, many of which are beyond the control of Bitcoin Well.
Bitcoin Well believes that the expectations reflected in the forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking information should not be unduly relied upon. Any forward-looking information contained in this news release represents Bitcoin Well expectations as of the date hereof, and is subject to change after such date. Bitcoin Well disclaims any intention or obligation to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required by applicable securities legislation. For more information, see the Cautionary Note Regarding Forward Looking Information found in the Bitcoin Well quarterly Management Discussion and Analysis.
News Provided by GlobeNewswire via QuoteMedia
Bitcoin is created through a process called mining, in which Bitcoin miners compete with each other to solve an algorithmic problem. Once the problem is solved, a new block is added to the blockchain, and the miner who solved the problem is rewarded with a set amount of newly generated Bitcoin. When Bitcoin was introduced in 2009, the reward rate was 50 Bitcoin for every block mined.
The Bitcoin halving is scheduled to happen approximately every four years or after the mining of 210,000 blocks; the halving is not triggered by the passing of a specific amount of time, and the actual time between halvings can vary slightly due to fluctuations in mining difficulty and network hash rate, which is a measure of the total computational power being used to mine Bitcoin.
This year’s halving is set to take place on or around April 20, 2024. The date is based on this estimate, which changes with the mining of each new block. Following the three previous halving events, which occurred in 2012, 2016 and 2020, the reward rate now sits at 6.25 Bitcoin. The upcoming halving will drop the rate even further to 3.125 Bitcoin per block.
The principles of the halving are written directly into Bitcoin’s network. By reducing block rewards, the halving slows down the rate at which new Bitcoins are created. This controlled supply is intended to combat inflation so Bitcoin can maintain its value over time. As the halving events progress, the supply of new coins will gradually decrease until all 21 million Bitcoins are in circulation.
Bitcoin’s halving has significant implications for the cryptocurrency’s mining activity and supply because of how Bitcoin mining works.
The mining process, also known as block time, typically takes around 10 minutes. To maintain a consistent block time, the Bitcoin network adjusts the mining difficulty based on hash rate, a measure of computational power used to mine Bitcoin and process transactions. An increase in power indicates that more miners are competing to create new blocks and earn Bitcoin rewards, so the puzzle becomes harder. When fewer miners are competing, the puzzle becomes easier. This ensures that new blocks are created at a steady rate, regardless of how many miners are competing to create them.
Historically, the hash rate has risen leading up to halving events, only to drop off in the weeks after as inefficient miners are weeded out.
“One of the things that happens is that these miners that have less efficient equipment have to get out of the business, right? If they have old equipment and equipment that absorbs too much energy, they're not going to be able to pay for that when the mining reward drops,” Eberle explained.
Currently, hash rates that he describes as “record-high” are driven by large mining companies introducing new, faster and more efficient machines while still utilizing older machines that may become obsolete in a few months. Mining companies have already been making moves to this end in 2024. For example, Bitcoin miner Riot Platforms bought new miners in anticipation of the halving on February 27, the same day that CleanSpark completed the acquisition of three data centers in Mississippi.
This efficiency benefits investors as miners consistently sell Bitcoin to cover operational costs and make a profit when production costs are lower than the selling price.
CoinShares suggested in its 2024 Crypto Outlook report that miners may be in “better shape” in 2024 due to reduced debt, larger scale of operations and equity finance options. Bitcoin’s price has also been bolstered by the approval of spot Bitcoin ETFs and the US Federal Reserve’s current plans to ease monetary policy later this year.
The authors of the report, which was released in January, predicted that 2024 will be a “dual cycle year.” The sector began the year in a rebalancing phase, which CoinShares expects to persist until after the halving. At that point, it will enter the mining gold rush as the price of Bitcoin outpaces miners’ ability to deploy new hash rate. The firm estimates that mining 1 Bitcoin will cost approximately US$37,856 after the halving.
“So, from an investor standpoint,” Eberle continued, “the reason the halving is substantial is that these miners, to pay for their ongoing operations — whether it's electricity costs for their warehouses (or) buying new equipment — they're a consistent seller of Bitcoin. As long as their cost to produce Bitcoins is lower than what they’re selling for, they make a profit. Inefficient miners will be forced out if they don't do those upgrades.”
Bitcoin often surges leading up to the halving, although, with only three halvings in history, it’s difficult to assertively identify price trends.
Bitcoin USD price chart 11/21/2012 to 12/05/2013
Chart via TradingView
The first Bitcoin halving on November 28, 2012, saw the mining reward drop from 50 to 25 Bitcoins. While Bitcoin was still a niche product at the time, it had started to gain mainstream attention, partly due to economic uncertainty in Europe. Bitcoin’s value had risen from around US$5.50 in January 2012 to about US$12 by the November halving, indicating a gradual increase in interest and adoption. In the following months, Bitcoin continued to attract attention and its price grew substantially. By the time a year had passed after the halving, Bitcoin’s price was US$1,013. This growth marked the beginning of its journey toward mainstream recognition as a potential alternative asset class. However, it was not long-lived, and moved back down to under US$300 by mid-2015.
Bitcoin USD price chart 07/02/2016 to 07/16/2017
Chart via TradingView
By the time the second Bitcoin halving occurred on July 9, 2016, the cryptocurrency’s value had climbed back up to US$648. Over the following year, Bitcoin experienced substantial growth as the growing excitement and positive sentiment surrounding it resulted in FOMO — fear of missing out — leading more people to invest and pushing the price past US$2,500 on June 3, 2017.
Large financial institutions began to take notice of blockchain technology’s potential, which resulted in further price appreciation for the most well-known cryptocurrency. Bitcoin hit a then all-time high of US$19,783.21 in December 2017.
Bitcoin’s overall upward trend in this period demonstrated the increasing interest in cryptocurrencies and their potential for substantial long-term growth. However, growing concerns about potential regulatory crackdowns led many investors to sell their Bitcoin holdings in early 2018, causing a decline in its value.
Bitcoin USD price chart 05/04/2020 to 05/18/2021
Chart via TradingView
The most recent halving happened on May 11, 2020, and it reduced block rewards from 12.5 Bitcoin to the current rate of 6.125. Bitcoin’s price on the day of the halving was US$7,935.10. Amidst all that was going on in the world in 2020, the halving was anticlimactic, with little fanfare and not much price movement.
However, 2020 became a very influential year for crypto overall, and myriad factors contributed to Bitcoin price action. The outbreak of COVID-19 hit global economies hard, and some experts became worried that large stimulus packages could lead to inflation and a weakening of fiat currencies. At the time, macro trader Paul Jones and economist Lorenzo Giorgianna named cryptocurrency as a potential safe-haven asset akin to gold, which prompted an influx of new investors.
Additionally, excitement for the decentralized finance industry (DeFi) kicked off circa June to September 2020, and billions of dollars were poured into the subsector. By the fall, the world was awash in DeFi and crypto projects as Bitcoin kept gaining momentum, hailed as the “gold standard” among digitized currencies. Large institutions like PayPal (NASDAQ:PYPL) and Square, now a part of Block (NYSE:SQ), began investing in or adopting Bitcoin and other cryptocurrencies, arguably kicking off mainstream adoption.
"I think cryptocurrency's here to stay," Rick Rieder, chief investment officer of BlackRock, told CNBC at the time.
Bitcoin ended 2020 valued above US$28,000, and exactly one year after the 2020 halving it was worth around US$56,000. While it faltered in mid-2021, it recovered, and in November 2021, it hit a then all-time high of US$68,000.
Over the years, halvings have stirred up enthusiasm, but 2024’s halving might be the most highly anticipated given the recent surge in market activity brought on largely by the January 10 approval of spot Bitcoin ETFs. Bitcoin ETFs allow risk-avoidant investors to get in on the price action of Bitcoin without the hassle of buying it.
“There are people that enjoy the idea of being able to have their own hardware or software wallet and custody of Bitcoin itself, but for most people, it's pretty intimidating,” Eberle said. “The last thing someone wants to do is make a mistake and then lose a substantial amount of their assets, right? And so this ETF, it's not a perfect replication of Bitcoin, but it's certainly a simple way to replicate exposure to Bitcoin. And so that's opened it up to people that would have never bought Bitcoin in their own right.”
After a rough 2022, the latter half of 2023 saw a crypto renaissance, with legal victories against the SEC and the likely promise of spot Bitcoin ETFs bringing more institutional investment, reigniting faith in the industry.
Since the US Securities and Exchange Commission delivered its ruling, the price of Bitcoin has surged to highs not seen since 2021. On February 28, Bitcoin ETFs reached a new volume record of US$7.6 billion. Several sources have cited the upcoming halving as one of the forces that drove the price of Bitcoin above its previous highest value of US$69,000 on March 5. Demand for Bitcoin ETFs surged tenfold compared to miners toward the end of February.
“The demand side is certainly impacted by (the ETFs),” he said. “And one of the things that has happened previously before the halvings is that there is some sell pressure from the miners because they're upgrading their equipment. And it looks like this time that supply that's coming into the market is being absorbed by these ETFs. So traditionally, we've seen a pullback in the couple of months prior to the halving and then a real acceleration to the upside once the halving happens. And this time, we may be starting the process a little bit earlier, in that extra supply that the miners might be putting on the marketplace is already being absorbed by these ETFs, which could lead to some pretty impressive gains later on in the year.”
Peter Brandt, an analyst and the CEO of Factor, predicted on X, formerly known as Twitter, that the price of Bitcoin could go as high as US$200,000 by September, a 66 percent jump from his previous estimate of US$120,000.
“We believe new all-time highs will be made,” Eberle said. “We think it'll go (on a run) once that happens because of the ease with which one can buy the ETFs now. …The retail FOMO that comes in could drive the price to some incredible levels, and then I'm sure we'll have another pullback.
“But I've seen estimates anywhere from US$75,000 to US$150,000, which I think are reasonable in the next 12 to 18 months. Some of these bigger numbers, I think those are for headlines more than anything else. But we'll be happy, we're getting into all-time highs and people not being down on the space. I think that would be a positive.”
For those looking to invest in Bitcoin, Eberle shared his advice for using Bitcoin to balance out an investment portfolio, specifically its effect on the standard 60/40 equity bond portfolio, which can be rebalanced quarterly by selling the asset that performed better and buying the other asset to enhance performance over time.
Eberle explained that regularly rebalanced portfolios can benefit from volatile assets, and said studies show that including a 3 to 5 percent allocation of Bitcoin in a standard 60/40 portfolio could decrease overall portfolio volatility and increase expected returns. This is because the non-correlated, highly volatile asset makes the funds move back and forth more during rebalancing.
“One area that's critical to portfolio management, whether it has to do with Bitcoin or anything, is if the volatility of an investment is keeping you up at night, it's not the volatility of the investment, but rather the size of your allocation to that investment,” Eberle advised.
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Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.
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