After a turbulent couple of years, all cryptocurrencies, including Bitcoin, have had a solid ending to 2023 after trading range-bound for large parts of the year. If this year had finished today and you had invested in Bitcoin, it would have returned around 155% — the best year since 2020, when it reached a staggering rise to 305%.
We think it would be a good idea to look at some predictions for 2024 – what to expect from crypto companies and how the entire market will develop.
Why Do Companies Use Bitcoin?
It is no secret that many companies have started using Bitcoin and other digital assets for operational and transactional purposes. Of course, there are some apparent dangers and uncertainties with Bitcoin – namely, its volatile nature due to the lack of governmental regulation.
However, we must recognize the positive aspects as well. Some big perks come into foreplay when companies start adopting this coin, and some of the most important ones are:
- Provide businesses with access to new demographic groups. Young people are more adventurous and tech-savvy, so they are bound to be more attracted to modern options when paying for their goods.
- A good starting point. Introducing cryptocurrencies now may be a jumping board for internal awareness about Bitcoin in a company. This way, firms will be in a better starting position for a future that may be even more crypto-friendly.
- Lower fees. Some perks BTC has compared to fiat currencies are lower transaction fees and real-time transparent payments.
- An extra layer of customer protection. Bitcoin isn’t associated with personally identifiable information. All transactions rely on public key cryptography that involves a public and a private key.
Bitcoin in the Gambling Business
One industry that grows at an exponentially large pace is the crypto gambling world. More and more Bitcoin casinos enter the global iGaming scene, and no one should be surprised, considering the benefits that come with them:
- Better bonuses – since Bitcoin casinos are new, you can expect more generous bonuses like 1000 free spins no deposit and other awesome rewards.
- Special games – namely, crash multiplier games can secure you some big payouts
- Faster payments – an unrivalled advantage of Bitcoin casinos is that they offer near-instant withdrawals.
Bitcoin Price Predictions for 2024
Predictions about Bitcoin’s future value come in two perspectives. While some take an optimistic stance, projecting it to surpass $500,000, a more cautious and conservative outlook will likely be realistic.
BTC will likely top $60,000 in 2024. Sure, it is still below the all-time greats of cryptocurrency, but we cannot take away from the fact that a rise like this would be a healthy recovery.
BTC Companies to Look Out For
Let’s examine a few Bitcoin-backed companies poised for success in the upcoming year. While there are numerous notable names in this category, space constraints compel us to highlight only the cream of the crop:
- MicroStrategy – one of the most prominent business analytics platforms, has made Bitcoin its primary reserve asset. This company has been on a BTC buying spree in the past couple of years, and with the asset’s value set to increase in 2024, the 129,699 BTC it has in reserve will bring it a lot of money.
- Galaxy Digital Holdings – this is the largest institutional Bitcoin holder, currently having 16,400 BTC in stock.
- Marathon Digital – a Bitcoin mining company with 10,055 BTC in its corporate treasury. This business aims to become the biggest Bitcoin mining operation in the USA at the lowest possible energy cost, so they will surely be in for some years!
This list can be helpful if you don’t want to buy Bitcoin yourself. Instead, you can purchase shares in some of these companies and gain exposure to the asset!
An Action-Packed Year Awaits Us
Overall, 2023 was a hectic year for Bitcoin, but 2024 promises to bring even more action! By knowing all the information we shared above, we can provide you with a simple answer to the main question of this article – Yes, Bitcoin-backed firms are about to thrive in 2024!