The potential for a Bitcoin market supply shock due to the upcoming mining reward halving in 2024 may be mitigated by supply and demand dynamics, according to Bitvavo CEO Mark Nuvelstijn. He believes that if there’s more demand for Bitcoin, the price will increase until there’s a match between price and demand, thus ensuring that exchanges like Bitvavo will have sufficient supply to meet trading demands.
Nuvelstijn also commented on the impact that the approval of Bitcoin exchange-traded fund (ETF) applications in the United States could have on Bitcoin’s value. He mentioned that there has been more interest in the crypto market recently, as evidenced by the significant jump in Bitcoin’s price over the past two weeks.
Bitvavo, a cryptocurrency exchange based in the Netherlands, has seen an increase in web traffic and new customer onboarding, although these numbers are still short of the levels seen in 2021. Nuvelstijn also discussed Bitvavo’s plans for expansion into other European countries, such as France, Spain, and Italy.
He also believes that the European Union’s Markets in Crypto-Assets (MiCA) regulation will drive market maturity and ease of doing business by harmonizing regulations and allowing for easier cross-border business. MiCA will also lay the foundation for cryptocurrency companies to offer more financial services, similar to conventional financial regulations.
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