According to KuCoin’s Head of MENA Business Development Mete Umut Elmas, the next Bitcoin halving event on April 2024 could create a scarcity effect that amps up demand and price.
The executive believes that these market conditions may potentially lead to a Bitcoin price bull run. Having said that, he reminds investors to always do their own research and seek advice from financial experts prior to any investment moves.
Elmas gave a speech at Istanbul Fintech Week 2023, Turkey’s biggest regional fintech gathering. During a panel discussion on “Token Crowdfunding in a Bear Market,” he presented his knowledge and perceptions on current trends in the cryptocurrency and blockchain industries.
Elmas outlined the distinctions between the current bear market and the one that immediately followed the ICO boom in 2017, claiming that the current market cycles are to be expected and that the industry is finally getting a chance for consolidation and the development of “practical, value-driven applications” that will eventually propel adoption.
Additionally, he spoke about how the current market conditions are encouraging measures aimed at user protection, encouraging well-informed crypto and blockchain-based use cases, and increasing institutional investment, all of which are fostering market confidence and advancing our understanding of the crypto economy as an alternative asset.
Elmas pointed out that the cryptocurrency and blockchain industries are still in their infancy and are expected to see substantial growth and change over the next few years. He emphasised that crowdfunding is a favoured use-case for blockchain technology and that decentralised crowdfunding is expected to become more common.
