From Nasdaq:

1. Bitcoin showed resilience in 2023 with a 154.37% surge, adding $500 billion to its market value. Anticipated ETF approval and upcoming Bitcoin halving are expected to drive demand as financial advisors interesting in purchasing Bitcoin are waiting for an ETF to launch. Past presidential election years show Bitcoin returns have been high.

2. There is expectation that Bitcoin will have even more demand ahead following the approval of Bitcoin Spot ETFs. Many financial advisors have no access to Bitcoin but would like some, and demand is likely to soar in the coming months.

3. With a Bitcoin halving due in April 2024, supply constraints are expected, boosting the demand. Each halving reduces the rewards miners receive, constraining the overall supply, supporting Bitcoin prices.

4. The bitcoin market has historically performed well in election years, and the upcoming 2024 Presidential election is expected to be no exception. Historical data suggests bitcoin returns in a Presidential election year have been remarkably high.

5. Investors should conclude that Bitcoin is likely to be much higher in 2024. Look for Bitcoin proxies such as Riot Platforms (RIOT), Coinbase (COIN), Marathon Digital (MARA), and MicroStrategy (MSTR) to potentially have a higher valuation.

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