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Bitcoin could reach $150k by year's end: SunnySide Digital CEO

Josh Lipton
·Host

Bitcoin prices (BTC-USD) are rallying after the highly anticipated halving event occurred on Friday. SunnySide Digital Founder and CEO Taras Kulyk joined Yahoo Finance to discuss the outlook for the cryptocurrency in the post-halving landscape.

Kulyk notes that the rally in bitcoin prices this year was attributed to factors such as geopolitical instability and the introduction of spot bitcoin exchange-traded funds (ETFs) that saw massive inflows. Since the halving, he points out that new protocols have launched, driving "developer and transaction fee" values for mining companies.

According to Kulyk, this current halving demonstrated "the adoption, integration [of bitcoin] into overall global portfolios." With bitcoin increasingly being viewed as "a supplement to gold" in various global markets, he describes it as "a safe-haven asset." Kulyk foresees bitcoin prices potentially reaching the $100,000 to $150,000 threshold by the end of 2024.

For more expert insight and the latest market action, click here to watch this full episode of Market Domination.

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This post was written by Angel Smith

Video transcript

- Bitcoin prices are slightly up just days after the fourth Bitcoin halving took place. For more on what the halving means for the cryptocurrency and those Bitcoin miners. We're joined by Taras Kulyk. Founder and CEO of SunnySide Digital. Taras Thanks so much for being here.

Bitcoin prices above 66,000 today. Typically we do see prices rally about 12 to 18 months after each halving. But we've seen such a run up in the price action this past year, as we've seen these launches of the crypto ETFs. So how do you assess what's already been priced into the price of Bitcoin? Versus how much room there is to really run here?

TARAS KULYK: Yeah that's a great question, multilayer actually. What we've seen over the past few months really this massive rally that's come up to the having. I think has been driven by a lot of macro, a lot of geopolitical instability. You look at the amount of capital flowing into the ETFs than ETPs that were finally launched and approved by the SCC in the United States, based on the courts getting involved.

Really being the catalyst to a lot of that pricing upside that we've seen year to date, as well as over the past three to four months in 2023, at the back end. The confidence that we're seeing now really is in, I'd like to think the developer and transaction fee activity that we've been seeing on the Bitcoin protocol since the halving.

In fact, several different type of new protocols have launched on top of the Bitcoin network. Which have been really driving the transaction fee value, that's providing the economic backstop for the mining ecosystem that my company SunnySide digital supports.

JOSH LIPTON: Taras I'm also curious just you know listen you know this space so well. Was there any kind of meaningful differences to raise between this halving and previous ones? Anything that kind of distinguishes, set it apart?

TARAS KULYK: Yeah massive. The key differences are really the adoption integration of Bitcoin into overall global portfolios. We're seeing massive sovereign wealth funds, ultra high net worth individuals, countries themselves getting involved in Bitcoin. And I'm not talking about El Salvador, Bhutan. But major global players are looking at Bitcoin as not necessarily an alternative to gold, but a supplement to gold.

As we see the headwinds in geopolitical risk globally. What they've also really come to appreciate is that this truly is a decentralized, hard type of wealth, store of value really. And as the politics and risk and volatility continues to happen. Bitcoin does seem like a safe haven asset, that is backed by the electrons that you know digital miners actually use to create new Bitcoin.

- Where do you see Bitcoin prices heading to the end of the year?

TARAS KULYK: [CHUCKLE] I wish I had a crystal ball. But I would be very conservative in saying at least 100,000 likely to 150 to up to 200,000 per coin itself. Scarcity is actually doubled since the last week. We're the halving went from 6.25 BTC created every 10 minutes to 3.125.

So although the transaction fees are supportive of the digital mining ecosystem. The actual true commodity being created has unlike the US dollar or other currencies that are continually printed decreased in issuance. And so because of that, you know more ETFs are actually being launched globally. The price should have a very good backstop with the demand for the underlying commodity itself.