Many people talking about Bitcoin and they are giving their narratives and the most famous narrative is Bitcoin Exchange traded fund (ETF) is coming. There is no doubt that ETF is coming. Obviously, ETF is the biggest point here. Jp Morgan saying that before 10 January we will see the ETF results. Anyway, this is not the reason that I am talking. Let me share it quickly. So the first reason is the hash rate of bitcoin mining and it is now all-time high. Hodlers holds 76% supply of bitcoin and these are the long-term holders who don't want to sell bitcoin. Governments mining Bitcoin in multiple countries so this is also a big bullish signal. Another reason is lightning network already reached more than $150 million.
Another reason is Bitcoin adoption. More companies accepting Bitcoin as a payment. After bitcoin ETF is approved this is going to increase more. Last time bitcoin went to its all-time high and today the hash rate has reached three times more than what it was at that time. So this shows that institutions are adopting mining and miners are increasing. Attack on bitcoin is next to impossible because the hash rate is increasing and big players who doing research on it know the value of this thing which is why they are adopting bitcoin.
Last time in 2015, 76% supply came to the bitcoin holders and now this is again happened. You can calculate the time between 2015 to 2023 and it is a total of 8 years. After 8 years this is happening again which means this is a bullish sign. In the first paragraph, I have talked about government mining bitcoin which countries are these? El Salvador, Iran, Venezuela, Russia, Kazakhstan and Bhutan. The situation was different before but now multiple countries are involved in this work.
The lightning network is the scaling solution of bitcoin and it is useful for small transactions. Earlier it was not used that much but it has increased by 1200% in the last 2 years. Small transactions are increasing which means bitcoin is used for daily buying for small things, for example, buying coffee with bitcoin. Bitcoin adoption is increasing in online retail, gaming, entertainment, travel, reservation, hosting, technology services, restaurants, online education and financial services.
So these are the biggest reasons for Bitcoin and the future is here. I also want to suggest you visit my post, "Perhaps This Is A Last Chance To Earn A Big Profit In Crypto". so that you can relate with this whole thing. This post specifically describes Bitcoin ETF and its negative points. If there are more benefits than disadvantages to something, then we have to accept the disadvantages. The same goes with bitcoin ETF. Currently, bitcoin is trading at $30279 which is a good price and you can see the big price jump here. October is the bullish month for the bitcoin and that is why we will see more positivity in this month.
Maybe Bitcoin can reach 35k to 40k from here. So this is a possibility and we can't ignore it. So these are some bullish reasons for the bitcoin in the long term. In the short term, October is a bullish month so we can't expect some great momentum in this month as well. This is not financial advice so be careful and do your own research. you can share this post on social media and reblog it on Hive. Do a comment below Have a good day ahead.
Thank you, everyone.
Lucky Ali