Bitcoin Price Prediction: Argentina’s Boost, Hashrate Peak, and FOMO Return
This week’s Bitcoin price prediction sees some interesting events affecting its path. Bitcoin is currently trading at $37,416, a slight increase of 0.20% on Friday. Some of this uptick comes from President Milei’s win in Argentina, which gave Bitcoin fans there a strong hope boost.
Also boosting Bitcoin’s appeal is the network’s hashrate. It’s hit a mind-blowing best-ever rate of 500 EH/s. This shows the network’s security is solid and miners are committed. With these good signs, there’s a noticeable return of FOMO (Fear of Missing Out) in the crypto world, suggesting increased interest and investment in Bitcoin.
Libertarian candidate Javier Milei, well-known for his extreme policy ideas, won a historic majority of the vote in Argentina’s presidential election. Milei ran on a platform of abolishing the central bank and enacting free-market principles. Although Milei has expressed support for Bitcoin, it is not a component of his formal program. Supporters of Bitcoin in Argentina say they are optimistic about Milei’s leadership for economic recovery.
Javier Milei’s win stirs hope in Argentina’s #Bitcoin circles. https://t.co/gqVEE5AZ3n
— Cointelegraph (@Cointelegraph) November 23, 2023
Milei’s emphasis on lowering tax burdens and promoting legal guarantees may draw in both domestic and foreign investors, accelerating the recovery of the economy. Given the current economic difficulties, any meaningful influence on Bitcoin acceptance might, nevertheless, come gradually. The Bitcoin community expects Milei’s practices to be consistent with values that support financial liberty. Both the natural acceptance of Bitcoin and more general economic reforms have a speculative effect on the price of BTC.
When Bitcoin
