No concerns over Bitcoin halving supply shock, says Bitvavo CEO
Supply and demand dynamics could mitigate concerns of a potential Bitcoin (BTC) market supply shock during the upcoming mining reward halving in 2024, according to Bitvavo CEO Mark Nuvelstijn.
The co-founder of the Netherlands-based cryptocurrency exchange weighed in on Bitcoin-related market movements in conversation with Cointelegraph during the European Blockchain Convention held in Barcelona.
Related: There are now nearly 40M Bitcoin addresses in profit — A new record
Nuvelstijn expressed his belief that exchanges would likely have sufficient Bitcoin supply to meet the demand from users:
The Bitvavo CEO added that the potential booming demand for Bitcoin would increase prices until demand cools and prices stabilize. As a result, Nuvelstijn is not concerned that exchanges like his would run out of BTC to meet trading demands:
Nuvelstijn also weighed in on Bitcoin exchange-traded fund (ETF) applications filed in the United States over the past year and the potential impact their approval could have on the value of Bitcoin:
Bitvavo has seen an increase in web traffic, as well as customers visiting their platform and using their app. The exchange has onboarded new customers as well, while Nuvelstijn added that these numbers were still short of the levels it saw in 2021:
Nuvelstijn also explained that while Bitvavo’s core markets remain the Netherlands and Belgium, it is eyeing steady expansion into jurisdictions including France, Spain and Italy. He also believes that the European Union’s Markets in Crypto-Assets (MiCA) will drive market maturity and ease of doing business:
Nuvelstijn also sees MiCA laying the foundation for cryptocurrency companies to offer more financial services, drawing comparisons to conventional
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