Bitcoin [BTC] has managed to eclipse altcoins this year posting major bullish waves as it was trading above $8,6oo following a surge of over 4% in the last 24-hours. BTC was approaching its Bitcoin block reward halving which is scheduled 342 days away, at the press time.
The recent market recovery revived institutional investor interest in the space. The digital asset’s imminent lowering of supply was speculated by many in the field as the reason behind driving up the coin’s demand. Echoing a similar sentiment, Alyse Killeen, the Founding Partner of StillMark Co. in the latest video, said,
“what I think might be happening is an anticipation of a coming supply shock in 2020 [..] we are also seeing a greater demand for Bitcoin and there is an anticipation that there will be a broader group of consumers that have access and appetite for Bitcoin”
The main flaw in the Bitcoin network that has been extensively debated is its scaling. Killeen believes that “scaling” is “one of the most exciting progressions of Bitcoin in the past year”. According to the U.S. venture capitalist, Lightning Network gained significant tandem and a “higher layer of infrastructure development” which was rapidly progressing.
Referring to its development of the Layer 2 solution, Killeen said that its quick adoption can be attributed to both early users as well as entrepreneurs building on top of the network.
Killeen further highlighted the sidechain development in the Bitcoin network and added,
“We are looking at the introduction of the side chain technology including Blockstream’s Liquid network which gives us a new breadth and depth of the use cases of the blockchain and finally advancements happening at Bitcoin’s core protocol level things like Schnorr or Taproot and 2017’s introduction of Segwit, all help us with the issues of scaling”
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