Amidst a global crypto market downturn, with volatility as the normal and speculation prevalent, understanding the fundamental principles can be crucial in determining the future path of assets such as Bitcoin (BTC). Recently, Ki Young Ju, the CEO of CryptoQuant, revealed an interesting observation about the possibility of BTC reaching an impressive value of $265,000. However, you may be wondering how it is possible to achieve such a high figure. Let’s examine the data and investigate the reasons behind this bullish outlook
The Backbone of Bitcoin
Bitcoin’s proof-of-work (PoW) consensus mechanism is centered around miners competing with computational power to validate transactions and secure the network. This procedure, though, comes at a cost. Miners have to deal with the costs of electricity, which they usually cover by selling their block rewards, valued in BTC, for traditional currency. Hence, it comes as no shock that the economics of mining are closely connected to the price
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