BTC miners’ shares rose in value more than bitcoin

There is reason to believe that investors are betting on the rise in the value of the first cryptocurrency. The U.S. stock market has seen an increase in the quotations of public miners, which have been targeted for investment by many investors. 

In an attempt to understand the reasons for this situation, experts have concluded that in this way preparations are being made for the halving of bitcoin, which will take place in 2024. As a result, the reward for the added block will decrease, which will lead to a decrease in bitcoin issuance. Even if interest in the first cryptocurrency remains at current levels, the drop in supply will cause the price to rise significantly. 

Turning directly to the numbers, the following companies have rallied since the beginning of the year:

• Core Scientific: +376.2%
• Hut 8: +136%
• Bitfarms: +131.1%
• Hive Blockchain: +126.1%
• Bit Digital: +122.2%
• Marathon: +112.1%
• Clean Spark: +57.7%
• Argo Blockchain: +4.5%.

Note that the vast majority of stocks are showing more growth than bitcoin itself last month. Such a rally would not have been possible without the interest of institutional investors. 

Many experts, especially from Ark Invest, believe the value of BTC will rise above $500,000 by 2026 and reach $1 million at the end of four more years. 

However, despite the optimistic sentiment, Ark Invest has recently been trying to make cautious forecasts. This is because the portfolio of the fund itself, focused on papers of fintech companies, showed large losses in connection with the downturn in the market. 

Nevertheless, we can conclude that Wall Street is looking at bitcoin’s long-term prospects with a significant degree of optimism.