Ever since the beginning of 2021, Bitcoin has undergone several developments that have worked in favor of the digital asset. Every update and announcement made in favor of Bitcoin has helped boost its price to all-time highs.
Over the course of time, its price has surged and has helped its investors become rich. Despite hitting all-time highs, the overall sentiments of Bitcoin investors by the end of 2021 haven’t been as high as they were when the year began.
However, several things have been building up for Bitcoin (BTC) in the background that may boost its price in 2022. Surprisingly, it is not going to be direct developments on the BTC network but indirect innovations that will help boost its price.
The year 2021 has been full of developments where the top upgrade for Bitcoin was launched in the form of the Lightning Network. The network promised fast and uninterrupted transactions and low transaction costs.
Then there is the involvement of the mainstream institutions that have constantly helped Bitcoin rise in value and demand.
If it weren’t for MicroStrategy back in August of 2020 and PayPal back in October, BTC wouldn’t have hit its all-time high of $28.9k per BTC in 2020.
While MicroStrategy and PayPal continued with their support for BTC, Grayscale Investments, Galaxy Digital, Tesla, and many more continued boarding the Bitcoin networks and made their own contributions.
This is the reason why BTC managed to hit the $39k per BTC figure on January 10, 2021. Then it hit $44k per BTC figure on February 6, 2021. Then it went on to hit its all-time highs throughout the year, finally hitting its recent all-time high on November 10, which was $68.5k per BTC.
Although BTC has continued with its streak of hitting all-time highs, it hasn’t been able to fight off the resistance it faced at such prices. Every time BTC hit its all-time highs, its price dipped experiencing over 15% to 20% dips at the at least. Even now, the price of BTC at present $56,610.05 is almost 20% less than its all-time high figure.
However, several developments are underway for Bitcoin that may turn the entire year of 2022 bullish for the asset. On December 1, 2021, Bitcoin Capital AG has announced the launch of a Bitcoin Exchange-Traded Fund (ETF).
Then there are several requests for Bitcoin ETF that are also pending approval at the US Security and Exchange Commission (SEC). Once approved, several companies will be launching their ETFs in the market, which is expected to boost the price of Bitcoin.
Then there is Griid, which is expected to play a huge role in boosting the price of Bitcoin to all-time highs in 2022. Just recently, a report has been shared by the US Securities and Exchange Commission that shows a filing submitted by Adit EdTech Acquisition Corp.
In the filing Adit EdTech Acquisition Corp., a SPAC has announced that it will be merging with Griid. Griid is one of the largest Bitcoin mining companies in the United States that is valued at $3.3 billion.
The company aims to go public through the New York Stock Exchange in the first quarter of 2022. Griid has also predicted that by 2024, it will have mined over 25,000 Bitcoin. The ticker symbol Griid will adopt is GRDI and it is going to prove extremely promising for Bitcoin investors.