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Bitcoin Developers Tease Big Trigger for Next Bull Run
Some market analysts and developers believe they know the next big catalyst or trend that could take the price of Bitcoin (BTC) to new levels.
Bitcoin Developers Suggest Programmability to Boost Price
With the approval of Bitcoin ETF spot trading by the United States Securities and Exchange Commission (SEC) and the completion of BTC reduce by half, many crypto enthusiasts remain worried about what could trigger the next rally. In response, some developers highlighted that adding programmability to the Bitcoin blockchain could be the next crucial catalyst.
Compared to Ethereum (ETH), which can be used to exchange currencies and earn yield on its blockchain, the currency is perceived more as digital gold, a token held especially for appreciation. The Bitcoin network is not capable of supporting applications through so-called smart contract functionality. Typically, this functionality enables features such as self-executing agreements stored on the blockchain.
In recent years, developers have invested effort and resources into fixing Bitcoin’s design flaw. At one point, Bitcoin Layer-2 networks were introduced to meet the challenge. One example is the Lightning Network, the L2 designed to enhance Bitcoin for applications such as payments.
Over time, some of these supposed solutions turned out to be inadequate to respond to the demand for smart contracts. Then there were Bitcoin Ordinals which made a momentary difference. Again, an anonymous developer named Domo also proposed implementing BRC-20, which uses an inscription mechanism to issue tokens on the Bitcoin blockchain.
Read too: Peter Schiff Proclaims Bitcoin ‘Dead’ Despite High Trading Levels
Despite innovative efforts to date that include Rune protocolproponents believe more could be achieved.
More effort needed for BTC programmability
Despite all these modifications, the broader crypto industry has seen so-called bridges, i.e. software infrastructure built to move tokens between networks, exposed to hacks, contributing to reluctance among users.
Ultimately, it appears that many investors are just “holding” the coin while they wait for its market value to rise. Bitcoin’s price drop of more than $73,750 in March is suspected to be a function of declining investor enthusiasm for the flagship cryptocurrency. These shortcomings have forced developers to look for ways to boost the BTC network.
The community is considering proposals such as OP_CAT, a software update for the Bitcoin network. It is believed that the integration of this solution will make programmability easier to implement. Several protocols are developing solutions that will facilitate Bitcoin’s programmability, including Layer 1 Foundation and Arch, among others.
About that, Bitcoin is currently trading at $66,759.42, down 0.28% in the last 24 hours.
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