What are the key factors driving institutional investors to adopt Bitcoin?

According to Ben Armstrong, a well-known cryptocurrency influencer, the price of Bitcoin (BTC) could experience a surge to $300,000 by the end of the year 2024.

In a recent tweet, Armstrong, the host of the crypto-focused YouTube channel "Armstrong Investing," shared his bullish outlook on Bitcoin's potential in the coming months.

While acknowledging that the cryptocurrency market has faced setbacks this year, with major coins like Bitcoin and Ether (ETH) encountering difficulties, Armstrong remains optimistic. He believes that despite the challenges, the crypto sphere is showing remarkable resilience.

Highlighting the ongoing macroeconomic issues, such as inflation and the looming threat of a U.S. default, Armstrong noted that these factors could ultimately drive retail investors to seek refuge in cryptocurrencies, specifically Bitcoin.

"I think we’ll see a final push higher in ALL markets (likely last year bull market) before the whole thing finally implodes. Then retail will REALLY come back into crypto as they get wiped out in stocks/real estate."

With retail investors returning to the cryptocurrency market, Armstrong predicts a swift rally in Bitcoin's price, potentially to levels above $300,000.

"Institutions have played their hand. Now it’s time for retail to play theirs. Expect a swift, brutal rally in BTC to new highs (likely >$300k) if/when retail comes back in strong numbers."

This prediction comes amid a period of consolidation in the cryptocurrency market following a rally in March and April.

While the price of Bitcoin has dropped from its yearly highs, it continues to trade above the crucial $25,000 level, indicating strong support for the cryptocurrency.

As the year progresses and macroeconomic issues unfold, it remains to be seen whether Armstrong's prediction of a retail-led surge in Bitcoin's price will come to fruition.

However, his insights offer a glimpse into the dynamics that could influence the cryptocurrency market in the months ahead.