Company: FLDDW
Filing Date: 2025-01-14
Form Type: S-4/A
Source: 0001213900-25-003167
Chunk: 328

Company: Fold Holdings, Inc.
Filing Date: 2025-01-14
Form: S-4/A
Chunk 328
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2 | %  |
| 2020* |     |      196.9 | % |     |         303.2 | %  |
| 2021  |     |       84.5 | % |     |          59.7 | %  |
| 2022  |     |       10.7 | % |     |         (64.3 | )% |
| 2023  |     |        5.9 | % |     |         155.4 | %  |

____________ *Halving event occurred in this year (1)Source: market data from CoinMarketCap (August 26, 2024). We accordingly expect that the most recent halving from April 2024 may drive strong user growth in the near term. However, due to future halvings and continued mining of additional Bitcoin, eventually the programmatic supply limit of 21million bitcoin will be reached. Bitcoin currently has a circulating supply of approximately 19.78million. It is possible that future halving events combined with decreases in the number of Bitcoin available to be mined could reduce the utility of Bitcoin if fewer miners choose to validate transactions, or only seek to validate transactions with high associated fees. Higher network fees could cause customers to look to other digital assets instead of Bitcoin or to turn away from digital assets entirely.

199 Banking and payments The banking and payments industry encompasses a broad range of financial services, including traditional asset custody, wealth management, digital payments, and emerging fintech solutions. The banking and payments industry is undergoing significant transformation driven by technological advancements, changing consumer behavior, and regulatory developments. While the industry presents substantial growth opportunities, stakeholders must navigate various risks and challenges to remain competitive and compliant in this dynamic landscape. Continuous innovation, robust risk management, and adherence to regulatory standards are essential for sustained success. Macroeconomic trends impacting our market The following macroeconomic factors as they relate to bitcoin specifically impact our business: — Awareness: The perception of bitcoin as a legitimate and secure asset class and technology by the general public plays a crucial role. The pace and effectiveness of continued education and awareness will impact adoption rates. — Regulation: The global regulatory landscape for bitcoin, including clarity around legal status, accounting and tax treatment, and other compliance requirements will significantly impact its growth. Favorable regulations can encourage adoption, while restrictive measures can hinder it. — Institutional Adoption: Increased participation by institutional investors, including hedge funds, mutual funds, corporations, and nation states can drive market confidence and liquidity