In the coming months, bitcoin ( BTC) could regain much of the attention and enthusiasm that it had lost to other tokens and crypto projects in recent years.

The report stated that as U.S. regulatory agencies crack down, “almost all tokens appear at risk of becoming branded as securities and being subject to enforcement actions.”

Mark Palmer, an analyst, wrote that bitcoin is the only exception. “By virtue of its decentralization resulting from the design and implementation of its blockchain protocol the Securities and Exchange Commission and others regulators characterize it as a product rather than a financial security,” he said.

The bank believes that the price increase of bitcoin in recent months is a sign “that more investors are recognising it as a reasonable alternative, not only within crypto tokens but also within a worldwide financial context.”

De-dollarization has been a concern for some countries due to recent financial crisis and the Federal Reserve interest rate policies. This could help highlight bitcoin’s potential value proposition.

The report noted that the fourth Bitcoin halving, scheduled for 2024, could be another positive catalyst for cryptocurrency. “If history is any guide then bitcoin may rally before and after this much anticipated halving,” the report stated.

The report also stated that “the increasing popularity of the Lightning Network has highlighted the utility of the Bitcoin Blockchain.” The Lightning Network is a layer that sits on top of Bitcoin’s blockchain, utilizing micropayment channels created by users to facilitate transactions.

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Sheldon Reback is the editor.