Bitcoin’s Successful Year: ETF Approval and President Trump’s Victory in Economy and Business
Bitcoin has had a stellar 2024, with its value surging by over 120% since the beginning of the year. It’s truly been a golden year for the most popular cryptocurrency, with a combination of factors propelling its rise.
One major milestone was the approval of bitcoin exchange-traded funds (ETFs) by the Securities and Exchange Commission (SEC) on January 10, 2024. This move signaled the official entry of cryptoassets into traditional finance, opening the door to a wider range of investors and institutions. The entry of major fund managers like BlackRock and Fidelity into the crypto space has been instrumental in driving the acceptance and adoption of bitcoin.
Another significant event was the halving of bitcoin in April. This reduced the cryptocurrency’s supply and historically has been followed by sharp price increases. Analysts predict that there is still plenty of room for growth in the coming months.
Despite the positive developments, the industry has also had its share of scandals, with the collapse of FTX in 2022 being a notable example. However, efforts to restore investor confidence have been underway, with the company’s administrators announcing plans to reimburse client funds.
Looking ahead, the election of Donald Trump as the “cryptocurrency president” has generated excitement within the industry. Trump’s promises of relaxed regulation and the establishment of a strategic bitcoin reserve have fueled optimism among investors. The proposed Bitcoin Act of 2024, currently under review by the U.S. Senate, aims to position bitcoin as a hedge against the devaluation of the U.S. dollar.
While there are skeptics who caution against bitcoin’s extreme volatility and speculative nature, the overall market sentiment remains bullish. The announcement of countries like Brazil and Russia planning to accumulate bitcoin in their reserves, as well as increased purchases by companies like MicroStrategy, point to a bright future for the cryptocurrency. As we head into 2025, all eyes are on bitcoin and the potential for further growth and mainstream adoption.
