- Blockchain
- Kevin Castaño
2024 and the Future of Bitcoin: A Turbulent Year
2024 has the potential to be a significant year for Bitcoin, with several factors that could drive its price and adoption. For instance, a growing number of companies and organizations are accepting it as a form of payment; giants like Tesla and PayPal already allow transactions with this cryptocurrency. Additionally, the general sentiment towards the cryptocurrency market is positive, with analysts predicting sustained growth in the coming years. Other factors that could drive demand for Bitcoin include rising global inflation, positioning it as a hedging asset, and geopolitical instability, which could lead investors to seek refuge in Bitcoin.
Today, we will look at the events that have taken place in 2024 and have had a significant impact on BTC.
Bitcoin Halving: How the Reduction in Rewards Shapes the Future of the Cryptocurrency
The Bitcoin halving, an event that occurs approximately every four years, halves the reward for mining a block, controlling the supply of Bitcoin, which has a maximum limit of 21 million units. This process, which has reduced the reward from 50 BTC in 2012 to 3.125 BTC in 2024, decreases the inflation rate and can increase the price of Bitcoin due to limited supply and growing demand. Additionally, it incentivizes the use of more efficient technology, improving network security.
"Bitcoin halving reduces mining capacity and creates scarcity, which can lead to an increase in its value."
The U.S. Senate Introduces Bitcoin Protection Bill
On February 16, 2024, Senators Cynthia Lummis and Ron Wyden introduced the Bitcoin Innovation Protection Act, a bill aimed at providing a clear regulatory framework for Bitcoin and other cryptocurrencies. While the bill is still in its early stages, it is considered an important step towards legitimizing Bitcoin and could help further boost its adoption.
El Salvador Buys More Bitcoin
On May 19, 2024, El Salvador purchased an additional 500 bitcoins, bringing its total holdings to 2,300. This purchase was made at a price of around $30,000 per bitcoin, representing a total investment of approximately $69 million.
This news is significant because it consolidates El Salvador’s position as a leader in adopting Bitcoin as legal tender. It could also help boost confidence in Bitcoin and encourage its adoption by other countries.
MicroStrategy Buys More Bitcoin
The business intelligence firm MicroStrategy has continued buying Bitcoin throughout the year, increasing its total holdings to 125,000 BTC as of March 21, 2024.
These purchases have made MicroStrategy the largest public company holding Bitcoin, and the company’s bullish signal has been cited as a contributing factor to the recent surge in Bitcoin’s price.
Las principales instituciones financieras se abren a Bitcoin
In 2024, several major financial institutions have taken steps to increase their exposure to Bitcoin.
- In January, Fidelity Investments announced that it would allow its clients to invest in Bitcoin in their 401(k) retirement accounts.
- In February, BlackRock, the world’s largest asset manager, announced that it was exploring ways to offer exposure to Bitcoin to its clients.
- These are important signs that institutional adoption of Bitcoin is growing and that the cryptocurrency is gaining legitimacy among traditional investors.
Technically... How Are We Doing Today?
On March 8, 2024, Bitcoin reached a new all-time high of $72,000, surpassing its previous high of $69,044 set in November 2021.
After a significant drop in early May, Bitcoin markets have recovered in recent weeks.
As of May 23, 2024, Bitcoin is trading around $69,700 after a bullish surge supported by moving averages and a head and shoulders reversal pattern that took the price from an immediate bearish impulse to position above the SMA 200, SMA 100, and SMA 20. It is currently challenging the previous resistance to it’s all-time high.
Source: Own creation on TradingView
The Big Question:
What Will Bitcoin's Future Be?
In April 2024, Finder, surveyed 31 cryptocurrency specialists about their price predictions for Bitcoin (BTC) until 2030. On average, they estimate that BTC will reach $109,141 by the end of 2024, $150,996 in 2025, and $567,489 in 2030. Opinions vary, with forecasts ranging from $268,000 to $20,000 for 2024. Factors such as ETFs and the halving influence the price, with some optimistic panelists projecting BTC above $150,000 in 2024 and others more cautious. Most consider now a good time to buy BTC, although they recommend holding post-halving. Bitcoin is seen as undervalued by many panelists, and institutional adoption and ETFs are key to its rise. Most expect the bull run to continue until 2025.
The growing adoption of Bitcoin by companies, its maturity as a market, and its appeal as a hedge against inflation and geopolitical instability make 2024 a crucial year for Bitcoin. However, volatility, regulatory uncertainty, and inherent risks in cryptocurrency investments persist. While Bitcoin’s potential to reach new highs is significant, it is essential to remember that this is not an investment recommendation. As always, caution and thorough research will be key.
Episode #11: "Being a Bitcoiner is like a fight against the system as we know it today." | Miguel González
2024 and the Future of Bitcoin: A Turbulent Year
2024 has the potential to be a significant year for Bitcoin, with several factors that could drive its price and adoption. For instance, a growing number of companies and organizations are accepting it as a form of payment; giants like Tesla and PayPal already allow transactions with this cryptocurrency. Additionally, the general sentiment towards the cryptocurrency market is positive, with analysts predicting sustained growth in the coming years. Other factors that could drive demand for Bitcoin include rising global inflation, positioning it as a hedging asset, and geopolitical instability, which could lead investors to seek refuge in Bitcoin.
Today, we will look at the events that have taken place in 2024 and have had a significant impact on BTC.
Episode #11: "Being a Bitcoiner is like a fight against the system as we know it today." | Miguel González
Bitcoin Halving: How the Reduction in Rewards Shapes the Future of the Cryptocurrency
The Bitcoin halving, an event that occurs approximately every four years, halves the reward for mining a block, controlling the supply of Bitcoin, which has a maximum limit of 21 million units. This process, which has reduced the reward from 50 BTC in 2012 to 3.125 BTC in 2024, decreases the inflation rate and can increase the price of Bitcoin due to limited supply and growing demand. Additionally, it incentivizes the use of more efficient technology, improving network security.
"Bitcoin halving reduces mining capacity and creates scarcity, which can lead to an increase in its value."
The U.S. Senate Introduces Bitcoin Protection Bill
On February 16, 2024, Senators Cynthia Lummis and Ron Wyden introduced the Bitcoin Innovation Protection Act, a bill aimed at providing a clear regulatory framework for Bitcoin and other cryptocurrencies. While the bill is still in its early stages, it is considered an important step towards legitimizing Bitcoin and could help further boost its adoption.
El Salvador Buys More Bitcoin
On May 19, 2024, El Salvador purchased an additional 500 bitcoins, bringing its total holdings to 2,300. This purchase was made at a price of around $30,000 per bitcoin, representing a total investment of approximately $69 million.
This news is significant because it consolidates El Salvador’s position as a leader in adopting Bitcoin as legal tender. It could also help boost confidence in Bitcoin and encourage its adoption by other countries.
MicroStrategy Buys More Bitcoin
The business intelligence firm MicroStrategy has continued buying Bitcoin throughout the year, increasing its total holdings to 125,000 BTC as of March 21, 2024.
These purchases have made MicroStrategy the largest public company holding Bitcoin, and the company’s bullish signal has been cited as a contributing factor to the recent surge in Bitcoin’s price.
Major Financial Institutions Open Up to Bitcoin
In 2024, several major financial institutions have taken steps to increase their exposure to Bitcoin.
- In January, Fidelity Investments announced that it would allow its clients to invest in Bitcoin in their 401(k) retirement accounts.
- In February, BlackRock, the world’s largest asset manager, announced that it was exploring ways to offer exposure to Bitcoin to its clients.
- These are important signs that institutional adoption of Bitcoin is growing and that the cryptocurrency is gaining legitimacy among traditional investors.
Technically... How Are We Doing Today?
On March 8, 2024, Bitcoin reached a new all-time high of $72,000, surpassing its previous high of $69,044 set in November 2021.
After a significant drop in early May, Bitcoin markets have recovered in recent weeks.
As of May 23, 2024, Bitcoin is trading around $69,700 after a bullish surge supported by moving averages and a head and shoulders reversal pattern that took the price from an immediate bearish impulse to position above the SMA 200, SMA 100, and SMA 20. It is currently challenging the previous resistance to it’s all-time high.
Source: Own creation on TradingView
The Big Question: What Will Bitcoin's Future Be?
In April 2024, Finder, surveyed 31 cryptocurrency specialists about their price predictions for Bitcoin (BTC) until 2030. On average, they estimate that BTC will reach $109,141 by the end of 2024, $150,996 in 2025, and $567,489 in 2030. Opinions vary, with forecasts ranging from $268,000 to $20,000 for 2024. Factors such as ETFs and the halving influence the price, with some optimistic panelists projecting BTC above $150,000 in 2024 and others more cautious. Most consider now a good time to buy BTC, although they recommend holding post-halving. Bitcoin is seen as undervalued by many panelists, and institutional adoption and ETFs are key to its rise. Most expect the bull run to continue until 2025.
The growing adoption of Bitcoin by companies, its maturity as a market, and its appeal as a hedge against inflation and geopolitical instability make 2024 a crucial year for Bitcoin. However, volatility, regulatory uncertainty, and inherent risks in cryptocurrency investments persist. While Bitcoin’s potential to reach new highs is significant, it is essential to remember that this is not an investment recommendation. As always, caution and thorough research will be key.
