Bitcoin’s 2024 Journey: Top Catalysts Driving Its $100K Milestone
Bitcoin (BTC) made history in 2024, crossing the $100,000 mark for the first time. A pivotal driver was the electoral victory of Donald Trump, who campaigned as a pro-cryptocurrency candidate. Following his win, Bitcoin surged 41%, peaking at $108,000.
Trump’s commitment to cryptocurrency was evident through his proposal for a national Bitcoin reserve and his appointment of venture capitalist David Sacks as the first “White House A.I. & Crypto Czar.” These actions signaled a government shift toward embracing digital assets, instilling confidence among investors and institutions alike.
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Bitcoin ETFs See Record Inflows
The debut of spot Bitcoin exchange-traded funds (ETFs) in early 2024 was another major catalyst for Bitcoin’s record-breaking year. These ETFs drew nearly $36 billion in net inflows, according to SoSo Value, with $2 billion in transactions by December.
BlackRock’s iShares Bitcoin Trust ETF (IBIT) led the market, amassing over $52 billion in assets, marking a significant step in institutional adoption of cryptocurrency. The ETFs provided traditional investors with easier access to Bitcoin, bolstering its appeal as a mainstream asset class.
Monetary Policy and Bitcoin’s Halving Event
In September, the Federal Reserve enacted a 0.5% interest rate cut—the first in over four years—providing a favorable environment for risk-on assets like Bitcoin. This reduction, coupled with subsequent rate cuts, increased liquidity and borrowing power, spurring investments in cryptocurrencies.
Bitcoin’s halving event in April further fueled its bullish momentum. The mining reward was reduced from 6.25 BTC to 3.125 BTC per block, reinforcing Bitcoin’s deflationary nature. While halving is a cyclical event, its impact on Bitcoin’s supply and investor sentiment continues to play a critical role in driving demand.
Key Drivers of Bitcoin’s 2024 Rally:
- Trump Presidency: Bitcoin surged 41% post-election, supported by pro-crypto policies.
- Spot ETFs: $36 billion in inflows highlighted growing institutional interest.
- Monetary Policy: Interest rate cuts boosted liquidity for risk-on investments.
- Halving Event: Supply reduction enhanced Bitcoin’s scarcity and value.
Bitcoin’s performance in 2024 demonstrates how regulatory shifts, institutional adoption, and macroeconomic factors can shape the trajectory of digital assets. As the new year begins, the focus turns to whether these trends can sustain Bitcoin’s momentum into 2025.
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