Please note, this content is not intended as investment advice. The author does not hold any positions in the stocks referenced.
Bitcoin’s Recent Surge: A Glimpse into Its Growing Influence
Bitcoin (BTC) has garnered unexpected attention from Russian President Vladimir Putin, who has reignited discussions around the cryptocurrency’s value and resilience. His assertion, “Who can stop Bitcoin? Nobody,” underlines the asset’s perceived strength and growing prominence in global financial conversations.
“Who can stop Bitcoin? Nobody.” – President Putin
Looks like Bitcoin has a new expansion manager. pic.twitter.com/e1COnDVqPQ
— Gabor Gurbacs (@gaborgurbacs) December 4, 2024
Global Developments Highlighting Bitcoin’s Appeal
This statement comes at a time when Bitcoin is gaining traction as a reserve asset, particularly in developing countries. Notably, Bhutan has been actively mining BTC since 2019 and currently holds 12,206 BTC. In addition, El Salvador officially adopted Bitcoin as legal tender in 2021, accumulating 5,942 BTC in its treasury.
In a significant corporate move, Microsoft shareholders are preparing to vote on a proposal that could see Bitcoin integrated into the company’s balance sheet on December 10.
📈 Bitcoin is once again on the brink, rebounding as high as $99,250 today. The only factor holding back $100K history being made is retail traders’ excitement.
— Santiment (@santimentfeed) December 4, 2024
Bitcoin Nears Historic Prices Amid Retail Demand
Bitcoin is approaching the significant milestone of $100,000, having recently reached a new all-time high of $99,250. This surge is largely driven by retail investor demand, which has hit its highest level in over three years.
“The 30-day demand change from retail investors has just reached its highest level since 2020, as retail investors appear increasingly interested in #Bitcoin.” – By @Darkfost_Coc
— CryptoQuant.com (@cryptoquant_com) December 4, 2024
Market Insights and Future Predictions
This recent price action is attributed to heavy trading in Bitcoin ETFs, recently seeing $3 billion in net inflows alongside a decrease in Bitcoin futures open interest. Analysts suggest that a growing appetite for Bitcoin is serving as a catalyst for these impressive market movements.
Standard Chartered’s analyst, Geoff Kendrick, has predicted that Bitcoin could hit $100,000 by year-end and potentially reach $200,000 by 2025. Supporting data indicates that Bitcoin tends to move in alignment with the global M2 supply approximately 83% of the time, suggesting strong potential for continued growth, especially with the recent positive shift in global liquidity.
Further insights can be found in a recent study that outlines the relationship between Bitcoin’s price and global liquidity trends, emphasizing its positioning as a valid investment choice during uncertain economic times.
For ongoing updates, consider exploring more about Bitcoin’s market trends and dynamics. Source & Images
Related Articles:
TSMC Ends Partnership With Supplier for Huawei AI Chip Delivery – Report
13:18
FAA Issues Advisory for SpaceX’s Starship Flight 7 Containing Humorous Typo
12:27
Goldman Sachs Joins Barclays in Downgrading AMD: “Stock Expected to Stay Range-Bound Until Market Regains Confidence in Growth and Margins”
12:54
Leave a Reply