Bitcoin Set to Surpass $100K: Putin Questions, “Who Can Stop Bitcoin?”

This article does not constitute investment advice. The author holds no positions in any stocks mentioned herein.

Bitcoin’s Recent Endorsement: A Surprising Advocate

Bitcoin (BTC), the leading cryptocurrency globally, has garnered unexpected support from Russian President Vladimir Putin, solidifying its status as a significant agnostic wealth-preserving asset. Putin’s compelling endorsement came during recent comments where he questioned the ability to halt Bitcoin, confidently declaring, “Who can stop Bitcoin? Nobody.”This statement further enhances Bitcoin’s reputation in the financial realm.

“Who can stop Bitcoin? Nobody.” – President Putin
pic.twitter.com/e1COnDVqPQ

— Gabor Gurbacs (@gaborgurbacs) December 4, 2024

Bitcoin’s Global Acceptance and Accumulation

This endorsement aligns with Bitcoin’s growing acceptance as a politically neutral reserve asset. Notably, Bhutan’s officials recently confirmed the nation’s Bitcoin mining activities, which have been ongoing since 2019, leading to a considerable accumulation of 12,206 BTC. Additionally, El Salvador, which embraced Bitcoin as legal tender back in 2021, reportedly now holds 5,942 BTC.

Technological Giants Reevaluating Bitcoin

Beyond sovereign nations, significant developments are occurring in corporate America. On December 10, Microsoft shareholders are set to vote on a proposal that could see Bitcoin integrated into the company’s financial strategy, potentially adding it to their balance sheet.

A Close Call with $100K

As the cryptocurrency market experiences intense activity, Bitcoin has approached the critical psychological milestone of $100,000. Earlier today, BTC reached a new all-time high of $99,250, underscoring the mounting excitement among investors.

📈 Bitcoin is once again on the brink, rebounding as high as $99,250 today. With whale accumulation continuing to look strong, the only factor holding back $100K BTC history being made is retail traders’ excitement.
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— Santiment (@santimentfeed) December 4, 2024

Strong Retail Demand and Market Dynamics

A significant factor contributing to this price surge is the increase in demand among retail investors. Recent data indicates that the 30-day demand from retail has reached its highest level since 2020, reflecting a renewed interest in Bitcoin.

Bitcoin retail Investor demand is surging
“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

This enthusiasm among retail investors is complemented by an uptick in naked long positions within Bitcoin Exchange-Traded Funds (ETFs). Concurrently, Bitcoin futures saw a notable drop in open interest, signaling a shift in investor sentiment that leans toward optimism.

Looking Ahead: Predictions and Market Conditions

In light of recent developments, analysts are optimistic about Bitcoin’s trajectory. Standard Chartered’s Geoff Kendrick predicts that Bitcoin may breach the $100,000 mark by year-end and could target $200,000 by 2025. Moreover, the current market environment remains favorable for Bitcoin, as indicated by a recent study showing that the cryptocurrency typically aligns with global M2 supply changes an impressive 83% of the time. With the global liquidity proxy finally trending positive for the first time since February 2021, Bitcoin’s price could significantly benefit.

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