As we step into 2024, there are two major events in the minds of everyone; the possible green light for spot Bitcoin ETF and the upcoming Bitcoin Halving event. These milestones are expected to hype 2024 as one of the best years for cryptocurrencies. Michael Saylor, who’s a big fan of Bitcoin, is calling this year “The Year of Bitcoin.” That just shows how pumped up folks in the industry are about what’s coming.
The Bitcoin ETF will come up on January 10, 2023. This decision could be a game-changer, making it easier for more people to buy Bitcoin. That could make Bitcoin more valuable and steady in the market.
As for the Bitcoin Halving event. It’s basically when they reduce the rewards for mining new Bitcoins. This has historically made more people interested in and invested in Bitcoin. It affects how many new Bitcoins can be made, which also impacts how many are out there.
MicroStrategy’s strategic Bitcoin accumulation
MicroStrategy, a company that’s super smart with software, went shopping for more Bitcoin on December 27, 2023. They bagged around 14,620 Bitcoin, which, get this, is worth a whopping $615 million! With this, they became the biggest company owning Bitcoin, holding a total of 189,150 Bitcoins. They are the kings of Bitcoin among companies.
They’re sure that Bitcoin is going to be huge in the future. And guess what? Their bet is paying off big time! Their company’s stock, MSTR, shot up like a rocket by a massive 336% in just the past year. That’s way more than the 172% rise in the price of Bitcoin itself. It seems like they’re on a winning streak, and this might keep going strong in 2024. The Bitcoin halving event and the chance of that ETF getting approved are like extra boosts for them. MicroStrategy seems all set to keep riding this awesome wave of success.
The wider influence on the cryptocurrency market
Big financial giants like Blackrock and Fidelity jumping into the world of spot ETFs is a huge sign that the big-money folks are getting more interested in cryptocurrencies. This move is likely going to bring in a ton of big institutional money into the crypto market in 2024. When these big financial players get involved, it’s not just about saying they believe in crypto; it could totally change how the market works and who’s investing in it.
But here’s the thing – for regular people who want to invest in cryptocurrencies, things are still kind of uncertain. The U.S. Securities and Exchange Commission (SEC) hasn’t given clear rules about how regular folks can buy cryptocurrencies. This confusion hasn’t gone away, even after the SEC had some legal battles in 2023, like the one where they went up against XRP. That whole situation made people question whether the SEC’s view on cryptocurrencies as investments was on the right track.
If they approve a spot Bitcoin ETF, though, that’s going to be a really big deal. It means regular enthusiasts could get a piece of Bitcoin without directly buying it. This could be a turning point for making crypto more normal and open the door for regular people to invest in digital money.
Conclusion
As 2024 keeps moving along, these big events are going to shake up the cryptocurrency market in a big way. The possible approval of the Bitcoin ETF and the Bitcoin Halving are going to be super important. And don’t forget companies like MicroStrategy – they’re leading the pack when it comes to big institutional investments. Everyone’s watching eagerly to see how these events change things in the world of crypto investments.
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