Bitcoin Hits $103,577 Milestone: A Historic High in 2024
Bitcoin has made history again. On December 5, 2024, the world’s most popular cryptocurrency hit an all-time high of $103,577. This milestone signals Bitcoin’s resilience despite global inflation, stringent regulations, and crypto scandals.
A Market Cap Rivalling Nations
Bitcoin’s market capitalization surged to $1.95 trillion. This figure nearly equals the GDP of Canada and Brazil. Such a leap cements Bitcoin’s position among the most valuable assets globally.
Bitcoin’s 2022 Crisis: A Rough Road
In 2022, Bitcoin struggled. Prices fell below $20,000, worsened by events like the Terra-Luna crash and the collapse of FTX. In India, the government’s 30% tax on crypto gains caused trading volumes on exchanges like CoinDCX to drop by over 90%.
Key Factors Behind the Recovery
Several factors fueled Bitcoin’s recovery:
- Global Adoption: Brands like Ferrari and Gucci started accepting Bitcoin.
- Retail Support: Companies such as Microsoft and Home Depot embraced Bitcoin transactions.
- Regulatory Progress: The EU’s crypto regulatory framework gave legitimacy to the market.
- Institutional Interest: Financial firms like BlackRock and Fidelity launched Bitcoin ETFs, driving a $1.9 billion inflow.
Trump’s Crypto-Friendly Policies
President-elect Donald Trump’s pro-crypto stance boosted confidence. His promise to make the U.S. the “crypto capital” and appointing advocates like Paul Atkins to the SEC gave the market a bullish outlook.
Bitcoin’s Future: Sustainable Growth?
As of December 12, 2024, Bitcoin remains steady at $100,584. Analysts predict it could reach $120,000 by year-end. Increased adoption and reduced regulatory scrutiny support this optimism.
Yet, risks remain. Governments may clamp down due to crypto’s association with illicit activities. In India, the 30% crypto tax and the RBI’s anti-crypto stance pose challenges.
Despite this, India remains a leading player in crypto adoption. The future of Bitcoin in India depends on whether policies evolve to foster growth.
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