Bitcoin more than doubles in 2024 on spot ETF approval, Trump euphoria

Bitcoin had a phenomenal year in 2024, more than doubling in value due to two significant factors: the approval of spot ETFs and the optimism surrounding Donald Trump's presidency.

The US Securities and Exchange Commission's approval of the first ETFs to track Bitcoin's spot price in January 2024 was a watershed moment for the crypto industry. This move gave Bitcoin institutional legitimacy, improving its mainstream appeal and allowing traditional finance heavyweights like BlackRock and Fidelity to launch Bitcoin-related products.

Additionally, Donald Trump's victory in the presidential election further boosted the crypto industry. Trump has promised to make the US the "crypto capital of the planet," and his win was seen as a positive development for the sector.

As a result, Bitcoin's value surged over 120% in 2024, hitting the $100,000 milestone in December. The sector's market value also grew to approximately $3.5 trillion, with analysts predicting further gains in 2025. Some experts even forecast Bitcoin reaching a cycle-high of $200,000 by the end of 2025.

https://www.reuters.com/markets/currencies/bitcoin-more-than-doubles-2024-spot-etf-approval-trump-euphoria-2024-12-31/