2024 Bitcoin Development Report: Global Regulation Clarification, DeFi and Scalability as Dual Drivers

When historians look back at 2024, they may regard it as a significant year for Bitcoin's move towards mainstream acceptance. This year, Bitcoin reached an all-time high, became a hot topic in the U.S. presidential election, 11 Bitcoin ETFs were approved for listing, and the halving event occurred.

This year, Bitcoin showcased its unique charm in multiple facets. In countries struggling with economic difficulties (such as Argentina and Turkey), it was seen as a safe haven against high inflation; in the eyes of Wall Street elites, it became an investment tool recognized by financial giants like BlackRock; for crypto-punks and developers, it was a whole new canvas for innovation; and in the view of governments around the world, it transformed from a threat that needed to be controlled into an opportunity that could be leveraged.

Bitcoin's technology is also continuously evolving. Once centered around the idea of 'simplicity', BlackRock's iShares Bitcoin Trust (IBIT) set a record, achieving $10 billion in assets under management in just a few weeks, with Bitcoin gradually entering retirement portfolios. This phenomenon excited Wall Street but also worried Bitcoin purists. The popularity of ETFs made Bitcoin more accessible than ever—now, 62% of Americans can easily buy Bitcoin through brokerage accounts, just like purchasing Apple stock. However, this convenience also brings issues. The spirit of Bitcoin, 'Not your keys, not your coins', is increasingly overshadowed by the clamor of institutional trading.

However, Bitcoin always finds vitality amidst contradictions. In the U.S., Trump's crypto-friendly policies legitimized Bitcoin as an institutional asset; in India, despite regulatory pressures, 75 million users have adopted Bitcoin as a tool for financial empowerment; in Turkey, with a 50% inflation rate, Bitcoin became a savings choice for millions; while in Argentina, as the currency rapidly depreciated due to 140% inflation, citizens had no time to hesitate over custody methods and instead used Bitcoin to protect their savings. In Latin America and Africa, Bitcoin is not an investment tool but a means of survival.