Bitcoin reached a historic milestone this month, reaching the $100,000 mark for the first time. The milestone, set for December 5, 2024, reflects continued growth and increased investor interest, particularly among the very wealthy. The rise now places Bitcoin as the world’s eighth-largest asset by value, behind gold but far ahead of many traditional currencies.
A booming market
The year 2024 has seen an impressive increase in demand for cryptocurrency-related investment products, with an inflow of $37 billion since January. This momentum, fueled by a bull market context, could propel Bitcoin to new highs, with forecasts suggesting $180,000 in this bull cycle.
Geopolitical factors and global adoption
Geopolitically, countries like Paraguay are increasing their presence in Bitcoin mining thanks to abundant renewable energy sources. Furthermore, Vladimir Putin recently acknowledged the strategic importance of cryptocurrencies by calling them “unstoppable technologies,” which could pave the way for even wider adoption【8†source】【9†source】.
Outlook for investors
Despite short-term fluctuations, Bitcoin’s appeal remains strong, fueled by its scarcity and resilience in the face of global economic turbulence. Analysts, however, advise a cautious approach, taking into account the risks inherent in such a volatile asset.
This milestone marks a new era for Bitcoin, cementing its role in the global financial landscape. For investors and observers, the coming months will be crucial in determining whether this bullish trend will continue or run out of steam.
