2024 has been a banner year for Bitcoin and cryptocurrencies in general, not only in terms of performance but also in the changing perception many have of these assets.
The beginning of the year marked a new phase for Bitcoin with the listing of 11 Bitcoin exchange-traded funds, the most important of which were BlackRock, Grayscale, and Fidelity, which attracted huge institutional investments.
In April of the year, Bitcoin halving occurred, which occurs every 4 years, meaning that the rewards for mining the currency were cut in half, which led to a decrease in supply.
In July, President-elect Donald Trump appeared to play a prominent role in boosting Bitcoin's price by embracing the idea of building a strategic reserve for the currency, supporting cryptocurrency companies, and firing the anti-cryptocurrency SEC Chairman Gary Gensler.
Trump's November presidential win and his nomination of more than 13 people in the next US government, all of whom are cryptocurrency supporters, led to a jump in the price of Bitcoin from $68,000 to over $108,000 in less than a month.
Despite the significant increases in Bitcoin in 2024, which reached almost 120%, most expectations for its price direction in 2025 remain positive.
Standard Chartered expects it to rise to $200,000 by the end of 2025, while investment bank VanEck expects the price of Bitcoin to rise to $180,000 levels at the beginning of the year before falling from there.
Fundstrat expects Bitcoin to reach $250,000 by 2025.
Source: Arabic Business