⇗ Bitcoin: A Volatile Ride - Potential Upsurge and Threats of Collapse by 2025
The cryptocurrency market continues to be a captivating topic with the growth and volatility of Bitcoin being at center stage. According to...
In the current scenario, numerous factors are influencing the Bitcoin market. Federal Reserve Chair Jerome Powell's declaration that they can't hold Bitcoin and have no intention to change that stance made a ripple effect. Despite Powell's comments, there has been speculation about Bitcoin being utilized as a strategic reserve, especially motivated by former President Trump's protein support. However, Powell's revised 2025 inflation outlook coupled with the Fed's rate cut saw the Bitcoin price drop to around $100K.
MicroStrategy has been in the news, with its latest Bitcoin purchase and subsequent addition to Nasdaq 100, making its stock surge. The company's projected profits could see further purchases to buy Bitcoin. The emergence of Bitcoin ETFs as the largest Bitcoin holders, above Satoshi Nakamoto, adds to the momentum.
New price forecasts based on an innovative adoption pricing model project that Bitcoin could hit $1 million by 2027, despite the recent drops triggered by Fed rate cuts. Still, critics and skeptics linger as Bitcoin surges to new all-time highs. Amid this, CleanSpark is seen outpacing its Bitcoin mining peers. As this unfolds, luxury brands are considering accepting crypto payments, adding to Bitcoin's growing mainstream acceptance.
Another significant development is the 'DeFi on Bitcoin' boost due to the integration of the Babylon BTC Staking Protocol and a scholarship for the youngest ever Bitcoin Core contributor along with a new AMM Launch on Stacks for Bitcoin's Memecoin-Like 'Runes'.
It is not all smooth sailing; threats from the quantum computing field could jeopardize Bitcoin unless steps are taken to defend it. The potential scenarios such as a US strategic reserve could push Bitcoin up to $500K, according to Bitwise CIO. As such, Ohio has already drafted a Bitcoin reserve bill, suggesting that Bitcoin's strategic reserve will continue drawing focus.
Bitcoin News Analytics from Tue, 10 Dec 2024 08:00:00 GMT to Wed, 18 Dec 2024 22:22:24 GMT - Rating 1 - Information 7 - Rumor -1
