Trump has also indicated the U.S. could establish a strategic bitcoin reserve, by pooling funds obtained through seizures from criminal activity.
Also in 2024, bitcoin topped 2021′s price milestone of close to $70,000 after the SEC gave the green light to the first U.S. spot bitcoin exchange-traded funds, or ETFs.
The ETF approval was widely viewed as a key moment for the cryptocurrency as it broadens its appeal to more mainstream investors.
The other key moment in 2024 was the halving, an event that takes places every four years and reduces the supply of bitcoin onto the market. This is typically very supportive for bitcoin’s price.
These developments helped move crypto past the narrative of an industry marred by scandal. That was the dominant theme of 2023 as two of crypto’s most prominent figures — FTX’s Sam Bankman-Fried and Binance’s Changpeng Zhao — both received prison sentences over criminal charges.
This year, bitcoin has more than doubled in price. The token is widely expected to see even more positive price momentum in 2025 — with several industry watchers predicting a doubling in value to $200,000.