2024: The Year Bitcoin Defied All Odds and Critics?

A Shift in Perception

After years of skepticism, prominent crypto critics have begun to concede that a regulatory crackdown on cryptocurrency is unlikely. In a recent episode of the Crypto Critics' Corner podcast, skeptics Cas Piancey and Bennett Tomlin admitted, "They win, we lose."

Dearth of Obituaries

This capitulation is echoed by 99Bitcoins, which has tracked Bitcoin's supposed 'deaths' since 2010. In 2024, only two obituaries were recorded—the lowest since 2012. This decline from 124 obituaries in 2017 signifies a major shift in how Bitcoin is perceived.

Bitcoin ETF: Breaking All Records

The approval of Bitcoin ETFs in March 2024 significantly contributed to this perception shift. The BlackRock iShares Bitcoin Trust reached $10 billion in assets within just seven weeks, ultimately accumulating over $50 billion by the end of the year. This marks a pivotal moment, as Bitcoin ETFs are nearing the scale of traditional gold ETFs.

Bitcoin Enters Mainstream Politics

In 2024, Bitcoin gained political traction, with Donald Trump evolving from a skeptic to a vocal supporter. His participation in the Bitcoin 2024 Conference and the selection of crypto advocate JD Vance as his running mate underscore this shift. Moreover, discussions in Washington are now centered on the strategic integration of Bitcoin into the national economy.

The Broader Crypto Evolution

The acceptance of cryptocurrency is not limited to Bitcoin; stablecoins are also gaining traction, processing monthly transaction volumes comparable to traditional payment networks. The decline in Bitcoin obituaries signals that cryptocurrency has transitioned from speculation to an established part of the financial landscape.

The year 2024 is a landmark moment where even critics must acknowledge that cryptocurrency is here to stay.