Gary Gensler and SEC finally gave in and allowed the spot bitcoin ETFs to be traded the following day. The ETFs went on to become the most successful ETFs ever, BlackRock ETF $IBIT being the leader, bringing in more than $52 billion. inflows alone.
The ETFs are the moment that will be remembered as the greatest in Bitcoin history. When I look back at the past year, everything positive that happened for Bitcoin was a result of these approvals. Let me explain.
Six major events occurred in 2024:
- SEC Approves the Spot Bitcoin ETF
- Donald Trump pledges the USA embrace Bitcoin
- MicroStrategy & other companies adopt Bitcoin
- The $100,000 Price Milestone
- Gary Gensler Resigns from the SEC
- Halfing
BlackRock filed For me, the moment BlackRock filed its ETF at the end of 2023’s bear market marked the start of a new bull market. We immediately saw a stampede of other large asset managers rush to also apply for an ETF and the price of Bitcoin has risen ever since — the price of bitcoin was $24,900 when BlackRock filed its ETF, then it was $46,000 when it was approved, and today we’re sitting at just under $100,000.
Bitcoin’s price is the main driver for adoption and interest, not its utility. The price increase is the biggest driver for interest, bringing in new capital and generating more interest. All the tourists will leave when the price of bitcoin drops, and the HODLers are the only ones left.
Bitcoin ETFs drove the price up in an unprecedented fashion, paving the way for Donald Trump’s embrace of it. Bitcoin is no longer just magic online money, but it’s now being backed by BlackRock & Fidelity – the largest asset managers on the planet. These massive inflows were akin to a tsunami and showed how bitcoin is in high demand. It also demonstrated the direction in which our nation was heading in terms of finances. The massive inflows into these products was like a tsunami, demonstrating how much demand there really was for bitcoin and the new direction our country is heading towards financially.
With the support of major asset managers and the inauguration of a pro-Bitcoin White House administration, MicroStrategy, along with other companies, were able to invest more in the asset. This is exactly what occurred.
Michael Saylor has increased MicroStrategy’s bitcoin purchase like never before and shows no sign of stopping in 2025. Their stock outperforming bitcoin had caught the attention of countless other publicly traded companies who copied the ‘Bitcoin For CorporationsThis strategy adds more pressure on bitcoin to drive up its price. MicroStrategy is raising over $42 billion to buy more bitcoin to front-run everyone who doesn’t own any yet — this large increase in demand and regulatory certainty is sending bitcoin accumulators into a FOMO frenzy.
The combination of all of these factors, as well as the event of halving, whereby the amount of bitcoins created per block was reduced by half, to 3.125 BTC, has sent the price to an unprecedented high of over $108,000. In most cases, demand is so high that it completely offsets the number of coins produced. The price continues to rise. BlackRock ETF bought 6,078 Bitcoins the other day while miners made only 450. The bitcoin supply isn’t enough to satisfy everyone and miners are only producing 21 million new coins.
NEW: 🇺🇸 BlackRock's spot #Bitcoin ETF purchased 6,078 Bitcoin today while only 450 bitcoins were mined by miners.
Absolute. Scarcity. pic.twitter.com/KkHGpP2WAL
— Nikolaus Hoffman (@NikolausHoff) January 8, 2025
SEC officials and anti-Bitcoin politicians were in for a bad surprise when these ETFs became popular and the presidential administration changed. Gary Gensler has officially left the SEC. He was the one who held up approval of spot ETFs over the years. The two democrats who were against this approval have also left the SEC. It appears Bitcoin will now thrive in the United States for the next four years without the attacks of the politicians and regulators who held this industry back so much.
ETFs are a major milestone for the industry. Things would have been very different if these funds had not passed. If they hadn’t been approved, the price of bitcoin might be lower today and there may have even been a different US president if we didn’t approve them. This past year has seen many positive developments for Bitcoin, all of which were a result of ETF approvals.
This is not a good article. Take. The opinions expressed here are those of the authors and not BTC Inc. or Bitcoin Magazine.
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Source: bitcoinmagazine.com
