2024 has marked a significant turning point for bitcoin and the broader crypto industry, characterized by increased adoption and regulatory clarity. Key developments included the SEC's approval of 11 spot bitcoin ETFs in January, which paved the way for institutional investors to gain transparent access to cryptocurrency. By July, spot ether ETFs also received approval. Notably, Senator Cynthia Lummis proposed a plan to bolster the U.S. dollar through a strategic bitcoin reserve, primarily aimed at securing its global reserve status. Additionally, the FIT21 Act was passed to define the roles of the SEC and CFTC in regulating crypto, enhancing consumer protection. Declared interest from pension funds, including Michigan's state retirement system's $11 million investment in an ether ETF, illustrates rising institutional engagement. Notably, MicroStrategy aims to raise $42 billion for bitcoin investments, reinforcing its strong commitment to the asset. These factors collectively indicate a maturation in the crypto market, suggesting that 2024 may be a pivotal year for bitcoin in achieving mainstream recognition.

Source 🔗