Bitcoin, After 18 Months Of Knockdowns, Enters 2024 Championship Round

If cryptocurrencies were a sport, it would be boxing.

“And we are in the championship rounds,” says Asad Saddique, CTO of Cryptonary, a research and media platform for 195,397 traders and investors established in 2017.

On October 1, 1981, Larry Holmes said: "Anything can happen in a heavyweight fight." And, like boxing, cryptocurrencies are unpredictable.

Over the past year and a half, cryptocurrencies have been a lot like the third match between England-born Tyson Fury and Deotany Wilder, full of dramatic drops, shocking twists, and surprising twists.

Blow by blow, little by little

"We've seen stock markets explode, we've seen stock markets get sued and we've seen SEC sanctions on stock markets. We've had 18 months of falling prices, 18 months of volatility and 18 months of negativity," Saddique said. .

Much like Fury's sudden rise, many investors continue to weather the issues despite the flurry of blows to Bitcoin's $831 billion market cap.

The most dramatic was on November 7, 2022, when Bitcoin hit its two-year low of $15,625 when Binance acquisition failed. Two days later, FTX filed for US bankruptcy protection..

FTX's Sam Bankman-Fried was then charged and convicted of multiple counts of fraud that same month in Judge Lewis Kaplan's Manhattan federal courtroom.

Fast forward to November 2023, and Binance received the order from the Justice Department pay $4.3 billion in fines and fees. CEO Changpeng Zhao pleaded guilty to a federal charge.

"Binance became the world's largest cryptocurrency exchange in part because of the crimes it committed," Attorney General Merrick B. Garland said in the Nov. 21 statement. Press release.

In another reorganization, last Friday, December 29, prosecutors elected not hold a second trial v. Bankman-Fried.

The counterattack of cryptocurrencies

Despite the shocks, interest and investment have increased. Bitcoin search data on Google Trends increased by approximately 72.9% in the United States alone, from 48 to 83, and then on December 8, 2023, Bitcoin price hits 18-month high of $44,543.

And now, as the SEC's Jan. 10 deadline to approve a Bitcoin-focused exchange-traded fund approaches, Saddique is working harder.

Cryptonary hired five full-time team members in November, and Google Analytics data Saddique shared shows a user growth rate of 108.8%, a 56.5% increase from the previous 30 days. "The feeling we share is that we are still here and we will continue to grow." And Saddique is not the only one biting the bullet.

Change of position: defenders and skeptics

Michael Saylor, CEO of MicroStrategy,
MSTR
is arguably the most prominent Bitcoin advocate today.

According to a Form 8-K MicroStrategy filed with the SEC On December 27, 2023, MicroStrategy purchased 14,620 Bitcoins for $616 million. His Bitcoin holdings now total 189,150, or approximately $8 billion on the date of purchase, according to a December 27 article by David Pan in Bloomberg.

Saylor discussed the pending ETF announcement with Daily CoinDesk host Jennifer Sanasie on December 23, 2023 and said, "It's not unreasonable to suggest this could be the biggest development on Wall Street in 30 years."

By contrast, Jamie Dimon, CEO of JPMorgan Chase
JPM
, is one of the most prominent cryptoskeptics in the spotlight. Dimon has long associated cryptocurrencies with illicit businesses. “I have always been deeply opposed to cryptocurrencies, bitcoins, etc.,” Dimon said during his speech on Wednesday, December 6, 2023. Senate Banking Committee.

"I would shut it down," Dimon said.

Grimacing and riveting

But despite his reservations, JPMorgan Chase introduced JPM Coin in 2019, evidence of the bank's practical commitment to blockchain technology despite Dimon's critical views.

And then there's Forbes' top contributor. Billy Bambrough Astute observation for October 21, 2023: Berkshire Hathaway.
BRK.B
“Nubank, compatible with bitcoins and cryptocurrencies,” was its best-performing asset in 2023, with a 93% gain on its shares.

Regarding the JPM coin, Takis GeorgakopoulosJPMorgan's global head of payments said during an interview with Bloomberg on October 26, 2023: "We move a billion dollars every day through JPM Coin for several large companies."

Warren Buffet may be the most influential critic. Speaking to CNBC earlier this year, Buffet called it a "gambling chip." The psychographic data is similar: if you bet on sports like boxing, you are likely to invest (or bet) in cryptocurrencies. And "that doesn't stop people from wanting to play roulette," Buffet said.

Then there are the arbitrators, represented by voices such as journalist Michael Casey, who advocate for a more sustainable and regulated approach.

According to a September 2022 article for the Finance and Development of the International Monetary Fund In the post, Casey wrote: "If we can't regulate Bitcoin's existence, the goal should be to steer it toward renewable sources."

The 2024 scorecard

Today, on New Year's Eve, Bitcoin enters its "championship rounds." Strikes win fights. The knockdowns provoke howls.

But it is the display of resilience that earns the respect of the crowd. And according to the judges' scores, Bitcoin is in the midst of a Fury-style rebound. Saddique predicts a $15 million recovery for Cryptonary in 2024.

But only time will tell if Bitcoin and other cryptocurrencies will be able to hold on, retain and defend their crown.