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Reuters

Bitcoin more than doubled in 2024 driven by the US markets regulator’s approval for exchange-traded funds (ETFs) tied to its spot price, and optimism over easing regulatory hurdles with Donald Trump set to return to the White House.
The world’s largest and most well-known cryptocurrency hit US$100,000 in December, a milestone that has ignited “animal spirits” among supporters of the once-nascent asset class.
A more than 120 per cent surge in bitcoin this year and a nearly 50 per cent jump in ether, the second-largest cryptocurrency, have propelled the sector’s market value to roughly US$3.5 trillion, according to CoinGecko data.
More gains are in store for 2025, according to analysts.
“We remain convinced US$100,000 is not the final milestone,” analysts at brokerage Bernstein wrote in a client note last month. “We expect bitcoin to hit a cycle-high of US$200,000 in late 2025.”

MicroStrategy, a software firm that has become the world’s largest corporate holder of bitcoin, has seen its shares surge nearly five-fold in 2024.
The stock, which joined the benchmark Nasdaq-100 index recently, is now seen as a proxy for bitcoin, with its movement closely tied to sentiment towards the digital asset. Several smaller companies are following its playbook and allocating portions of their cash to bitcoin.
“We expect bitcoin to emerge as the new-age premier ‘store of value’ asset eventually replacing gold over the next decade and becoming a permanent part of institutional multi-asset allocation and a standard for corporate treasury management,” the Bernstein note said.
Much of the optimism began in January when the US Securities and Exchange Commission approved the first ETFs to track the spot price of bitcoin, marking a watershed moment for the broader crypto industry.
The move gave the sector institutional legitimacy and improved its mainstream appeal as traditional finance heavyweights including BlackRock and Fidelity launched the products.
The victory of Trump, who has promised to make the United States the “crypto capital of the planet”, further bolstered the industry’s position later this year. Crypto advocates donated millions during the election, hoping to elect candidates that favour the sector.
Most crypto stocks have also benefited from the industry-wide rally. The big winners of 2024 are MicroStrategy, crypto exchange Coinbase and bitcoin miner Hut 8
On the other hand, several other crypto miners have reeled under shrinking margins due to higher energy and hardware costs, missing the year’s rally.
Shares of Riot Platforms, Marathon Digital and Bit Digital lost between 26 per cent and 32 per cent this year.


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Blockchain

Bitcoin surged 120 per cent in 2024. Some analysts expect more gains this year. Photo: dpa

Bitcoin spot ETFs launched on the Nasdaq Exchange in January 2024. Photo: Getty Images via AFP

Bitcoin was once dominated by China, but the Trump bump is shifting momentum to US

Momentum in the cryptocurrency industry appears to have shifted towards the US after Donald Trump was re-elected to the presidency, but some see this as temporary. Illustration: Henry Wong

China selfie app Meitu sells crypto holdings in big payday before bitcoin hit US$100,000

The logo of Meitu displayed at a news conference in Hong Kong on March 24, 2017. The company has struggled for years to monetise its popular photo and video editing apps, but its crypto investments have paid off after a recent price surge. Photo: Reuters

Hong Kong licenses 4 more crypto exchanges amid bitcoin price surge

People stand next to bitcoin ATMs outside a cryptocurrency exchange in Hong Kong on November 14. Photo: AFP

Shanghai court says crypto ownership legal under China law amid bitcoin price surge

Representations of bitcoin seen in this illustration picture taken in Paris on March 9. Photo: Reuters

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‘We remain convinced US$100,000 is not the final milestone,’ analysts at brokerage Bernstein say


‘We remain convinced US$100,000 is not the final milestone,’ analysts at brokerage Bernstein say.
