Experts predict an exciting decade for Bitcoin. What will be the situation in the cryptocurrency market?
Bitcoin started the weekend above $62,000, which is not far from the cryptocurrency’s high at the growth phase in 2021. It would seem that the price of BTC has peaked at the current bullrun and is no longer likely to produce impressive returns. However, some analysts disagree. In their opinion, BTC will continue to surprise as more and more global wealth managers will allocate funds to invest in the crypto market and direct exposure to such assets.
Right now, the attention of crypto users is primarily focused on the November US presidential election, as this will determine the effectiveness of the industry going forward.
It is believed that the best option for the niche will be the victory of Donald Trump. He supports it and even became the first US president to conduct a Bitcoin transaction.
At the same time, Democratic candidate Kamala Harris has not done anything good for the industry during her tenure as US Vice President. Therefore, it is expected that she will continue Joe Biden’s coin policy, and in theory, she will also appoint current SEC Chairman Gary Gensler as Treasury Secretary.
Donald Trump and Kamala Harris debate
This doesn’t scare all representatives of the crypto niche, however. It was revealed this week that Ripple co-founder Chris Larsen donated a million dollars in XRP to a so-called super political activism committee backed by Kamala Harris in August 2024.
The situation seems odd, as the SEC has been actively pressuring Ripple in court over the past few years. And it is doing so under the leadership of the already mentioned Gary Gensler, who was appointed to the position by Democrat Joe Biden.
Global forecast for Bitcoin
In an interview with Cointelegraph, Pierre Rochard, vice president of research at Riot Platforms, and Dylan Leclaire, director of strategy at Metaplanet, shared their views on Bitcoin’s future.
According to the experts, investors should not put their hands down. The global recognition of digital assets worldwide is just beginning.
Buying cryptocurrency by investors
In the interview, Roshar noted that there is a misconception that the large-scale growth phase of Bitcoin is in the past. However, in terms of global capital allocation, Bitcoin’s adoption is still below the 1 per cent level. Here’s a comment from the experts.
People look at the change in Bitcoin’s price globally and think that all the gains are in the past and now it’s supposedly a boring asset. I think this is a misleading view and will end up being a cause for great surprise.
Leclaire supported this view and noted that now is still an “exciting time,” with Bitcoin further ahead of “a crazy decade ahead.”
When asked whether the so-called hyperbitcoinisation, i.e. the mass popularisation of the digital asset, will take place in two to three years’ time, Roshar had the following to say.
When Larry Fink goes on TV and says that Bitcoin is above governments, it seems that hyperbitcoinisation has already started. Now it’s just a matter of spreading the word.
Larry Fink is the head of the world's largest investment firm, BlackRock. He's been supporting the digital asset industry since at least the summer of 2023, when his company applied to launch a spot Bitcoin-ETF. In July, for example, Fink called BTC an "international asset."
Bitcoin exchange rate changes in 2024
Generally, hyper-Bitcoinisation is a concept in which Bitcoin becomes the mainstream currency and economic system, replacing conventional money. In such a scenario, goods and services begin to be valued and exchanged in BTC rather than in currencies like the dollar or euro.
Proponents of hyperbitcoinisation believe that BTC could eventually become the global standard of money due to its decentralised nature, limited supply and resistance to inflation. However, this is hard to believe, as states are interested in having their own currency that they control. Moreover, it is almost impossible to develop an economy based on a digital asset with a limited volume, which is also highly volatile.
Larry Fink may be at the centre of this process, as he runs the world’s largest investment company, BlackRock, which manages over $9 trillion in assets. He has enormous influence over global capital markets and investment strategies.
Fink has spoken publicly about cryptocurrencies – most notably Bitcoin – in recent years, noting its potential and calling BTC a possible asset that transcends the influence of governments. This recognition from one of the most influential people in the world of finance strengthens the first cryptocurrency’s position as a legitimate and potentially important asset in the global economy.
BlackRock executive Larry Fink
According to Rorshar, Fink’s openness to the crypto market perfectly characterises Bitcoin’s popularisation processes. Here’s his comment on that.
I don’t get the impression that he’s just trying to sell a product. I get the impression that he’s really into the idea of Bitcoin. He’s truly on board.
Leclaire also said that the current situation is “impressive” because BlackRock’s presentations and CEO statements echo ideas that fans of the first cryptocurrency have been voicing for the past decade. That is, some of the arguments published by Bitcoin supporters in recent years are now being debated by “titans of the finance industry.”
The crypto industry did take a major leap in popularisation in 2024. This was primarily helped by the launch of spot Bitcoin-ETFs in the US, which have attracted billions of investor dollars. In turn, their actions affect the reputation of digital asset-based products and lead to corresponding transactions by ordinary retail players.
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