I know, it’s a big statement, but really, the more I think about it, the more I’m convinced – looking back, 2024 will be remembered as the defining year for Bitcoin, the year Bitcoin transformed from magic internet money into a real institutional investment and financial asset.
The evidence is overwhelming:
– Pension funds and university endowments allocated to Bitcoin.
– The long wait for a US Bitcoin ETF ended.
– Wall Street giants like BlackRock bought.
– Larry Fink changed his tune on Bitcoin.
But most of all, a leading U.S. presidential candidate said he would make Bitcoin a monetary reserve asset. Now, read what I wrote again.
Of course, some Bitcoin pioneers lament this institutionalization and cringe at the institutional embrace. Some say Bitcoin is betraying its roots.
But for me, 2024 was the breakthrough year we’d long waited for. I entered Bitcoin in 2016, and feel like this year we finally crossed the chasm.
Sure, it can be argued that Bitcoin’s survival from the 2013 Mt. Gox hack, or its survival from the 2017 Fork War, or even El Salvador’s adoption of Bitcoin as legal tender in 2021 were all pivotal.
All of these were big wins for our culture and industry. But, this year, we finally saw our enemies capitulate. As someone from India, I’ve long looked at Washington and Wall Street as the center of the global power structure.
I know the world will follow their lead.
So, it’s soothing to see Wall Street and Washington finally admit Bitcoin’s power and bend the knee. For many around the world, it’s the real sign that things are about to change.
This article is a Take. Opinions expressed are entirely the author’s and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.