2024 has been a year that will go down in the history books for Bitcoin. With bullish events one after another that we couldn’t have even imagined happening just a handful of years ago. However, the truth is that there is a looming issue that Bitcoin must face that most people have been overlooking. This could end up being Bitcoin’s last big test.
In January, the spot Bitcoin ETFs launched in the US and it was the event that changed Bitcoin forever. The demand and hype behind the ETFs alone were enough to send Bitcoin’s price to a new all-time high before the BTC halving occurred. A first in Bitcoin’s history. Soon after in April the Bitcoin halving finally did take place cutting the inflation rate of new Bitcoin being created every block from 6.25 BTC to 3.125 BTC. Traditionally the halving has been the catalyst to ignite each bull market. But with the launch of ETFs within the same year of the halving occuring; it has completely changed the game. Now anything is possible, and price predictions for this cycle have become outlandish.
After the Bitcoin halving the market came to a halt, as it typically does during the summer. Then during the Bitcoin 2024 conference, arguably one of the most important announcements in Bitcoin’s history took place. Donald Trump announced that if he were elected President, he would begin a US National Bitcoin reserve. An action that would not only be incredibly bullish for Bitcoin but would ignite the Bitcoin Game Theory, unlike anything we’ve ever seen before.
However, there are no guarantees in Bitcoin. Trump may never be elected President, and even if he does there is no guarantee he will keep his promises.
The last month since Trump’s announcement at the Bitcoin Conference has caused quite a bit of excitement throughout the cryptocurrency market. With that said, there is a vital aspect that is being overlooked during all of this hype. An aspect that will be key to Bitcoin’s survival in the future.
Currently, Bitcoin has become a major partisan issue in the United States with the majority of Republican politicians backing it. In contrast, several prominent Democrats have come out against the cryptocurrency industry. Even going so far as wanting to destroy it.
There are many Bitcoiners who are hoping that Kamala Harris won’t be elected President because she hasn’t come out with a public stance or opinion on Bitcoin. Or they are angry about the attacks that have come from the Biden administration during the last few years.
However, in order for Bitcoin to reach its true potential, it needs to become a bipartisan issue.
It needs to become not a thing of the left or the right but for all. After all, we never hear Republicans or Democrats arguing about Gold. It is a non-issue for them and something that they can both support. That is what we need to happen with Bitcoin.
That is why is important to not alienate politicians on the left who may not support Bitcoin or even understand it. We need to continue to educate them, and explain its value and why it is such an important issue for us voters. At the same time, we need to continue pursuing that with politicians on the right as well.
If Bitcoin continues to remain a partisan issue, each and every election will seem to be life or death for Bitcoin. With each new regime being able to delete all the progress that we’ve been able to make.
This is the real issue for Bitcoin ahead.
Once Bitcoin is finally able to become bipartisan, then also taking into account the recent launch of the ETFs, the BTC halving, and the potential of the US starting a national Bitcoin reserve. That is the moment when we will all realize that we weren’t bullish enough.
How about you? What do you think is the real battle for Bitcoin ahead?
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