Bitcoin's Historic 2024 Performance: What Comes Next?
This edition covers Bitcoin's remarkable 122% surge in 2024, Trump's pro-crypto appointments, and significant shifts in market dynamics, including BlackRock's record ETF launch and new tax regulations in India. Stay informed on these pivotal developments.
💵 Welcome to the Bitcoin newsletter for long-term wealth creators.
📈 Bitcoin Price - 3 Months
🌡️ Bitcoin Temperature
🗞️ Bitcoin Bytes
- The Bitcoin temperature has dropped sharply from a high of 4 (over-optimism) to 3.2 (neutral zone). After the last FED meeting, the market reduced expectations of future interest rate cuts, impacting the Bitcoin price.
- Based on my August article on the Monte Carlo Simulation, the current price is near the average, reflecting the drop in the Bitcoin temperature from over-optimism to the neutral zone.
You can read the post below on using the price simulation for risk management.
Sandeep Goenka
- Bitcoin surged by 122% in 2024, outperforming traditional assets like the S&P 500, which returned 25%. Read more
With 2024 in the books here is my final global annual multi-asset returns matrix: Bitcoin soared +122%—leading again. S&P 500 returned +25%, EM Equities +8.2%. Bitcoin’s surge tops its own average since 2011, while the S&P’s +25% outpaces its usual ~12–14%. pic.twitter.com/A9XauUPMNE
— Michael McDonough (@M_McDonough) January 1, 2025
- Donald Trump has appointed pro-bitcoin advocate Stephen Miran as chairman of the Council of Economic Advisors, signaling a potential shift towards integrating cryptocurrency into U.S. economic policy. Read more
- For the first time in Bitcoin history, a significant drop in BTC on exchanges during a bull run signals a potential massive supply shock; read more here.
For the first time in #Bitcoin history, the balance of $BTC on exchanges is dropping during a bull run.
— Crypto Rover (@rovercrc) November 18, 2024
This cycle is different.
A MASSIVE SUPPLY SHOCK IS COMING.🚨 pic.twitter.com/Yw5ZSJ4l0z
- BlackRock's iShares Bitcoin Trust (IBIT) has set a record by amassing over $50 billion in assets just 11 months after its launch, marking the greatest debut in ETF history. Read more
- India: The ITAT has ruled that profits from cryptocurrency sales before April 2022 will be taxed as capital gains, while profits after will incur a fixed tax rate of 30%. Read more
- Adam Back highlights that while millions of physical qubits are entangled, we are still about 50 years away from significant advancements in quantum computing technology. Read more
- Eric Trump predicts Bitcoin will reach $1 million as major institutions increasingly adopt the cryptocurrency. Read more
💬 Was It Useful?
Please email me comments, feedback, or questions. See you in the next block.
Sandeep Goenka
DISCLAIMER: I am not a certified financial advisor. This newsletter should not be considered financial advice and is for information purposes only. Please do your research.
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