Bitcoin FOMO makes a(nother) comeback

Uptober 2024 (eventually) did what it promised and steered Bitcoin near the all-time high again.

It is quite possible that at the time of writing, the price for one Bitcoin has already broken the fabled All Time High of $74,000 on one or another trading platform. In any case, it doesn’t seem like it will be long before we can jump to $80,000.

After that, $100,000 for one Bitcoin no longer seems impossible. As even the world press now admits, crypto is making another comeback.

Ups and downs

The past seven years have seen many ups and downs for Bitcoin. It all started in the winter of 2017, when for the first time in Europe we read many stories about young people in Japan and South Korea who had invested in this new digital currency.

Bitcoin crossed the $20,000 mark for the first time in early January 2018. Asian youngsters went crazy.

After the South Korean government warned that cryptocurrencies could form a bubble, the price of Bitcoin collapsed again and even 2019 was a year we’d rather forget.

Then came Covid in 2020 and after Italy reported its first cases in March of that year, stock markets and also Bitcoin responded with a crash. It was a tweet from Edward Snowden that demonstrated the incredible opportunity at the time. Bitcoin at $4,000 was very cheap, he said.

At the end of that year he was proven right and we saw a Bitcoin price of $20,000 again.

ETF

Due to the many lockdowns of 2021, young Americans had the opportunity to invest in crypto thanks to their ‘stimmy’ (the slang name for the many stimulus checks they received from President Biden). Bitcoin rose to $50,000, Dogecoin had an incredible spring (also thanks to fanboy Elon Musk).

The first half of 2022 was reasonable for crypto, but after the Terra, Luna and ultimately FTX debacle, the price of Bitcoin dropped to $16,000 in November. Once again, the world press declared crypto to be over.

In the summer of 2023, BlackRock announced plans for their own Bitcoin ETF and admitted they had submitted an application for this to the American stock market watchdog SEC. Bitcoin promptly rose to $30,000.

As CEO Larry Fink’s company normally gained approval for all its ETF applications, investors were suddenly very enthusiastic again. Boomers would be able to get into Bitcoin as from January 2024 and $50,000 was reached at the beginning of this year.

In March of 2024, the all-time high of $74,000 was set, after which investors placed massive sell orders around $70,000. Every time the largest digital coin reached that level it was pushed back down, but we never dropped below $50,000 anymore.

Now, at the end of October 2024, we appear ready to take the next step as we wait to see who will become President of the United States.

Trump is probably not ideal for Europe, but he seems very good for crypto and Bitcoin. If he wins, a price of $100,000 by the end of the year seems possible. Harris has also realized that young people are crazy about crypto and therefore I suspect the Democrats will also adopt a more positive attitude towards digital currencies in the future.

Crypto has been declared dead many times, but at the moment we are definitely back.

So let’s all Hodl.