Bitcoin’s popularity exploded on X (formerly Twitter) in 2024. Over 140 million tweets mentioned Bitcoin—a 65% year-over-year increase! This shows a huge surge in interest.
What Fueled the Bitcoin Buzz?
Several big events drove this Bitcoin boom:
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Spot Bitcoin ETFs Approved: The US Securities and Exchange Commission (SEC) finally approved spot Bitcoin exchange-traded funds (ETFs) early in the year. This approval led to over $110 billion in assets flooding into ETFs—more than attributed to Satoshi Nakamoto himself! This gave Bitcoin a major boost of legitimacy.
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Trump’s Election and Price Surge:
Bitcoin’s popularity dipped and rose throughout the year. A big jump happened in November after Donald Trump’s presidential election victory, with his promises to make America a crypto hub. Then, Bitcoin hit a record high of $108,000 in early December, further fueling the excitement.
The Price Dip and What’s Next
Despite the excitement, Bitcoin’s price has dropped a bit recently, trading around $95,000 in late December. Analysts are worried about a potential bigger drop if it falls below certain key price points. Some are even predicting a nearly 27% decline. Large outflows from US Bitcoin ETFs (around $1.5 billion) have added to the uncertainty.
While Bitcoin remains strong, its future depends on holding above key support levels. The overall crypto market trends will also play a big role.
Bitcoin’s Future on X
X, under Elon Musk, is constantly changing. While these changes aim to boost user engagement, they might also affect how Bitcoin-related content is shared and perceived. The platform remains a major hub for Bitcoin discussions, however.
