2024 Brings a Surprising Investment
As the year 2024 begins, one of the biggest Bitcoin holders surprises everyone by purchasing 8,888.88 Bitcoin worth $379 million. This purchase was made at an average price of $42,640 per bitcoin and comes at a time when the cryptocurrency market is experiencing a bullish trend. Many experts predict that Bitcoin’s price could soon surpass its all-time high.
Bitcoin ETF Approval on the Horizon
There are several reasons why there is growing interest in Bitcoin, one of which is that the Bitcoin ETF approval is on the horizon. Once approved, the price of Bitcoin is expected to rise. VanEck adviser Gabor Gurbacs has explained the potential impacts and effects of the Bitcoin ETF approval in a recent post. This approval is not only beneficial for Bitcoin but also proves to be profitable for the cryptocurrency itself.
Tether Emerges as a Major Buyer
According to BitInfoCharts, the buyer of the 8,888.88 BTC is Tether, which has now become the tenth-largest Bitcoin holder. Tether currently holds a total of 66,465.2 BTC ($2.82 billion) and has seen a significant profit from its recent purchase. With this significant purchase, it’s expected that Bitcoin will continue to gain mainstream acceptance in 2024, with more large-scale purchases likely in the future.
Hot Take
In 2024, the growing interest in Bitcoin, the emergence of major buyers like Tether, and the potential approval of the Bitcoin ETF indicate that the cryptocurrency market is set for significant growth and acceptance in the year ahead.
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