• On Christmas Day, Dutch analyst Michaël van de Poppe emphasized the rise of Bitcoin from $40K to $100K.
  • The recent milestone Bitcoin price surges have nullified the allegations of being a dying asset.
  • Over the last year, the digital asset has experienced a gain of 126.6%, attracting industry giants.

In 2024, the Bitcoin price witnessed a significant turnaround. Donald Trump won the US Presidential election this year, earning enormous support from the crypto community. 

Just one month after the result announcement, on December 5th, the Bitcoin price touched the significant mark of $100K. On December 17, it reached its ATH of $108,135.00.

Breaking major price records has resulted in changed market sentiment. Moreover, it has attracted institutional participants like MicroStrategy. The firm has sold an impressive amount of MSTR stocks to purchase Bitcoins. 

Breaking the Shackles of Skepticism

Traditional and institutional players have often been skeptical while investing in crypto assets. However, the major turnaround in the Bitcoin price has broken this shackle and has changed their perception. 

Michael van de Poppe, the founder and CIO at MN Conceltency, highlighted the same notion in one tweet post on the X platform. Micheal compared the Bitcoin price of last Christmas and this year’s Christmas. 

In his post, he projected that the BTC last year on the festival was $40,000, compared to this year at $100K. He stated that many on the $40K price scale declared Bitcoin a dying asset. 

Many even became skeptical of its future growth and questioned its relevancy. Now, the tables have turned, and the same group of people are seeking investment advice. The 126.6% rise over the last year is what has led to the widespread acceptance. 

Van de Poppe has long supported Bitcoin. The Dutch analyst even recently predicted that the Bitcoin price might hit $500,000. The old rainbow chart for Bitcoin served as the basis for his prediction. 

Institutional Investors as the Major Bitcoin Holders

Bitcoin price’s astonishing performance in 2024 has converted industry giants as its major holders.CryptoQuant is a South Korean on-chain and market data analytics firm. It recently reported that ETFs, governments, and Microstrategy now control 31% of BTC’s holdings. 

Ki Young Ju, the founder and CEO of CryptoQuant, stressed that “It’s not 31% of all Bitcoin, but 31% of known Bitcoin holders.”

Micael Saylor, founder of Microstrategy, has put much faith in Bitcoin. Under his leadership, the firm started selling MSTR stocks to get more hold of Bitcoins. He has suggested the same to the US government to sell gold reserves to establish a Bitcoin reserve. 

Between Dec.16 and Dec. 22, this software acquired about 5,262 Bitcoins for around $561 Million in cash. This Bitcoin news was revealed in a securities filing. Reports indicated that these purchases were made at an average price of about $106,662 a Bitcoin. It was funded by a recent sale of about 1.3 million MSTR shares. As per a revelation by the firm on Sunday, it currently holds 444,262 Bitcoins.