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Bitcoin (BTC), the world's preeminent cryptocurrency, has received attention from an unlikely quarter today, adding another layer of complexity to the cryptocurrency's enviable status as one of only a handful of truly agnostic - yet volatile - wealth-preserving assets.
“Who can stop Bitcoin? Nobody.”
-President PutinLooks like Bitcoin has a new expansion manager.pic.twitter.com/e1COnDVqPQ
— Gabor Gurbacs (@gaborgurbacs) December 4, 2024
To wit, Russia's long-time president, Vladimir Putin, who has kept a tight grip on power for 12 years to spend a cumulative 24 years in office and become post-Soviet Russia's longest ruler, commented on Bitcoin's intrinsic value proposition today by asking the rhetorical question:
"Who can stop Bitcoin?"
He then answered his own question with the single word "nobody."
Of course, this comes as Bitcoin is increasingly garnering attention as a reserve asset in underdeveloped and developing quarters of the world. For instance, officials in Bhutan recently confirmed that the country has been mining Bitcoin in an official capacity since at least 2019, and has amassed a stash of 12,206 BTC.
Moreover, El Salvador, which adopted Bitcoin as a legal tender in 2021, now holds 5,942 BTC.
Moving away from sovereign countries, on the 10th of December, Microsoft shareholders are slated to vote on a proposal that would see Bitcoin added to the iconic tech company's balance sheet.
📈 Bitcoin is once again on the brink, rebounding as high as $99,250 today. With whale accumulation continuing to look strong, the only factor holding back $100K BTC history being made is retail traders' excitement.
December has started with increasingly doubtful commentary and… pic.twitter.com/jc5fXArMq0
— Santiment (@santimentfeed) December 4, 2024
Meanwhile, Bitcoin is just a whisker away from the psychologically important $100,000 price level. The cryptocurrency created a new all-time high of $99,250 earlier today.
Bitcoin retail Investor demand is surging
“The 30-day demand change from retail investors has just reached its highest level since 2020, as retail investors appear increasingly interested in #Bitcoin.” – By @Darkfost_Coc
Read more 👇https://t.co/OsGjiD9Njt pic.twitter.com/qB7mu45VZr
— CryptoQuant.com (@cryptoquant_com) December 4, 2024
Of course, much of this euphoric price action is currently being driven by retail investors, whose 30-day change in demand level just hit the highest level since 2020.
The recent move in #Bitcoin has been fuelled by naked long positions into the ETFs, less emphasis on the basis trade.
CME has seen a 30K $BTC reduction in the past two weeks, with $3B of net inflows into ETFs.
Investors taking long positions now as they are satisfied with… https://t.co/6wDI5ED8HQ pic.twitter.com/7AHmIx9lVT
— James Van Straten (@btcjvs) December 4, 2024
This hypothesis is supported by the surge in naked long positions in spot Bitcoin ETFs and a concurrent reduction in the Bitcoin futures open interest.
Of course, as we recently noted in a dedicated post, Standard Chartered analyst Geoff Kendrick believes that the world's preeminent cryptocurrency is likely to reach the $100,000 price level before the end of the year, and hit the $200,000 target some time in 2025.
Also, the broader environment might still be conducive for Bitcoin. As per a new study, the cryptocurrency typically moves in the direction of the global M2 supply a whopping 83 percent of the time! And, as we recently noted, the global liquidity proxy has now turned positive for the first time since February 2021, and continues to play a major role in boosting Bitcoin's price.
Editor's Note: Changes made to the tone of the article on December 5th, 2024, 1:09:24 am ET.
