3 major developments that spurred crypto adoption in 2024

2024-12-30 09:34:19 Primitive Reading

From cointelegraph by Zoltan Vardai

In 2024, global cryptocurrency adoption surged as Bitcoin broke price records and governments began integrating crypto into their financial frameworks. From Bitcoin’s historic milestones to Europe’s regulatory strides, 2024 set the stage for crypto’s mainstream integration.

Cointelegraph has put together some of the most significant events that bolstered mainstream cryptocurrency adoption in 2024, from a potential United States strategic Bitcoin BTC$94,944 reserve to the world’s first crypto regulatory framework and the latest countries exploring crypto adoption.

United States eyes strategic Bitcoin reserve

Bitcoin may be adopted as a savings technology by the United States government during the next four years under the incoming administration of President-elect Donald Trump.

Known as one of the most anticipated crypto-related bills — the Bitcoin Act championed by Wyoming Senator Cynthia Lummis — proposes the creation of a strategic Bitcoin reserve.

Lummis Bitcoin Act. Source: Lummis.senate.gov

The Bitcoin reserve proposal is gaining significant support thanks to Trump’s victory in the November election and the incoming Republican Party Senate majority, according to Anastasija Plotnikova, co-founder and CEO of Fideum.

With bipartisan support, the bill could be accepted during the next four years. “State-level momentum is building, with initiatives such as Pennsylvania’s Bitcoin Strategic Reserve Act serving as a model for broader adoption,” Plotnikova said.

The idea of a strategic Bitcoin reserve received support from both sides of the political aisle, including from Democratic Representative Ro Khanna, the first Democratic lawmaker to back a Bitcoin reserve.

The states of Texas and Pennsylvania have also made similar proposals.

Bitcoin may eventually surpass the $1 million price tag if the Bitcoin Act is accepted by US lawmakers, according to Adam Back, co-founder and CEO of Blockstream, the inventor of Hashcash and one of the most notable cryptographers in the industry.

Europe adopts MiCA framework

The European Union’s Markets in Crypto-Assets Regulation (MiCA) became the first comprehensive crypto regulatory framework, setting a global benchmark.

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