Bitcoin breaks through the $40,000 mark, industry outlook is positive

The price of Bitcoin recently surpassed $40,000, sparking industry expectations for a new bull market. As of December 2023, Bitcoin's increase this year has exceeded 120%, and most analysts are optimistic about the market in 2024.

An executive from a cryptocurrency wallet company stated in an interview that they are prepared for a bull market in 2023, with the market full of expectations for 2024 and 2025. Bitcoin reached a historical high of nearly $69,000 in November 2021, after which the crypto industry experienced a series of turmoil, including project collapses, company bankruptcies, and criminal lawsuits. With several major cases settled, industry insiders believe this has cleared long-standing issues for the market.

Currently, investors are more focused on the positive development trend of the industry. Firstly, the Bitcoin ETF may be approved soon, which is expected to attract more traditional investors. Secondly, the Bitcoin halving is expected to take place in May 2024, which often drives a new round of price increases.

There are some bold predictions for the price of Bitcoin in 2024. A certain bank reiterated its expectation from April that Bitcoin will reach $100,000 by the end of 2024. Analysts believe that loose monetary policy and geopolitical factors may favor Bitcoin's performance.

However, some experts remind that the Bitcoin rebound largely relies on the expectation of ETF approval. If this product is denied again, it may dampen market sentiment. Overall, the trend of Bitcoin in 2024 still carries uncertainty, and investors should remain cautious.

The Historical Significance and Future Potential of Bitcoin

Bitcoin, as an innovative form of currency, not only inherits certain qualities of traditional currency but also creates entirely new possibilities. From ancient Lydian coins to modern Bitcoin, the evolution of currency reflects humanity's relentless pursuit of efficiency, trust, and value.

Bitcoin inherits some characteristics of traditional currency. It relies on social consensus to determine value, similar to the ancient Lydian stone. It has intrinsic value, although different from tangible currencies like cattle, its scarcity and underlying technology give it value. The divisibility and portability of Bitcoin are akin to cigarettes used as currency during wartime. It also embodies standardization and unification characteristics like the Euro, but on a larger scale, transcending national borders.

However, Bitcoin is not just a simple continuation of traditional currency; it is a revolutionary leap in the form of currency. It redefines the essence of trust, the meaning of value, and the mechanism of exchange. As a borderless global financial language, Bitcoin is driving the creation of a more interconnected and efficient world.

The significance of Bitcoin has transcended its role as a mere medium of exchange; it is profoundly changing people's understanding of the essence of currency. As Bitcoin continues to develop and gain popularity, it is expected to play an even more important role in the future, becoming a significant force driving global economic and social change.

El Salvador Bitcoin investment yields returns

The President of El Salvador stated that the country's investment in Bitcoin has already turned a profit. Based on the current market price, if the held Bitcoin is sold, not only can all the investment be recovered, but a profit of 3.62 million dollars can also be obtained.

The president emphasized that El Salvador has no intention of selling Bitcoin, and that has never been the goal. They are aware that prices will continue to fluctuate, but this does not affect the long-term strategy.

The president calls on those who previously criticized El Salvador's Bitcoin investment, including commentators and media, to retract their statements and issue a retraction or apology. He believes that the responsible approach is to report with equal vigor the fact that El Salvador is now making a profit.

El Salvador Field Investigation Report

A institutional trader recently visited El Salvador and shared the following observations:

El Salvador is in a stage of rapid development, with investment opportunities in various industries, including tourism, hotels, and real estate.

The capital, San Salvador, gives a modern and efficient impression. New construction and infrastructure renovations are taking place all over the country. Workers are working hard, making it feel like a nation that is moving forward.

El Salvador's goal seems to be to become the Singapore of Latin America: business-friendly, growth-oriented, and with a tough stance on crime. Based on field observations, this goal is achievable.

In terms of safety, the trader feels very secure and relaxed in El Salvador, even safer than in the best areas of New York City. Police and private security are visible everywhere, and they are professional, polite, and vigilant.

Regarding Bitcoin, the trader believes it has brought value to El Salvador beyond investment returns. The introduction of Bitcoin has promoted overall education, and young people are learning relevant knowledge and skills, which will prepare them for future employment and entrepreneurship.

Overall, the trader has a positive outlook on the development prospects of El Salvador, advising investors and tourists to pay attention to this transforming country.

The Significance of Bitcoin to Western Civilization

Coinbase CEO believes that Bitcoin may be the key to the continuation of Western civilization.

He pointed out that countries with reserve currencies often expand the money supply and increase deficit spending until they lose this advantage. The emergence of cryptocurrencies provides people with an alternative option that can serve as a counterbalance to fiat currencies.

He believes that shifting from the US dollar to cryptocurrency is more beneficial for the long-term interests of the United States and Western civilization than transitioning to the fiat currencies of other countries. Fiat currencies and cryptocurrencies are likely to coexist in the long term, complementing rather than replacing each other. Dollar-backed stablecoins will play an important role in unifying these two areas.

Overall, he believes that the development of Bitcoin will not pose a threat to the US dollar; rather, it may become a beneficial complement to the dollar, helping to maintain the long-term stability of the Western economic system.