Quick Take
As 2023 winds down, Bitcoin has cemented its position as a formidable digital asset, registering an impressive 150% surge and maintaining stability above the $40,000 mark. This performance sets the stage for what could be another exciting year for the digital asset. With multiple influential events on the horizon for 2024, the market is rife with anticipation.
The start of 2024 holds the potential for introducing a spot Bitcoin ETF. The ARK 21 Share Bitcoin ETF, with its final deadline set for Jan 10, has sparked expectations for approval between Jan. 2 and Jan. 10. This development could further bolster Bitcoin’s market presence.
In April 2024, the Bitcoin community anticipates a halving event, an occurrence that traditionally impacts Bitcoin’s supply and potentially its price.
In another significant development, the Financial Accounting Standards Board (FASB) is expected to adopt fair value accounting for Bitcoin by Dec. 15, 2024, according to Michael Saylor. This move would allow corporations to represent the fair value of their Bitcoin treasury in their accounts, potentially driving institutional adoption.
Moreover, the prospect of rate cuts and added liquidity in the event of a global economic downturn positions Bitcoin positively as a global liquidity index.
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