Lawrence Damilola
Minneapolis Federal Reserve President Neel Kashkari has reiterated his stance that Bitcoin remains a “worthless” asset class despite its 12 years of existence. Kashkari emphasized that the cryptocurrency has not established itself as a viable currency, maintaining its critical view of the asset despite its longevity in the financial markets.
FED'S KASHKARI: BITCOIN REMAINS WORTHLESS AFTER TWELVE YEARS
— FinancialJuice (@financialjuice) October 14, 2024
Bitcoin’s Performance Over the Years
Bitcoin has shown significant gains through the years, delivering notable returns during several key periods. In 2012, the cryptocurrency rose by 9%, followed by a 59% increase in 2016 and a remarkable 171% gain in 2020.
So far, in 2024, Bitcoin increased by 48%, outperforming many major asset classes. Over the past month, the cryptocurrency climbed by 10%. However, during the final quarter of Q3, Bitcoin’s returns were largely flat, gaining only 0.8% by the end of September.
In comparison, gold, often viewed as a rival store of value to Bitcoin, performed better during the same period, delivering a 13.8% return in the last quarter.
Institutional Interest in Bitcoin ETFs
Demand for spot Bitcoin ETFs continues to rise, driven by increasing institutional interest. On October 14, 2024, Bitcoin ETFs in the U.S. saw an inflow of $556 million daily, marking the largest inflow since June 5, 2024. The inflows into Bitcoin ETFs indicate continued interest from institutional investors in the cryptocurrency. The total inflows on Monday reached $555 million, the largest in four months, underscoring the growing demand for this investment vehicle.
The U.S. elections in 2024 are shaping up to be a significant factor for the cryptocurrency industry. Both leading candidates, Donald Trump and Kamala Harris, support clearer crypto regulations. Trump, speaking at the Bitcoin Conference 2024 in Nashville, pledged to make the U.S. a global hub for cryptocurrency if elected, signaling his strong stance on fostering the industry. Kamala Harris has also voiced support for crypto-friendly policies if she assumes office.
According to CryptoQuant data, Bitcoin reserves on centralized exchanges have reached an all-time low. This reflects investors transferring their Bitcoin into long-term cold storage. Additionally, Bitcoin’s open interest has reached a record high of $19.8 billion, indicating increased liquidity in the derivatives market. Traders appear to be building long positions, suggesting rising interest in Bitcoin among market participants.
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Lawrence does not hold any crypto asset. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
