Global economies are tepid. Nonetheless, many buyers still believe Bitcoin will become an economic North Star. Its price will reflect their confidence.
Regardless of any short-term pullback, Bitcoin will spend this year further cementing its reputation as digital gold. Indeed, just as it did in March 2023 during a narrowly avoided banking crisis, BTC will likely hold up in ways many traditional assets — perhaps even gold — fail to.
It is true that the grand institutional entry into Bitcoin has not lit up the markets as some might have hoped, and it probably won’t for a while yet. Much of this event was already baked into prices and there are few investors that saw the SEC's reluctant capitulation as any kind of ringing endorsement of cryptocurrency.
