In 2024, the world witnessed a surge in global cryptocurrency adoption as Bitcoin broke price records and governments began integrating crypto into their financial frameworks. This year set the stage for crypto’s mainstream integration, with significant events that bolstered mainstream cryptocurrency adoption.
United States Eyes Strategic Bitcoin Reserve
One of the most anticipated crypto-related bills is the Bitcoin Act, championed by Wyoming Senator Cynthia Lummis. The bill proposes the creation of a strategic Bitcoin reserve, which has gained significant support thanks to President-elect Donald Trump’s victory in the November election and the incoming Republican Party Senate majority.
According to Anastasija Plotnikova, co-founder and CEO of Fideum, "State-level momentum is building, with initiatives such as Pennsylvania’s Bitcoin Strategic Reserve Act serving as a model for broader adoption." The idea of a strategic Bitcoin reserve has 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. If the Bitcoin Act is accepted by US lawmakers, Adam Back, co-founder and CEO of Blockstream, predicts that Bitcoin may eventually surpass the $1 million price tag.
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. MiCA is designed to provide clear rules for stablecoin issuance, reserve management and redemption, enhancing market stability and consumer protection.
A Binance spokesperson told Cointelegraph that MiCA’s framework may guide other jurisdictions. "By setting clear rules on issuance, reserve management and redemption, MiCA enhances market stability and consumer protection, while also fostering innovation through legal certainty," the spokesperson said.
MiCA’s comprehensive approach will serve as a ‘global benchmark’ for other jurisdictions that may look to align their own frameworks with MiCA for more ‘cross-border compatibility.’ The regulations, fully effective on Dec. 30, have already prompted financial giants to expand crypto-based offerings.
Societe Generale has partnered with Bitpanda to launch the MiCA-compliant stablecoin EUR CoinVertible (EURCV), a euro-denominated digital currency.
Bitcoin Adoption Grows in Latin America
El Salvador was the world’s first country to adopt Bitcoin as legal tender in 2021, resulting in over $31 million worth of profit on its 3rd Bitcoin adoption anniversary in 2024. El Salvador signed a mutual agreement with Argentina to help both countries strengthen their digital asset industries.
The Bitcoin-friendly nation is also discussing similar agreements with over 25 other countries. On Dec. 11, Juan Carlos Reyes, president of the National Commission of Digital Assets (NCDA) in El Salvador, announced the signing of a mutual collaboration and training agreement with Roberto Silva, president of Argentina’s National Securities Commission (CNV).
Speaking to Cointelegraph, Reyes said Argentina’s robust and innovative blockchain industry and El Salvador’s technological expertise will ‘create a highly productive partnership.’ The partnership marks a significant milestone for Bitcoin adoption in Latin America, according to Ryan Lee, chief analyst at Bitget Research.
"This collaboration has the potential to enhance Bitcoin’s legitimacy and transactional infrastructure, particularly in regions like Argentina, where inflation has spurred interest in alternative value systems," Lee said. Related: Vancouver mayor proposes Bitcoin adoption to fight inflation.
The partnership also highlights the growing importance of Latin America in the global cryptocurrency market. Four of the top 20 countries in terms of global crypto adoption are from Latin America, namely Brazil, Mexico, Venezuela and Argentina.
Other Notable Adoption Milestones
Brazil is the second-largest Latin American country, having received over $90.3 billion worth of value through cryptocurrency in 2024, according to an Oct. 9 Chainalysis report. Other notable adoption milestones include:
- The US Bitcoin exchange-traded funds surpassing 27% in institutional ownership
- Major Swiss bank ZKB launching Bitcoin trading offerings
- The German government selling Bitcoin, netting over $2.8 billion in profit
Market Analysts Predict Further Upside for Bitcoin
While 2024 was considered a significant year for crypto adoption, market analysts are expecting another year of upside for Bitcoin’s price. Bitcoin seems poised for further adoption in
