Bitcoin, the world’s most famous cryptocurrency, has been facing challenges lately, with its value plunging to $95,000. Investors are eagerly waiting for the next big event that could potentially turn the tide in the cryptocurrency market. In a recent interview with Bloomberg, Bitget CEO Gracy Chen shared her thoughts on the possible catalysts that could help Bitcoin regain its momentum.
Chen highlighted one crucial factor that could impact Bitcoin’s future— the new U.S. administration led by President Donald Trump. She mentioned that discussions are ongoing about potentially including Bitcoin in the country’s strategic reserve, but emphasized that nothing has been finalized yet.
While speaking with Bloomberg, Chen expressed caution about setting high expectations regarding Bitcoin’s inclusion in the strategic reserve. She mentioned that she did not foresee any concrete steps being taken in the first half of 2025, or even throughout the year.
Macroeconomic Factors
When asked about past events like the 2024 Bitcoin halving and whether they could act as significant catalysts, Chen dismissed the halving as a potential driver, stating that it was an event that was already factored into the market. She explained that unexpected events, rather than anticipated ones like the halving, are more likely to have a substantial impact on Bitcoin’s price.
Chen emphasized the importance of macroeconomic conditions, highlighting factors such as potential U.S. interest rate cuts and broader fiscal policies as key determinants of Bitcoin’s future trajectory. She pointed out that these external economic factors would likely play a more significant role in shaping Bitcoin’s path than excessive purchases from entities like Strategy and others.
Chen’s Views on Musk and Trump
In her interview, Chen also addressed concerns about relying too heavily on political figures to drive Bitcoin’s growth. She drew attention to individuals outside of traditional politics, such as Elon Musk, who have wielded considerable influence over the cryptocurrency markets.
Chen cited Dogecoin as an example, noting that its price fluctuations have often been linked to Elon Musk’s comments and actions. She described Musk as more of a businessman than a politician, underscoring the impact that entrepreneurial figures can have on the crypto space.
Furthermore, Chen compared Elon Musk to Donald Trump, suggesting that both individuals, despite their political affiliations, share a similar business-oriented mindset. She posited that business leaders like Musk and Trump can potentially drive more significant changes in the industry than conventional politicians.
As Bitcoin continues to navigate through volatile market conditions, the insights provided by industry experts like Gracy Chen offer valuable perspectives on the potential catalysts and challenges that lie ahead for the cryptocurrency. With ongoing discussions about Bitcoin’s role in the strategic reserves of countries like the United States, coupled with macroeconomic factors and the influence of prominent figures, the future of Bitcoin remains a topic of keen interest and speculation among investors and enthusiasts alike.
