A recent study by the Consumer Finance Institute indicates that approximately 20% of American adults own at least one cryptocurrency. In recent days, Bitcoin's price has significantly increased, coinciding with the upcoming 2024 U.S. presidential elections.

Reasons Behind Bitcoin’s Price Surge

Bitcoin has climbed to a three-month high, experiencing double-digit growth on a weekly basis. This surge comes as the U.S. elections approach, leading to speculation that Bitcoin’s price may be linked to the election cycle. Similar price movements were observed during the 2016 and 2020 elections.

Rising Demand for Bitcoin ETFs

The demand for spot Bitcoin ETFs has emerged as a significant factor driving the increase in Bitcoin's price. Approved earlier this year, these ETFs have gained popularity, surpassing $19 billion in net inflows. This surge in demand supports the upward trend of Bitcoin’s price. Major companies like MicroStrategy have made significant investments in Bitcoin, enhancing investor confidence.

Bitcoin’s Future Prospects

The continuation of this price increase will depend on election outcomes and market dynamics. Investors remain vigilant, monitoring Bitcoin’s performance alongside institutional support and regulatory developments. Companies like Metaplanet and Tesla expanding their Bitcoin portfolios further bolster market trust.

The increase in Bitcoin ownership among Americans and the recent price surge highlight the growing importance of cryptocurrencies, especially ahead of the 2024 elections. With rising demand for ETFs and institutional investor support, Bitcoin’s future remains a focal point.