It has been a year of ups and downs in the crypto sphere of 2024, and social media was a platform that gave us a glimpse at some, if not all, of it. From regulatory changes to meme coins, here are brief insights into the best-performing crypto tweets of the year alongside indications of the new trends arising within this market sector.
The most significant tweet of the year was the resignation of Gary Gensler, Chair of the SEC, announced on November 21, 2024, effective from January 20, 2025. Most of Gensler’s time was characterized by an even more active regulation of the crypto market with 46 enforcement actions in 2023 alone. His exit may mean that more favorable legislation toward cryptocurrencies could emerge, as Paul Atkins, a former commissioner of the SEC, could succeed him.
On January 20, 2025 I will be stepping down as @SECGov Chair.
A thread 🧵⬇️
— Gary Gensler (@GaryGensler) November 21, 2024
Trump’s Crypto Shift: A Bold Move Toward a U.S. Bitcoin Reserve and Mining Boom
Donald Trump also made news headlines for his decision on October 31, when, on the anniversary of Bitcoin’s sixteen years, he declared Kamala Harris’s oration on crypto banning and promised that the BTC will be “Made in the USA.” Included in his change of heart was the call for the establishment of a U.S Bitcoin Reserve and encouraging bitcoin mining in the country.
I would like to wish our great Bitcoiners a Happy 16th Anniversary of Satoshi’s White Paper. We will end Kamala’s war on crypto, & Bitcoin will be MADE IN THE USA! VOTE TRUMP! #Bitcoin #FreeRossDayOne
— Donald J. Trump (@realDonaldTrump) October 31, 2024
Alongside some Googling work, on November 13, Elon Musk energized their fans with a post containing Dogecoin and the “Department of Government Efficiency” and expressing his affection to the meme companion as joining Trump. Musk’s influence is present with Dogecoin as his support continues providing the currency success in the market.
— Elon Musk (@elonmusk) November 13, 2024
The appointment of David O. Sacks in the Trump administration an the “White House A.I. & Crypto Czar” cement the intent of the US Government to push for crypto & AI. Sacks, an experienced Silicon Valley personality, has always backed the digital currency’s position in the decentralized internet.
I am pleased to announce that David O. Sacks will be the “White House A.I. & Crypto Czar.” In this important role, David will guide policy for the Administration in Artificial Intelligence and Cryptocurrency, two areas critical to the future of American competitiveness. David…
— Donald J. Trump Posts From His Truth Social (@TrumpDailyPosts) December 6, 2024
The biggest market splash occurred on December 15 when MicroStrategy CEO Michael Saylor bought 15,350 more bitcoins for $1.5billion, bringing the total to 439,000 bitcoins. Finally established as the biggest institutional investor in the BTC, the firm reveals 2024 earnings: 46.4% quarter and 72.4% YTD.
MicroStrategy has acquired 15,350 BTC for ~$1.5 billion at ~$100,386 per #bitcoin and has achieved BTC Yield of 46.4% QTD and 72.4% YTD. As of 12/15/2024, we hodl 439,000 $BTC acquired for ~$27.1 billion at ~$61,725 per bitcoin. $MSTR https://t.co/SaWLNBVkrl
— Michael Saylor⚡️ (@saylor) December 16, 2024
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Ripple CEO Celebrates Legal Victory as SEC Slashes Penalty by 94%
Ripple CEO Brad Garlinghouse cheered a win in court on November 29 after the SEC cut the penalty demand to $56m or 94% after the former was $170m. However, legal victories, even the partial ones, that Ripple received recently have established more confidence in the company.
The SEC asked for $2B, and the Court reduced their demand by ~94% recognizing that they had overplayed their hand. We respect the Court’s decision and have clarity to continue growing our company.
This is a victory for Ripple, the industry and the rule of law. The SEC’s…
— Brad Garlinghouse (@bgarlinghouse) August 7, 2024
The Binance CEO, Changpeng Zhao, or CZ, raised his concern on meme coin trading on the 26th of November, insisting on the real developments of the blockchain. Thus, meme coins and especially on Solana’s DEX went through an excellent 2024.
I am not against memes, but meme coins are getting “a little” weird now.
Let’s build real applications using blockchain.
— CZ 🔶 BNB (@cz_binance) November 26, 2024
Jim Cramer a notorious contrarian ignited controversy on August 5 when he said that gold surpassed crypto. Nonetheless, going to December, Bitcoin was up 81% vastly outpacing gold’s 8% thus positioning it profited those rhyming with the “Inverse Cramer.”
Remember this: gold held up a lot better than crypto…
— Jim Cramer (@jimcramer) August 5, 2024
Last but not least, on the 16th of December, Peter Schiff dissed Bitcoin when he referred to it as the biggest bubble ever. Schiff has remained pessimistic about Bitcoin hence becoming a butt of jokes among Bitcoin investors as the asset keeps rising.
About 400 publicly traded dot-com companies went bankrupt when the bubble popped. At their peak, those 400 companies had a market cap of $1.7 trillion. The current market cap of #Bitcoin alone now exceeds $2 trillion. Congratulations Bitcoiners on blowing the biggest bubble ever!
— Peter Schiff (@PeterSchiff) December 16, 2024
Conclusion
The top tweets about cryptocurrencies in 2024 suggested a remarkable year characterized by threats from the authorities in several countries and changing attitudes towards bitcoins. From Gensler’s resignation to Trump’s shifting position and Musk’s impact, these tweets transpose the fast-paced dynamics of crypto, an industry that promises to maintain its influence on the financial market for years to come.
Stay tuned to The BIT Journal and keep an eye on Crypto’s updates. Follow us on Twitter and LinkedIn, and join our Telegram channel to be instantly informed about breaking news!
FAQs
- What does Gary Gensler’s resignation mean for crypto?
It signals a potential end to strict regulations, with hopes for a more crypto-friendly SEC leadership. - How did Trump’s tweets impact Bitcoin?
Trump endorsed Bitcoin’s growth, proposing a U.S. Bitcoin Reserve and pro-crypto policies, energizing the market. - What was the effect of Elon Musk’s Dogecoin tweet?
Musk linked Dogecoin to government efficiency, boosting its popularity and market relevance. - How did Ripple fare in its SEC case in 2024?
Ripple’s $2B penalty was reduced by 94%, marking a major win against SEC overreach.
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