2024 has been a significant year for the crypto industry, with several key events and announcements that have shaped the market. Let’s take a look at the top crypto tweets of 2024 and what they reveal about the year in a nutshell.

When the Crypto Cop Packs Up

Gary Gensler, the Chair of the Securities and Exchange Commission (SEC), announced his resignation via Twitter on November 21. This move marked the end of an era for the crypto industry, as Gensler’s tenure as SEC Chair was characterized by a polarizing approach to regulation.

Under Gensler’s leadership, the SEC launched a record-breaking 46 enforcement actions against crypto-related entities in 2023 alone, marking a sharp 53% increase compared to 2022. However, the crypto community viewed his resignation as a positive development, with many perceiving it as the end of an overly harsh era of regulation.

From Hater to Believer

Donald J. Trump’s tweet on October 31 celebrating the 16th anniversary of Bitcoin’s white paper marked a significant shift in his stance on crypto. Trump, who had previously dismissed crypto as speculative and unreliable, vowed to “end Kamala’s war on crypto” and ensure that Bitcoin would be “Made in the USA.”

Trump’s promises go beyond rhetoric, with plans to establish a U.S. Strategic Bitcoin Reserve and ensure Bitcoin mining is “Made in the USA.” He has also expressed support for pardoning figures like Ross Ulbricht.

When Memes Meet Government

Elon Musk’s tweet on November 13 featuring a graphical image of a dog with the acronym “DOGE” prominently displayed was more than just a playful nod to Dogecoin. The image header read “Department of Government Efficiency,” a deliberate move to merge his love for Dogecoin with his new governmental role.

Musk, along with biotech entrepreneur Vivek Ramaswamy, was named as one of the leaders of the Department of Government Efficiency, an initiative aimed at reducing bureaucratic waste and streamlining federal operations.

Crypto and AI Walk into the White House

Donald J. Trump’s announcement of David O. Sacks as the “White House A.I. & Crypto Czar” marked a significant development for the crypto industry. Sacks, a former SEC commissioner known for his pro-crypto stance, will guide policy for the Administration in Artificial Intelligence and Cryptocurrency.

This announcement acknowledges the growing importance of crypto and AI in the future economy. With this new position, Trump continues his push to bring crypto-friendly voices into the policy-making process, signaling a clear intent to promote growth and leadership in both fields.

Michael Saylor’s Mega Bitcoin Stack

Michael Saylor, the Executive Chairman of MicroStrategy, announced the company’s latest milestone in a December 15 tweet. MicroStrategy has acquired 15,350 BTC for ~$1.5 billion at ~$100,386 per Bitcoin, bringing the company’s total holdings to 439,000 BTC.

With 439,000 BTC in its reserves, MicroStrategy now stands as the largest corporate holder of Bitcoin and the fourth-largest holder overall. Saylor’s tweet also points to impressive returns, with a quarter-to-date yield of 46.4% and a year-to-date yield of 72.4%.

SEC Gets a Slice of Humble Pie

Brad Garlinghouse, CEO of Ripple, tweeted on November 29 about a key development in the company’s legal battle with the SEC. The Court reduced the SEC’s demand by ~94%, recognizing that they had overplayed their hand.

This victory for Ripple marks a significant turning point in the case, which began in December 2020 when the SEC accused the company of selling XRP as an unregistered security. The ruling acknowledges the utility of XRP as a bridge currency for cross-border payments.

CZ vs. the Meme Coin Craze

Changpeng Zhao, the founder and ex-CEO of Binance, expressed his unease with the booming meme coin trend in a November 26 tweet. CZ called for building real applications using blockchain, rather than simply creating meme coins.

Meme coins have taken 2024 by storm, dominating crypto conversations and becoming the hottest sector in the space. Classics like Dogecoin and Shiba Inu set the stage, while platforms like Pump.fun have made launching and trading meme coins as simple as posting a tweet.

Inverse Cramer Still Working

At the time, gold was trading at $2,411 per ounce, while Bitcoin sat around $54,000. Fast forward to December 20, and gold has inched up to $2,606 — a respectable but modest 8% gain. Bitcoin, on the other hand, has skyrocketed to $98,000, delivering a jaw-dropping 81% return in just a few months.

Peter Schiff’s Bubble Talk

Peter Schiff, Bitcoin’s most persistent critic, took yet another jab at Bitcoin in a December 16 tweet. Schiff compared Bitcoin’s $2 trillion market cap to the $1.7 trillion valuation of dot-com companies at their peak before the infamous bubble burst.

The crypto community, predictably, wasn’t about to let this slide. Jeff Park of Bitwise Investments fired back with a sarcastic reply, thanking Schiff for his insights. Schiff’s disdain for Bitcoin is nothing new, but his relentless pessimism has made him something of an unofficial mascot for Bitcoin rallies.

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