Bitcoin Popularity Narrative:

1. ARK Invest Prediction: ARK Invest has updated its Bitcoin price prediction for 2030 to $2.4 million. The basis includes increased institutional investment, Bitcoin's potential to replace 60% of gold's market value, growing hedge demand from emerging markets, and considerations of Bitcoin's scarcity and lost supply.

2. Regulatory Policies: The Federal Reserve announced that banks can conduct Bitcoin and cryptocurrency transactions without prior approval, reflecting regulatory support for innovation, which may accelerate Bitcoin's mainstream adoption.

3. Institutional Demand: Fidelity Digital Assets reports that due to publicly traded companies acquiring over 30,000 Bitcoins monthly, the supply of Bitcoin on exchanges has fallen to its lowest level since 2018, indicating strong institutional demand.

4. Acceptance by Financial Institutions: UAE Islamic Bank Ruya has become the world's first bank to allow customers to purchase Bitcoin, demonstrating an increase in Bitcoin's acceptance within the financial system.

5. Industry Activities: The 2025 Las Vegas Bitcoin Conference will invite prominent figures such as Michael Saylor, Senator Lummis, and Ross Ulbricht, showcasing the expanding influence of Bitcoin and providing networking opportunities for industry leaders.

Potential Challenges

1. Futures Market: CME Bitcoin futures activity is sparse due to the unwinding of arbitrage positions related to BTC spot ETFs, and the strengthening yen reduces hedging opportunities, which may negatively affect BTC's future price momentum.

2. Price Resistance: Bitcoin's price struggles to break through the $93,000 threshold, where short positions are numerous, presenting significant resistance that could exert downward pressure on the price.