The year 2023 was a remarkable one for bitcoin and the wider crypto economy. Amidst the FTX controversy, the value of bitcoin surged, and major players like Blackrock and Franklin Templeton made applications for spot bitcoin exchange-traded funds (ETFs). Alongside the ever-changing crypto markets, the global economy also commanded attention, with the BRICS countries taking bold steps and economists warning of a looming economic crisis.
As we approach the end of 2023, it is beneficial to reflect on the significant events that occurred throughout the year. In this article, we will provide an overview of the most popular articles from Bitcoin.com News, ranked by the traffic they attracted.
The Top 5 Most Read Bitcoin.com News Stories in 2023
1. US-Saudi Tensions Escalate as Report Says Crown Prince Is No Longer Interested in Pleasing the United States
In 2023, Saudi Arabia and the Organization of the Petroleum Exporting Countries (OPEC) surprised the world with oil production cuts that diverged from U.S. policy preferences. Saudi Crown Prince Mohammed bin Salman openly expressed disinterest in appeasing the U.S., a move that coincided with broader global realignments. Additionally, the BRICS nations started reassessing economic ties, and Saudi Arabia considered trade in currencies other than the U.S. dollar.
2. Former Treasury Official Warns of Complete Economic Implosion if US Dollar Loses Global Reserve Currency Status
Monica Crowley, a former official at the U.S. Treasury, issued a stark warning about the potential consequences if the U.S. dollar were to lose its status as the world's reserve currency. She emphasized the dollar's pivotal role since World War II and its critical linkage to oil trade. Recent geopolitical tensions and policy missteps have significantly jeopardized this position, putting the U.S. at risk of an economic implosion and the loss of its superpower status.
3. Economist Peter Schiff Advises ‘Get Rid of Your US Dollars Now’ — Warns USD’s Reserve Currency Status in Jeopardy
Economist Peter Schiff advised against holding U.S. dollars, highlighting the global shift away from reliance on the USD, particularly in the Middle East and Southeast Asia. Schiff warned of the potential devaluation of the U.S. dollar and the risk it poses to American living standards. He urged individuals to divest from the dollar and related financial assets to mitigate personal financial loss in the face of potential hyperinflation and economic upheaval.
4. Economist Warns of ‘Catastrophic’ Fall in American Living Standard — Elon Musk Weighs in on De-Dollarization, US Dollar Weaponization
Economist Peter St Onge issued a grave warning about rapid de-dollarization and the potential consequences of the U.S. leveraging the dollar as a political tool. He predicted severe inflation, a significant decline in American living standards, and a diminished global role for the U.S. St Onge highlighted the accelerated shift away from the dollar in global markets, a sentiment echoed by Tesla and Twitter CEO Elon Musk. Musk suggested that continued currency weaponization would lead nations to abandon the dollar.
5. Elon Musk Shares ‘Massive Incentive to Move Money out of Bank Accounts’
Elon Musk drew attention to a significant incentive for individuals and companies to shift funds from banks to Treasury Bills. He highlighted the large interest rate disparity created by the U.S. Treasury and the Federal Reserve, warning that this realization could lead to a rapid withdrawal of deposits, even from large banks traditionally considered fail-safe. Musk's comments underscored broader concerns about the stability of the U.S. banking system in the face of recent crises.
Notable 2023 Stories
In addition to the top five most read stories, several other articles gained attention in 2023. These include:
1. Blackrock Files for Bitcoin Trust — Analyst Calls It a 'Real Deal' Spot Bitcoin ETF Filing: Blackrock, the world's leading asset manager, has initiated the process of launching a spot bitcoin exchange-traded fund (ETF). Despite the SEC's strict stance on unregistered crypto platforms, Blackrock appointed Nasdaq-listed company as the custodian for its trust, sparking a mix of optimism and skepticism within the crypto community.
2. DC Circuit Court of Appeals Chastises SEC for Grayscale Denial: The U.S. Court of Appeals for the District of Columbia Circuit overturned the SEC's rejection of Grayscale's Bitcoin Exchange Traded Product, criticizing the SEC for arbitrary and inconsistent decisions compared to similar cases. This decision emphasized the need for consistent and predictable regulatory actions in the cryptocurrency industry.
3. US Judge Rules XRP 'Not Necessarily a Security on Its Face,' Sending XRP Supporters Into Celebration: A U.S. judge ruled that the cryptocurrency XRP cannot definitively be classified as a security, highlighting the ongoing debate and complexity in determining the legal status of cryptocurrencies. The ruling recognized the distinct nature of XRP's institutional and programmatic sales, but further proceedings are expected to address unresolved issues.
4. Robert Kiyosaki Expects Bitcoin to 'Become Priceless' When the Fed Launches Central Bank Digital Currency: Robert Kiyosaki, author of "Rich Dad Poor Dad," expressed concerns over the potential launch of a central bank digital currency (CBDC) by the Federal Reserve. He warned that it could lead to increased surveillance and the end of privacy, making assets like bitcoin invaluable. Kiyosaki urged investors to accumulate bitcoin, gold, silver, and cash to protect against this potential threat.
5. Ethereum Co-Founder Vitalik Buterin's Address Sells Trillions of Airdropped Tokens, Causes Illiquid Coin Prices to Plummet: Vitalik Buterin, co-founder of Ethereum, reportedly sold a significant amount of various airdropped ERC20 tokens from his address, leading to a market reaction and a decline in token prices due to the shallow market liquidity. This move sparked debates within the crypto community regarding the motives behind the disposals and their impact on token prices.
2024 and the Path Forward
Overall, 2023 was a transformative year for the cryptocurrency landscape and the global economy. As we bid farewell to this eventful year, the lessons learned and challenges faced will undoubtedly shape the path forward for bitcoin and the broader crypto economy in the years to come.
Looking ahead to 2024, many crypto enthusiasts predict a bullish trend driven by widespread acceptance through spot bitcoin ETFs and the tokenization of tangible assets. Optimistic shifts in the broader economic landscape, including anticipated interest rate cuts, are likely to enhance market morale, benefiting BTC and the broader crypto economy. With promising liquidity scenarios and ongoing blockchain innovations, the coming year holds the potential for significant rewards for crypto proponents.
What are your thoughts on the hottest Bitcoin.com News stories in 2023? Share your opinions in the comments section below.
Frequently Asked Questions
Should You Purchase Gold?
Gold was considered a safety net for investors during times of economic turmoil in the past. Many people are shifting away from traditional investments like bonds or stocks to instead look toward precious metals such gold.
While gold prices have been rising in recent years they are still low relative to other commodities, such as silver and oil.
This could be changing, according to some experts. According to them, gold prices could soar if there is another financial crisis.
They also point out that gold is becoming popular because of its perceived value and potential return.
If you are considering investing in gold, here are some things that you need to keep in mind.
- The first thing to do is assess whether you actually need the money you're putting aside for retirement. You can save money for retirement even if you don't invest in gold. The added protection that gold provides when you retire is a good option.
- Second, you need to be clear about what you are buying before you decide to buy gold. Each offer varying degrees of security and flexibility.
- Finally, remember that gold doesn't offer the same level of safety as a bank account. If you lose your gold coins, you may never recover them.
Don't buy gold unless you have done your research. Protect your gold if you already have it.
What is the value of a gold IRA
There are many benefits to a gold IRA. It is an investment vehicle that can diversify your portfolio. You control how much money goes into each account and when it's withdrawn.
You also have the option to roll over funds from other retirement accounts into a gold IRA. This allows you to easily transition if your retirement is early.
The best part is that you don't need special skills to invest in gold IRAs. They're available at most banks and brokerage firms. Withdrawals can happen automatically, without any fees or penalties.
There are also drawbacks. Gold is known for being volatile in the past. It's important to understand the reasons you're considering investing in gold. Are you looking for safety or growth? Is it for insurance purposes or a long-term strategy? Only by knowing the answer, you will be able to make an informed choice.
If you want to keep your gold IRA open for life, you might consider purchasing more than one ounce. One ounce doesn't suffice to cover all your needs. You may need several ounces, depending on what you intend to do with your precious gold.
You don't need to have a lot of gold if you are selling it. Even one ounce is enough. But you won't be able to buy anything else with those funds.
What is the Performance of Gold as an Investment?
Supply and demand determine the gold price. It is also affected by interest rates.
Due to limited supplies, gold prices are subject to volatility. Additionally, physical gold can be volatile because it must be stored somewhere.
How much should precious metals make up your portfolio?
To answer this question we need to first define precious metals. Precious Metals are elements that have a very high relative value to other commodities. This makes them very valuable in terms of trading and investment. Today, gold is the most commonly traded precious metal.
There are many other precious metals, such as silver and platinum. The price of gold tends to fluctuate but generally stays at a reasonably stable level during periods of economic turmoil. It also remains relatively unaffected by inflation and deflation.
All precious metals prices tend to rise with the overall market. That said, they do not always move in lockstep with each other. For example, when the economy is doing poorly, the price of gold typically rises while the prices of other precious metals tend to fall. Investors expect lower interest rates which makes bonds less appealing investments.
Contrary to this, when the economy performs well, the opposite happens. Investors favor safe assets like Treasury Bonds, and less precious metals. Because they are rare, they become more pricey and lose value.
You must therefore diversify your investments in precious metals to reap the maximum profits. Because precious metals prices are subject to fluctuations, it is best to invest across multiple precious metal types, rather than focusing on one.
What is the best precious metal to invest in?
The answer to this question depends on how much risk you are willing to take and what type of return you want. Gold is a traditional haven investment. However, it is not always the most profitable. If you are looking for quick profits, gold might not be the right investment. If you have time and patience, you should consider investing in silver instead.
If you don't care about getting rich quickly, gold is probably the way to go. Silver might be a better investment option if steady returns are desired over a long period of time.
How much should I contribute to my Roth IRA account?
Roth IRAs allow you to deposit your money tax-free. These accounts are not allowed to be withdrawn before the age of 59 1/2. However, if you do decide to take out some of your contributions before then, there are specific rules you must follow. First, you can't touch your principal (the initial amount that was deposited). No matter how much money you contribute, you cannot take out more than was originally deposited to the account. If you are able to take out more that what you have initially contributed, you must pay taxes.
You cannot withhold your earnings from income taxes. You will pay income taxes when you withdraw your earnings. Consider, for instance, that you contribute $5,000 per year to your Roth IRA. Let's also say that you earn $10,000 per annum after contributing. On the earnings, you would be responsible for $3,500 federal income taxes. This leaves you with $6,500 remaining. This is the maximum amount you can withdraw because you are limited to what you initially contributed.
Therefore, even if you take $4,000 out of your earnings you still owe taxes on $1,500. In addition, 50% of your earnings will be subject to tax again (half of 40%). So even though you received $7,000 in Roth IRA contributions, you only received $4,000.
There are two types of Roth IRAs: Traditional and Roth. Traditional IRAs allow pre-tax contributions to be deducted from your taxable tax income. Your traditional IRA can be used to withdraw your balance and interest when you are retired. A traditional IRA can be withdrawn up to the maximum amount allowed.
Roth IRAs do not allow you to deduct your contributions. Once you are retired, however, you may withdraw all of your contributions plus accrued interest. Unlike a traditional IRA, there is no minimum withdrawal requirement. It doesn't matter if you are 70 1/2 or older before you withdraw your contribution.
- (Basically, if your GDP grows by 2%, you need miners to dig 2% more gold out of the ground every year to keep prices steady.) (smartasset.com)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
- If you accidentally make an improper transaction, the IRS will disallow it and count it as a withdrawal, so you would owe income tax on the item's value and, if you are younger than 59 ½, an additional 10% early withdrawal penalty. (forbes.com)
- Are You a Good Candidate for a Gold IRA
- What are the Options Types, Spreads. Example. And Risk Metrics
- Saddam Hussein's InvasionHelped Uncage a Bear in 1990 – WSJ
- Want to Keep Gold in Your IRA at Home? It's not legal – WSJ
- Gold IRA, Add Sparkle to Your Retirement Nest egg
- Understanding China's Evergrande Crisis – Forbes Advisor
Guidelines for Gold Roth IRA
Start saving as soon as possible to save for your retirement. You should start as soon as you are eligible (usually at age 50) and continue saving throughout your career. To ensure sufficient growth, it is vital that you contribute enough each year.
You also want to take advantage of tax-free opportunities such as a traditional 401(k), SEP IRA, or SIMPLE IRA. These savings vehicles let you make contributions and not pay taxes until the earnings are withdrawn. This makes them a great choice for people who don’t have access employer matching funds.
Savings should be done consistently and regularly over time. You may not be eligible for any tax benefits if your contribution is less than the maximum allowed.
By: Jamie Redman
Title: 2023 in Review: The Year’s Most Impactful Crypto News Stories and Economic Trends
Sourced From: news.bitcoin.com/2023-in-review-the-years-most-impactful-crypto-news-stories-and-economic-trends/
Published Date: Wed, 27 Dec 2023 07:30:01 +0000