Bitcoin Obituaries Dwindle in 2023
Bitcoin, the world's most popular cryptocurrency, has faced numerous predictions of its demise over the years. However, the year 2023 saw a significant decline in such "death calls." According to the Bitcoin Obituaries list on 99bitcoins.com, there were only eight declarations of bitcoin's end in 2023, compared to 47 and 27 in the previous two years. The final call came from crypto advocate Arthur Hayes, who expressed concerns about the potential impact of exchange-traded funds (ETFs) on bitcoin.
Changing Perspectives
The decline in death calls for bitcoin in 2023 is noteworthy when compared to previous years. Apart from 2010, 2011, and 2012, which also had low counts, this year recorded a relatively small number of obituaries. In 2010, there was one, followed by six in 2011, and another single obituary in 2012. Interestingly, the first declaration in 2023 came from former U.S. Securities and Exchange Commission (SEC) official John Reed Stark and CNBC TV personality Jim Cramer. While Stark has continued his criticism of bitcoin, Cramer has recently changed his stance and now believes that bitcoin is here to stay.
Notable Critics
The list of individuals who predicted bitcoin's demise in 2023 includes notable figures like geopolitical analyst Peter Zeihan, JPMorgan chief Jamie Dimon, and venture capitalist Chamath Palihapitiya. Renowned finance journalist Harvey Jones from Daily Express and Sunday Express also joined the chorus of critics, describing bitcoin and the entire crypto market as fraudulent. Jones characterized them as a joke, fraud, and Ponzi scheme, warning investors to stay away.
A Divergent View
However, the final death call of 2023 came from Arthur Hayes, the former leader of Bitmex and current CIO of Maelstrom. Despite being a known advocate for bitcoin and cryptocurrencies, Hayes presented a dissenting perspective. He raised concerns about the potential negative impact of a spot bitcoin ETF, suggesting that it could lead to a scenario where a few entities control all bitcoin, hindering its use and causing problems for miners. Hayes speculated that such a situation could create an opportunity for another cryptocurrency to rise in its place.
The Enduring Narrative
Since 2010, the Bitcoin Obituaries list has documented a total of 475 predictions of bitcoin's demise. While 2023 saw a decline in death calls, the peak was in 2017 with 124 obituaries. The count decreased to 93 in 2018 and further halved to 41 in 2019. Surprisingly, despite the challenges posed by the Covid-19 pandemic in 2020, there were only 14 death declarations. As the digital currency landscape continues to evolve, the narrative of bitcoin's demise persists, even as it gains growing acceptance in mainstream circles.
In conclusion, the decline in death calls for bitcoin in 2023 is a testament to its resilience and growing mainstream acceptance. Despite the criticisms and predictions of its demise, bitcoin continues to prove its staying power. What are your thoughts on the death calls recorded in 2023? Share your opinions in the comments section below.
Frequently Asked Questions
How much gold do you need in your portfolio?
The amount of money you need to make depends on how much capital you are looking for. You can start small by investing $5k-10k. You could then rent out desks and office space as your business grows. You don’t need to worry about paying rent every month. It’s only one monthly payment.
It is also important to decide what kind of business you want to run. My website design company charges clients $1000-2000 per month depending on the order. Consider how much you expect to make from each client, if you decide to do this kinda thing.
Freelance work is not likely to pay a monthly salary. The project pays freelancers. Therefore, you might only get paid one time every six months.
You need to determine what kind or income you want before you decide how much of it you will need.
I would recommend that you start with $1k-2k worth of gold and then increase your wealth.
How is gold taxed in Roth IRA?
A tax assessment for an investment account will be based on the current market value, and not what you paid initially. All gains, even if you have invested $1,000 in a mutual funds stock, are subject to tax.
You don’t pay tax if you have the money in a traditional IRA/401k. Dividends and capital gains are exempt from tax. Capital gains only apply to investments more than one years old.
The rules that govern these accounts differ from one state to the next. Maryland requires that you withdraw funds within 60 business days after reaching the age of 59 1/2. You can delay until April 1st in Massachusetts. And in New York, you have until age 70 1/2 . To avoid penalties, you should plan ahead and take distributions as soon as possible.
What precious metals could you invest in to retire?
These precious metals are among the most attractive investments. Both are easy to sell and can be bought easily. If you want to diversify your portfolio, you should consider adding them to your list.
Gold: The oldest form of currency known to man is gold. It’s also very safe and stable. Because of this, it’s considered a good way to preserve wealth during times of uncertainty.
Silver: The popularity of silver has always been a concern for investors. It’s a good choice for those who want to avoid volatility. Silver tends instead to go up than down, which is unlike gold.
Platinum: This precious metal is also becoming more popular. It’s resistant to corrosion and durable, similar to gold and silver. However, it’s much more expensive than either of its counterparts.
Rhodium. Rhodium is used as a catalyst. It is also used to make jewelry. It is also very affordable in comparison to other types.
Palladium: Palladium, which is a form of platinum, is less common than platinum. It’s also less expensive. It is a preferred choice among investors who are looking to add precious materials to their portfolios.
What Is a Precious Metal IRA?
An IRA with precious metals allows you to diversify retirement savings into gold and silver, palladium, rhodiums, iridiums, osmium, or other rare metals. These are called “precious” metals because they’re very hard to find and very valuable. These are good investments for your cash and will help you protect yourself from economic instability and inflation.
Bullion is often used to refer to precious metals. Bullion refers to the actual physical metal itself.
Bullion can be purchased via a variety of channels including online sellers, large coin dealers, and grocery stores.
A precious metal IRA lets you invest in bullion direct, instead of purchasing stock. This will ensure that you receive annual dividends.
Precious Metal IRAs don’t require paperwork nor have annual fees. Instead, you pay a small percentage tax on the gains. Additionally, you have access to your funds at no cost whenever you need them.
Should You Purchase Gold?
Gold was a safe investment option for those who were in financial turmoil. Many people are now turning their backs on traditional investments like stocks and bonds, and instead look to precious metals like Gold.
The trend for gold prices has been upward in recent years but they still remain low relative to other commodities like silver and oil.
This could be changing, according to some experts. Experts predict that gold prices will rise sharply in the wake of another global financial collapse.
They also mention that gold is becoming more popular due to its perceived worth and potential return.
These are some important things to remember if your goal is to invest in gold.
- First, consider whether or not you need the money you’re saving for retirement. It is possible to save enough money to retire without investing in gold. However, you can still save for retirement without putting your savings into gold.
- Second, be sure to understand your obligations before you purchase gold. Each offers varying levels of flexibility and security.
- Last but not least, gold doesn’t provide the same level security as a savings account. You may lose your gold coins and never be able to recover them.
Do your research before you buy gold. And if you already own gold, ensure you’re doing everything possible to protect it.
Is gold a good investment IRA?
Any person looking to save money is well-served by gold. It can be used to diversify your portfolio. There is much more to gold than meets your eye.
It has been used as a currency throughout history and is still a popular method of payment. It is often called “the most ancient currency in the universe.”
Gold, unlike other paper currencies created by governments is mined directly from the earth. This makes it highly valuable as it is hard and rare to produce.
The price of gold fluctuates based on supply and demand. The strength of the economy means people spend more, and so, there is less demand for gold. As a result, the value of gold goes up.
On the other hand, people will save cash when the economy slows and not spend it. This causes more gold to be produced, which lowers its value.
This is why it makes sense to invest in gold for individuals and companies. If you invest in gold, you’ll benefit whenever the economy grows.
Your investments will also generate interest, which can help you increase your wealth. You won’t lose your money if gold prices drop.
Can I hold physical gold in my IRA?
Not only is gold paper currency, but it’s also money. Gold is an asset people have used for thousands years as a place to store value and protect their wealth from economic uncertainty and inflation. Investors use gold today as part of their diversified portfolio, because it tends to perform better in times of financial turmoil.
Today, many Americans invest in precious metals such as gold and silver rather than stocks and bonds. It’s not guaranteed that you’ll make any money investing gold, but there are several reasons it might be worthwhile to add gold to retirement funds.
Another reason is that gold has historically outperformed other assets in financial panic periods. The S&P 500 declined 21 percent during the same period. Gold prices increased nearly 100 per cent between August 2011 – early 2013. Gold was one asset that outperformed stocks in turbulent market conditions.
One of the best things about investing in gold is its virtually zero counterparty risk. If your stock portfolio goes down, you still own your shares. If you have gold, it will still be worth your shares even if the company in which you invested defaults on its debt.
Finally, the liquidity that gold provides is unmatched. This means you can easily sell your gold any time, unlike other investments. The liquidity of gold makes it a good investment. This allows you take advantage of the short-term fluctuations that occur in the gold markets.
Statistics
- The price of gold jumped 131 percent from late 2007 to September 2011, when it hit a high of $1,921 an ounce, according to the World Gold Council. (aarp.org)
- 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)
- Contribution limits$6,000 (49 and under) $7,000 (50 and up)$6,000 (49 and under) $7,000 (50 and up)$58,000 or 25% of your annual compensation (whichever is smaller) (lendedu.com)
- Indeed, several financial advisers interviewed for this article suggest you invest 5 to 15 percent of your portfolio in gold, just in case. (aarp.org)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
External Links
bbb.org
law.cornell.edu
- 7 U.S. Code SS7 – Designation of boards for trade as contract markets
- 26 U.S. Code SS 408 – Individual retirement plans
irs.gov
wsj.com
- Saddam Hussein’s Invasion Helped Uncage a Bear In 1990 – WSJ
- Want to Keep Gold in Your IRA at Home? It’s not legal – WSJ
How To
3 Ways To Invest in Gold For Retirement
It’s essential to understand how gold fits into your retirement plan. You can invest in gold through your 401(k), if you have one at work. It is also possible to invest in gold from outside of your work environment. If you have an IRA (Individual Retirement Account), a custodial account could be opened at Fidelity Investments. If you don’t have any precious metals yet, you might want to buy them from a reputable dealer.
These are three simple rules to help you make an investment in gold.
- Buy Gold with Your Cash – Don’t use credit cards or borrow money to fund your investments. Instead, deposit cash into your accounts. This will protect you from inflation and help keep your purchasing power high.
- Physical Gold Coins to Own – Physical gold coin ownership is better than having a paper certificate. Physical gold coins can be sold much faster than paper certificates. You don’t have to store physical gold coins.
- Diversify Your Portfolio – Never put all of your eggs in one basket. This is how you spread your wealth. You can invest in different assets. This helps reduce risk and gives you more flexibility during market volatility.
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By: Jamie Redman
Title: Bitcoin’s Resilience in the Face of Declining Death Calls
Sourced From: news.bitcoin.com/bitcoins-obituary-bounce-decline-in-death-calls-signals-resilient-2023/
Published Date: Thu, 04 Jan 2024 19:00:16 +0000
