According to a Dec. 21 post, Grayscale and Harris Poll have teamed up to get the read on the role of crypto in the 2024 election.

As stated inthe report, for the first time in history, Bitcoin (BTC), Ethereum (ETH), and other cryptocurrencies were all mentioned in the American Presidential primary debate, resulting in the release of2024 Election: The Role of Cryptoa survey administered by Grayscale on behalf of The Harris Poll, an American market research and analytics company.

From this study, key findings included 46% of likely voters being said to hold off on cryptocurrency investments, waiting for additional policies and regulations before diving into the digital asset space.

🚨NEW: @Grayscale partnered with @HarrisPoll to get a read on the role of #crypto in the 2024 election. Some key findings were:

🔱46% of likely voters say that they are waiting for additional policies and/or regulation before investing in crypto.
🔱40% expect their future…

— Eleanor Terrett (@EleanorTerrett) December 21, 2023

Simultaneously, data showed that 40% of respondents anticipate incorporating cryptocurrency into their future investment portfolios, signaling a growing acceptance of this emerging financial frontier. Equally noteworthy is that nearly half of the surveyed voters, 48%, expressed that implementing additional policies or regulations around cryptocurrency would make them more inclined to invest. The survey also unveils a generational trend, with Gen Z and Millennials displaying a keen interest in the candidates understanding of crypto.

A substantial 59% from both demographics express a likelihood of voting for a candidate well-versed in cryptocurrency matters, and an additional 50% and 48%, respectively, consider a candidates stance on crypto a decisive factor in their vote for the 2024 U.S. presidential election.

In alignment with an earlier report from Nov. 9, Galaxy Digital Holdings CEO Michael Novogratz expressed reservations about the progression of cryptocurrency regulations in the United States leading up to the anticipated 2024 presidential elections.

In the third quarter earnings call for the company, Novogratz predicted a delay in U.S. crypto regulation until post-2024 elections. With many likely voters interested in cryptocurrency regulation, Novogratzs prediction will likely check out.

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Cryptocurrency is an extremely high-risk and complex investment. Dont invest unless youre prepared to lose all the money you invest. You are unlikely to be protected if something goes wrong.Forbes Advisor has provided this content for educational reasons only and not to help you decide whether or not to invest in Cryptocurrency. Should you decide to invest in Cryptocurrency or in any other investment, you should always obtain appropriate financial advice and only invest what you can afford to lose.

(including market capitalisation and individual token price as of 5 December, 2023, CoinMarketCap)

Price: $41,719.56

Market Cap: $816,019,061,518

Price: $2,205.83

Market Cap: $265,252,645,486

Price: $0.9999

$89,814,712,264

Price: $229.57

$34,823,334,708

Price: $0.6104

Market Cap: $32,890,551,566

Bitcoin: 82%

Ethereum 14%

Litecoin: 9%

None: 8%

XRP: 5%

(CoinMarketCap, 5 December 2023)

At a glance, the trading volume* (24hrs) for some of the four largest crypto exchanges by volume were:

*Data retrieved from CoinMarket Cap on 6 December, 2023

Trading volume data provided by crypto exchanges is not necessarily an accurate indicator of trading activity as some exchanges have inflated their numbers in order to raise the profile of the exchange and draw in new investors. (Source: Investopedia and Nasdaq.com.)

As of February 2022, 10% of UK adults were estimated to hold or to have held some form of crypto asset (UK GOV):

*HMRC survey conducted between 15 February and 22 June 2021

According to a survey from lendingtree.com, conducted in November 2022, a higher percentage of 38% of cryptocurrency investors have reported to lost money rather than profited, 28% say they made a profit, and only 13% broke even.

Be mindful, past performance is not an indicator of future results. Cryptocurrency is an extremely high-risk investment. Should you decide to invest in cryptocurrency, you should always obtain appropriate financial advice and only invest what you can afford to lose.

1 260: 40%

260 1,000: 5%

1,001 9,999: 7%

1 260: 25%

260 1,000

1,001 9,999: 13%

10k+: 6%

1 260: 25%

260 1,000: 13%

1,001 9,999: 15%

10k+: 12%

1 260: 18%

260 1,000: 17%

1,001 9,999: 11%

10k+: 3%

Resources:

Cryptocurrency is unregulated in the UK. The UK regulator, the Financial Conduct Authority, has repeatedly warned investors that they risk losing all their money if they buy cryptocurrency, with no possibility of compensation.

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Cryptocurrency Statistics and Trends in 2023 Forbes Advisor UK - Forbes

Yuri Molchan

Elon Musk made curious statement about ideal financial system in his head and Bitcoin

During a recent Space event on X/Twitter, the platforms owner, Elon Musk, had a discussion of various aspects of the future world, including financial markets, AI and cryptocurrency, with Cathie Wood CEO of Ark Invest and a vocal Bitcoin supporter.

Here is what he told the renowned investor and Ark Invest chief executive about Bitcoin and the financial system.

Answering Cathie Wood about what he thinks about the impact of Bitcoin on the monetary system, Musk stated that he does not spend a lot of time thinking about cryptocurrency, hardly any at all. However, he admitted that he has spent quite a great deal of time thinking about what money actually is.

For Musk, money is a database for allocating resources. For him, fiat currency is fine for resource allocation; however, he added that if you have a predictable money supply and it doesnt get inflated or deflated too much, it is rules-based and provided the government does not too much abuse the privilege to create more money.

He stated that an unavoidable temptation to debase the money supply in humanity goes back to the times when money was invented in any form, including in gold. Musk then likened the monetary system to an information system, stating that like the latter has noise, the former has inflation, high transaction times, fraud, etc., it would be great if all of these could be reduced in a financial system. For Musk, money is information moving on a network in general.

What Musk described pretty much describes cryptocurrency, and Bitcoin in particular. Cathie Wood pointed to that, stating that she reckons that her point of view here coincides with Musks, and that on this issue they are both on the crypto team.

Musk is a well-known supporter of the original meme cryptocurrency Dogecoin. In the past, he frequently endorsed DOGE, talking about it as the peoples money or posting memes related to it.

In 2021, Musk debuted as host on SNL, where he discussed Dogecoin, thus giving DOGE an even bigger endorsement.

About the author

Yuri Molchan

Yuri is interested in technology and technical innovations. He has been writing about DLT and crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. He has written for multiple crypto media outlets. His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

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Elon Musk: 'I Don't Spend Much Time Thinking About Cryptocurrency' but Here's Catch - U.Today

A year ago, the crypto world was in shambles. Now it's back, riding a new rally that supporters predict will surge even higher in 2024.

The price of bitcoin (BTC-USD), the worlds largest cryptocurrency, is up more than 160% this year after topping $44,000 for the first time since early 2022. The stock of cryptocurrency exchange Coinbase (COIN) has more than tripled, while the total market value of all crypto assets has nearly doubled.

I think what people are reacting to this year is crypto is here to stay, Coinbase CEO Brian Armstrong told Yahoo Finance.

The industrys comeback was one of the more surprising market stories of 2023, following an epic 2022 collapse that burned many investors and took down some of the industrys biggest names.

The bull case for 2024 is that many of cryptos biggest problems are now officially in the rear-view mirror after the criminal conviction of FTX founder Sam Bankman-Fried and a guilty plea from Binance CEO Changpeng Zhao.

Investors are optimistic the industry is poised for wider acceptance and regulatory clarity from Washington. They expect regulators to grant approval in January for a series of spot bitcoin ETFs that would allow everyday people to get exposure to the cryptocurrency without having to own it.

Investors are also excited about bitcoins "halving" in April, a once-in-every-four-years event that reduces the daily issuance of the cryptocurrency by half and typically results in another bull run.

"There's really this perfect storm of positive tailwinds heading into next year," Sean Farrell, Fundstrat Global Advisors vice president of digital asset strategy, told Yahoo Finance.

The crypto market "has been positioned for perfection over the next six months," added Rich Rosenblum, founder and CEO of crypto market maker GSR.

The industry still faces plenty of risks, however. One worry is that US regulators could make it much harder for digital asset firms to thrive as they did during the last boom. Another is that extreme risk takers in the industry could take things too far, as they did in the run-up to 2022.

Story continues

"If prices go back up, I think we could see a very similar landscape to what happened before," Molly White, a crypto researcher and critic, told Yahoo Finance.

A third potential problem is that Congress wont clarify how the industry is regulated, making it more difficult for the industry to achieve mainstream acceptance. Democrats and Republicans in Washington currently disagree about whether cryptocurrencies are a threat to the financial system or a source of innovation.

JPMorgan Chase (JPM) CEO Jamie Dimon told US lawmakers earlier this month that he would put an end to crypto if he had the power to do so.

"If I was the government, I'd close it down," he said in response to a question from Sen. Elizabeth Warren (D-Mass.), who is pushing a new bill that would force crypto providers to comply with anti-money laundering safeguards.

If there is one firm that stands the most to either benefit or lose from the industrys next steps, it is Coinbase, the largest crypto exchange in the US. Its stock has surged 375% so far this year.

It benefitted from the fall of FTX and the humbling of Binance, its two biggest rivals, while introducing a raft of new products ranging from a US regulated futures exchange to a Layer 2 blockchain scaling solution. It also stands to become the custodian for many of the spot bitcoin ETFs that hope to launch early next year.

Coinbase did post its seventh consecutive quarterly loss in the third quarter, but it was the closest it has come to a positive earnings result since the fourth quarter of 2021, when the last crypto boom was still raging.

Its future earnings remain at risk from a legal fight with the Securities and Exchange Commission, which sued the exchange in June for allegedly operating an unlicensed crypto securities exchange, broker, and clearing agency.

The company is choosing to defend itself in court and its CEO Brian Armstrong has been vocal about his disagreements with the SEC.

"Theres a lot of short-term bumps, twists, episodes," Coinbase CFO Alesia Haas told Yahoo Finance earlier this month. "The longer you are in crypto the more you have to realize that you have to see through the noise," she added.

The SEC remains the biggest threat looming over much of the industry. It took more than 32 actions against crypto-related actors in 2023, a 28% increase compared to the 25 in 2022. Those charges, which targeted many of the industrys biggest players, were still a small part of more than 300 overall actions taken by the regulator against a variety of companies.

Its core claim is that many crypto assets should be considered securities, thereby requiring more onerous oversight from the SEC.

Judges offered differing opinions on that subject in 2023 in cases brought by the SEC, adding to the confusion. One ruled that a digital coin called XRP was a security only when sold to institutional investors but not when sold on public exchange to retail customers.

Another judge in a separate case involving the Terra USD token said that digital currencies can be considered securities when sold to the general public, contradicting the earlier ruling.

Coinbase has separately asked the SEC to come up with a new framework to oversee crypto, but the agency denied that petition this month.

In doing so, SEC Chair Gary Gensler cited the SEC's limited resources and a quote from the SECs head of enforcement stating that "you simply cant ignore the rules because you dont like them or because youd prefer different ones." Coinbase is appealing the decision.

While it wages war with the SEC, Coinbase is also actively lobbying Washington for more clarity around how the crypto world is regulated.

To that end, Coinbase and other crypto backers announced this month that three super PACs have raised $78 million to back candidates in 2024 who favor crypto-friendly policies.

"There's going to be ups and downs but this movement is here to stay and we need to send that message to Washington," Armstrong added.

David Hollerith is a senior reporter for Yahoo Finance covering banking, crypto, and other areas in finance.

Click here for the latest crypto news, updates, values, prices, and more related to bitcoin, ethereum, dogecoin, DeFi, and NFTs

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Crypto had a surprisingly great year. It still faces threats in 2024. - Yahoo Finance

Learn about places that accept cryptocurrency for purchasing a variety of gifts, from electronics to cars.

As we gear up for the holiday season, its hard not to notice a new shopping trend gaining momentum.The use of cryptocurrency in retail is no longer just a niche for tech enthusiasts; its becoming a mainstream phenomenon.This comes at a time when more and more stores that accept cryptocurrency as payment are popping up.

From your favorite gadget to a luxurious car to just picking up Christmas gifts for your friends and family, these places are making these big acts of purchase feel like a leap into the future.

So, lets dive into how crypto is changing not just the way we invest, but also the way we shop.

The first brand in our list of marketplaces where cryptocurrency is accepted is Newegg.com.

Newegg is a popular online store specializing in electronics and computer parts. Its known for its appeal to tech enthusiasts and has become increasingly crypto-friendly.

Through its website, Newegg supports crypto payments for all its products, accepting a range of tokens including Bitcoin (BTC) and Ethereum (ETH).

This makes it a notable choice for those looking to shop with crypto in the tech and electronics domain.

Another noteworthy example in the realm of marketplaces where cryptocurrency is accepted is Overstock.com; an online retail giant that offers a wide range of products, including ideal potential Christmas gifts such as furniture, home decor, bedding, clothing, and jewelry.

In 2017, Overstock set itself apart among other stores that take crypto payments when it made headlines by accepting a variety of cryptocurrencies instead of just limiting itself to Bitcoin.

Since its launch in 2018, Crypto Emporium has spread its wings across 125+ countries and is distinguished its wide variety of products. Beyond just buying a gadget or two, at Crypto Emporium buyers could choose their next Lamborghini or Rolex, all with their crypto holdings.

The company also has a cashback system that turns purchases into points, which can later be redeemed for more crypto. They also have an affiliate program so users can share their finds with friends.

AMC Theaters, known for bringing the magic of movies to the big screen, has also expanded its payment options to include crypto payment options.

As the largest movie theater chain in the U.S., AMCs move to accept digital currencies like BTC, ETH, and others for online payments marks a shift in the entertainment industry.

This cryptocurrency integration into AMCs payment system allows movie enthusiasts to shop with crypto for their online ticket and concession purchases.

While customers can use crypto to buy tickets, they cant use crypto for in-person purchases at the cinemas yet. However, the inclusion of crypto alongside traditional payment options like Apple Pay, Google Pay, and PayPal can help customers go cashless.

Shopify, a leading name in the e-commerce space, has made significant strides in embracing crypto and, therefore, embracing the global trend of marketplaces where cryptocurrency is accepted.

Shopifys integration with cryptocurrency aims to be user-friendly, with a range of third-party payment gateways like Crypto.com and others that support a diverse array of cryptos. This inclusion allows merchants on Shopify to tap into a global customer base.

With the recent partnership between Shopify and DePay, Shopify merchants can receive a wide range of crypto tokens, broadening the scope of online stores that accept Bitcoin and other crypto coins.

International boutique hotel group the Pavilions Hotels & Resorts has taken a significant step in the hospitality industry by accepting cryptocurrencies for hotel bookings.

Guests staying at any of The Pavilions hotels and resorts now have the option to pay for their bookings using BTC, ETH, and over 40 other altcoins. The Pavilions Residences, which are sold at the groups Phuket and Niseko resorts, also accept cryptocurrencies for property sales.

When dealing with marketplaces where cryptocurrency is accepted, you should remain vigilant. Here are some dos and donts to consider.

Research: Before using crypto for purchases at online stores that accept Bitcoin or other cryptocurrencies. Research the retailers credibility and the stability of the cryptocurrency being used.

Understand volatility: Be aware of the volatile nature of cryptocurrencies. Prices can fluctuate rapidly, affecting the value of your purchase.

Secure wallets: Ensure your digital wallet is secure. Opt for wallets with strong security features to shop with crypto safely.

Check transaction fees: Be mindful of transaction fees. Some retailers that accept Bitcoin may charge additional fees for crypto transactions.

Record keeping: Keep track of your transactions. Maintaining records is crucial for understanding your spending and for tax purposes.

Impulse buy: Avoid impulse buying with crypto. The excitement of using digital currency for shopping should not override prudent spending decisions.

Ignore tax implications: Dont overlook the tax implications. In many jurisdictions, buying with crypto can trigger tax events.

Neglect security: Dont compromise on security. Using unsecured networks while transacting can lead to theft of your digital assets.

Overlook refund policies: Dont ignore the retailers refund policy. Some places might have different refund policies for crypto purchases compared to traditional purchases.

Forget wallet details: Never forget your wallet credentials. Losing access to your digital wallet means losing your funds.

Remember, while the allure of using cryptocurrencies to buy gifts and presents can be strong, always prioritize security and due diligence.

There are a variety of marketplaces where cryptocurrency is accepted as payment. This includes numerous online stores that accept Bitcoin and other digital currencies, spanning sectors from technology and fashion to travel and hospitality.

You can buy a diverse range of products and services with Bitcoin. This includes everything from everyday items to luxury goods and services. Common categories include electronics, travel experiences, home goods, and even real estate.

Many retailers that accept Bitcoin are part of this growing trend, offering customers the option to purchase gifts and presents using various crypto tokens.

A growing number of companies across various industries accept cryptocurrency. This ranges from tech giants and online stores to boutique hotels and even some airlines. As the adoption of crypto increases, we expect to see more places where cryptocurrency is accepted as payment, providing more opportunities for customers to enjoy the convenience of shopping with digital currencies.

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Places accepting cryptocurrency to buy gifts this Christmas - crypto.news

Ric Flair is not only in the energy drink and marijuana businesses, hes also dabbling in the world of cryptocurrency.

On Friday, The Nature Boy announced his latest business venture, the Wooooo! Coin.

Wooooo! Coin there is only one true Wooooo!, he wrote via X. Get in on the hottest crypto project of the year!

Flair added, Whitelist is now open! Join the community on Telegram and get on the whitelist!

The official launch for the new business venture of the multiple-time WWE Hall of Fame legend and current AEW personality is scheduled for January 1, 2024.

For more information, visit OfficialWoooooCoin.com.

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Ric Flair Announces Launch Of The Wooooo! Coin Cryptocurrency For Jan. 1 - Wrestling Headlines

U.Today - The cryptocurrency market has been showing an explosive performance, especially the meme coin industry. However, appears to be the outlier in a season when even crypto-related stocks like Coinbase (NASDAQ:) have performed with more vigor.

XRP's market performance has been lackluster, failing to show signs of a bullish breakout. The absence of substantial institutional and retail support, which is often crucial for significant price movements, could be one of the main reasons behind the lack of movement. The asset's poor performance is not helped by a perceivable lack of use cases in the broader crypto ecosystem, which further aggravates investor apathy.

XRP/USDT Chart by TradingViewThe technical outlook for XRP is equally grim. The asset has been unable to capture and sustain momentum, continuously facing resistance at key technical levels. This inability to rally, even when other cryptocurrencies have seen upticks, paints a bleak picture for XRP enthusiasts hoping for a bull run.

Considering XRP's historical performance and current market sentiment, the prognosis for a bullish surge is not promising. Scenarios that might offer a glimmer of hope, such as a favorable resolution to Labs' ongoing legal battle with the U.S. Securities and Exchange Commission (SEC), seem insufficient to alter its trajectory significantly. Even if Ripple were to emerge victorious or settle favorably, past trends suggest that such legal victories have not translated into sustained market rallies for .

The fundamental issues run deep. The cryptocurrency market is evolving, with new assets and ecosystems emerging that offer clear use cases and robust community support. XRP, in contrast, has struggled to carve out a definitive niche for itself beyond the cross-border payments sector, where competition is fierce and regulatory scrutiny is high.

Even a win in the legal arena might not be the panacea investors hope for. The market has previously shrugged off such victories, indicating that legal outcomes alone may not be enough to drive substantial investor interest. Without a clear and compelling use case, institutional backing or retail excitement, XRP's chances of joining a potential bull run are slim.

The chart shows Ethereum maintaining a steady climb, trading above its moving averages a bullish indicator suggesting sustained investor confidence. The moving averages act as support levels, providing a safety net against potential downturns. While the ascent is evident, it is crucial to note that Ethereum is not exhibiting the same growth magnitude seen on assets like , which recently experienced rapid price increases.

Analysts remain optimistic about potential for an explosive price performance in the foreseeable future. Ethereum's ecosystem, particularly its layer-2 (L2) networks such as Optimism and Arbitrum, is bustling with activity. These networks are designed to enhance Ethereum's scalability by handling transactions off the main chain, thereby reducing fees and speeding up transaction times.

The increasing adoption and development activity on these L2 solutions indicate a robust and expanding infrastructure, which could be a precursor to significant price movements for Ethereum.

The Relative Strength Index on the chart is in a healthy range, suggesting that while the asset is gaining momentum, it is not yet overbought a scenario that could limit potential rallies. This leaves Ethereum with great room for growth, as it is not facing immediate resistance from overvaluation.

The excitement surrounding Ethereum's L2 activity cannot be overstated. As the DeFi and broader dApp landscapes continue to mature, Ethereum stands to benefit from the innovations and efficiencies these L2 solutions provide.

This article was originally published on U.Today

Excerpt from:

XRP Brutally Denied: Doomed to Miss Bull Run? By U.Today - Investing.com

Cryptocurrency Scams on Twitter Exploit Post Features Gridinsoft  GridinSoft

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Cryptocurrency Scams on Twitter Exploit Post Features Gridinsoft - GridinSoft

(AP Andrew Harnik, File) The SEC and the United States have filed two fraud cases against Utah-based crypto company SafeMoon and its three executives. Utah-based CEO John Karony was arrested in Provo.

| Dec. 19, 2023, 4:08 p.m.

| Updated: 6:25 p.m.

SafeMoon, a Utah-based cryptocurrency company that promised to take investors to the moon, is instead bracing for an earthly descent in federal court.

The company filed for bankruptcy late last week, court records show. Its three executives, including Utah CEO John Karony, face fraud criminal charges in New York District Court and separate fraud charges from the Securities and Exchange Commission.

A trustee for SafeMoon has asked a judge for temporary control over the business assets and operations in order to wind down operations and paying SafeMoon creditors, who are primarily former SafeMoon employees.

In a motion filed Sunday, trustee Ellen Ostrow proposed hiring former employees as independent contractors to assist in the liquidation of the Debtors assets. Doing so, the motion says, would make liquidation more efficient and maximize SafeMoons assets.

A judge Monday granted that motion, expediting SafeMoons bankruptcy hearing on a preliminary basis. Ostrow argued in the motion that it is crucial to the compensation of the employees to begin as soon as possible.

The motion allows Ostrow to access SafeMoons assets to pay employees for work done until Jan. 3, when a follow-up hearing is scheduled. The preliminary motion lets Ostrow pay employees what they are owed, said Judge Joel T. Marker, chief judge of the U.S. Bankruptcy Courts Utah district, but gives all parties time to address any concerns.

Ostrow argued in the motion that SafeMoon employees have historical knowledge of crypto assets that need to be converted to cash and that without them, there would be a loss of significant value to the detriment of the Debtors estate, since those former employees have valuable knowledge of the Debtors business.

According to the Chapter 7 bankruptcy filing, SafeMoon has between $10 million and $50 million in assets, and owes between $100,000 and $500,000. The company has between 50 and 99 creditors, court records claim, and is uninsured.

Karony and his co-executives, SafeMoon Chief Technology Officer Thomas Smith and founder Kyle Nagy, have been charged with criminal securities fraud conspiracy and wire fraud conspiracy; the SEC has separately charged them with fraud and selling unregistered crypto securities. In court documents, the three are accused of lying to investors and cashing in on millions of dollars worth of assets that were supposed to be locked.

Karony almost was released on bail under certain conditions in November, but New York District Court Judge Eric Komitee reversed that decision, according to court transcripts. Komitee said the conditions set by Utah District court Judge Daphne Oberg were insufficient, but that he would reconsider a bond request in the context of a more robust proposed bail.

Karony was denied bail again Dec. 6 and ordered to be moved from Salt Lake City, where he was detained following his arrest, to New York, where he will face trial in the states Eastern District Court.

Shannon Sollitt is a Report for America corps member covering business accountability and sustainability for The Salt Lake Tribune. Your donation to match our RFA grant helps keep her writing stories like this one; please consider making a tax-deductible gift of any amount today by clicking here.

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Since its inception in 2009, Bitcoin, the worlds oldest cryptocurrency, has attracted the attention of fans, investors, scammers and more recently, regulators.

For many of its acolytes, Bitcoin is not just a new form of currency but a groundbreaking technology that introduced the world to the concept of decentralized currencies and established the bedrock for an entirely new type of economythe cryptocurrency market.

For others, it was a way to make a quick buck, and while some of these early investors did manage to join the coterie of Bitcoin millionaires, many more lost hundreds or even thousands of dollars trying to predict its price movements.

Bitcoin has been the subject of many price predictions, some of them extreme.

Notably, Cathie Wood, CEO of Ark Invest, predicted that Bitcoin could reach an astounding $1.48 million by 2030. Senior analyst Nicholas Sciberras from Collective Shift points out that this prediction reflects widespread surprise at Bitcoins meteoric rise.

Its difficult to put any price target out there, as the sky could become the limit depending on the level of adoption and external factors in the market, he says.

Bitcoin has come a long way since its first recorded price of less than a cent. As of December 20, 2023, one Bitcoin was worth roughly $42,000. The idea that Bitcoin could one day be worth a million dollars per unit, as Sciberras points out, really shows how far weve come.

However, while great highs are possible, so too are catastrophic lows.

Bitcoins journey started in 2009, with the release of the Bitcoin white paper by creator Satoshi Nakamoto.

The early years of Bitcoin were marked by steady growth and periods of rapid price appreciation, known as bull runs. One of the greatest bull runs saw the price of BTC reach $69,000 in November 2021. However, there were also periods of uncertainty, as Sciberras points out.

During 2014 and 2017 we saw many Bitcoin forks proposed that split the Bitcoin community, he says. Hard forks are changes to the underlying protocol of the blockchain network that split a cryptocurrency into two.

These forks represented crucial junctures in Bitcoins history, with various factions in the community attempting to change BTCs direction. Despite heated debates, and a number of forks, Bitcoin has persisted in its current format.

Bitcoin surviving these attempts to change it is a core contributor to where BTC is now, increasing its confidence and resilience, Sciberras says.

It has weathered many storms and attempts to change it, with Bitcoin forks now a distant memory, combining for less than 1% of Bitcoins total market cap.

Another defining feature of Bitcoins price history is the halving event, which happens roughly every four years and reduces the rate at which new coins are created. The next halving is expected to occur sometime in early to mid-2024.

Weve seen Bitcoins price significantly increase a year before the halving and a year after, Sciberras says.

Many investors view the halving event as one of the most significant factors that affects Bitcoins price. However, Sciberras is circumspect.

The jury is still out on how priced-in the halving is, or how important the event is in the grand scheme of Bitcoins price trajectory, he says.

There is a theory that the four-year halving event is not as significant as many think and that, instead, its alignment with external liquidity cycles is what makes it appear like a trigger for upward price movement.

Bitcoins performance in 2024 depends on a variety of potential bullish and bearish catalysts. Numerous factors, such as institutional adoption, the halving, regulatory changes and macroeconomic trends will influence the price of Bitcoin in 2024.

During 2023, the crypto industry was rocked by a series of enforcements that shook confidence in the sector. The U.S. Commodity Futures Trading Commission filed civil enforcement action against crypto exchange, Binance, and its founder and CEO Changpeng CZ Zhao.

However, in November, Binance settled with the U.S. Treasury and Department of Justice, with CZ agreeing to step down and hand over the reins as part of the deal.

Sciberras notes that, most importantly Binance was not accused of misusing customer funds and did not see a bank run on the exchange.

This was one of the best outcomes the market couldve hoped for, and crypto prices rallied as a result, he says.

Binance was a massive gray cloud hovering over crypto, and the settlement is a huge green flag heading into 2024.

Chair of the U.S. Federal Reserve, Jerome Powell, has indicated that the central bank may have reached the peak of its rate hike cycle, which Sciberras thinks could be a catalyst for a Bitcoin rally in 2024.

When interest rates stabilize or fall, cryptocurrencies such as Bitcoin can offer an attractive place for investors to park capital due to its perceived hedge against traditional financial systems and increasing scarcityespecially as the halving approaches in May.

Estimates forecast three 25-basis-point rate cuts in 2024, a more aggressive outlook than what they have previously signaled, Sciberras says.

Sciberras recommends investors keep an eye on inflation from the personal consumption expenditures (PCE) price index, as Powell has left the door open for further rate rises if it begins to creep back up.

When it comes to predicting the future of Bitcoin, there are two potential outcomes to consider: the bull and the bear case.

Sciberras says a bullish future for Bitcoin may depend on the sturdiness, or lack thereof, of traditional banking frameworks.

There are serious issues in the global economy, with the U.S. facing a banking crisis and growing debt obligations, Sciberras says.

There were multiple bank failures in 2023, but many forget the underlying problem of these failures still exists.

If bank failures continue in 2024, the government may be forced to step in to provide stimulus or print more money. This would further devalue the U.S. dollar, similar to what occurred during the Covid-19 pandemic.

In this scenario, Bitcoins role as a known, fair and resilient asset with a fixed supply where the rules of the game are not easily changed could become attractive, Sciberras says.

Sciberras also points to the increased demand for block space on Bitcoins network due to recent innovations, such as ordinals and BRC-20 tokens, as positive developments.

The higher demand, utility and fees for miners could help alleviate concerns over Bitcoins long-term security budget. The growing adoption of the Lightning Network, a layer on Bitcoin that enables faster transactions, could result in Bitcoin becoming more of a payment method rather than just a store of value.

If Bitcoin can continue making progress and adoption in the payment front, it could increase its overall utility and become more money likehelping it reach those lofty price targets, Sciberras adds.

We are seeing early signs of Lightning adoption. Lightning Networks total payments grew 1,212% over the past two years. We are also seeing Lightning overcoming distribution hurdles with increased support.

In June of 2023, BlackRock, the worlds largest asset manager, filed plans to start a spot exchange-traded fund (ETF) for BTC. Multiple other institutions followed suit, with WisdomTree, ARK Invest and others lodging their first application or updating existing applications shortly after BlackRocks announcement.

These applications were part of greater institutional adoption of Bitcoin throughout the remainder of 2023, driving the price to a high of almost $45,000 in December.

There are now almost 10 applications with the SEC, and there is a limited amount of time before a decision must be made to either approve or deny them. January 10, 2024, is listed as the decision date for BlackRocks application.

Currently, the only Bitcoin ETFs approved for trading in the U.S. trade in Bitcoin futures. Futures are a complex derivative instrument based on the future price of an asset.

Sciberras lists a spot Bitcoin ETF approval as a key factor influencing Bitcoins price in 2024. It would not only necessitate physical Bitcoin purchaseswhich would potentially lift pricesbut it would also add a considerable air of legitimacy to cryptocurrency more broadly.

The (approval) could funnel between $30 billion to $300 billion into Bitcoin, he says.

Sciberras also cites the Financial Accounting Standards Boards (FASB) new digital asset reporting rules, set to take effect in December 2024, which will ease rules around the reporting and holding of cryptocurrencies for companies. These new standards remove a significant obstacle for companies holding Bitcoin on their balance sheet.

Every investment has potential downsides, and Bitcoin is no exception.

Sciberras says on the negative side of the ledger, there are concerns over Bitcoins long-term security, given the block reward will continue to decrease. He adds that the spot Bitcoin ETF applications also pose a potential risk if they are rejected, creating a short-term sell-off of BTC.

Then there is the contentious debate about inscriptions on the Bitcoin blockchain. While Sciberras acknowledges their potential in generating sustainable fees for the protocol in the long-term, especially as more Bitcoins circulate and miner reliance on fees increases, he also notes the divided opinions within the community regarding their impact on the networks functionality.

Notably, a respected original Bitcoin developer, Luke Dashjr, labels inscriptions as spam. He argues that they congest the network, complicating the mining process and the networks overall support. This difference in perspective sets the stage for a potential ideological clash within the Bitcoin community.

Environmental fall-out is another concern.

There are continued attacks on Bitcoins environmental impacts, with the White House proposing a tax of up to 30% on Bitcoin miners in the U.S., Sciberras says.

If Bitcoin continues to be criticized due to its energy consumption, it could threaten its price action.

The worst-case scenario is we see Europe try to reintroduce a ban on (proof of work), which was tried in 2022 but was swiftly struck down.

Bitcoin uses a proof of work validation system. Proof of workas opposed to proof of stakeis the most energy intensive validation system that cryptocurrencies can use.

A swing in sentiment against Bitcoin and cryptocurrency by governments could also decrease prices.

The U.S. is becoming incredibly hostile towards cryptocurrency and Bitcoin, Sciberras says.

Additionally, if Bitcoin threatens countries monopoly on money due to widespread adoption, governments could move to restrict it.

Sciberras points to a recent bill introduced in the U.S. to expand the Bank Secrecy Act and impose more stringent reporting requirements for digital currency transactions, including those with unhosted wallets, as an area for concern.

In its current form, this legislation would cripple the U.S. crypto industry, he says.

The implications of anti-money laundering (AML) and Know Your Customer (KYC) laws also worry investors. Sciberras singles out the specific challenges of enforcing high reporting requirements on transfers to private, self-hosted wallets.

AML laws remain a big battleground and could threaten the industry as compliance could be extremely difficult, Sciberras says.

Investing in Bitcoin comes with its share of rewards and risks, and understanding these is key to making an informed decision.

Overall, Sciberras is optimistic about Bitcoins future.

Looking into 2024 and beyond, Im personally very long-term bullish on Bitcoin, he says, citing the macroeconomic backdrop, the upcoming halving in May, the improved development of scalability within the Lightning network and the potential BTC ETF.

However, Bitcoins future isnt without potential hurdles.

If Bitcoin continues to be targeted by governments and its energy consumption is further politicized, then it could put pressure on Bitcoins long-term sustainability, Sciberras says.

One of the significant long-term concerns for Bitcoin is its security in the face of a decreasing block reward.

If there is lackluster adoption and demand for Bitcoin, or fee revenue is inadequate to incentivize miners to upgrade their hardware and mine new Bitcoins, security could decrease and threaten the network, he says.

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Original post:

Bitcoin Price Prediction 2024 - Forbes