Insights from a Recent International Survey
A recent international survey conducted by Bitget has shed light on the hopeful perspective of the crypto market. The survey gathered insights from nearly 10,000 individuals across various regions, including West Europe, East Europe, Southeast Asia, East Asia, MENA, and Latin America. The results of the survey indicate that more than half of the participants globally anticipate bitcoin prices to range between $30,000 and $60,000 during the halving period, which is expected to occur around April 2024. Furthermore, 30% of the respondents foresee the price exceeding the $60,000 mark.
Bitcoin's Capacity to Outperform Its Previous Peak
Bitget's latest survey, shared with Bitcoin.com News, reveals a strong conviction among investors that bitcoin will surpass its previous peak by 2024. A remarkable 84% of participants believe in substantial growth leading up to the forthcoming halving event. The comprehensive approach taken by Bitget in conducting this survey has provided valuable insights into the global investor sentiment surrounding crypto assets.
Diverse Perspectives on the Future Value of Bitcoin
The study conducted by Bitget engaged nearly 10,000 people from diverse regions, offering a broad perspective on the expected future value of bitcoin (BTC) and the overall crypto market. This diverse group of participants reflects the widespread enthusiasm and hope placed in digital currencies as a legitimate investment option. It also signifies a global consensus on the potential for significant market expansion.
Bitget's managing director, Gracy Chen, commented, "The Bitget study on the impact of Bitcoin's halving provides valuable insights into the evolving landscape of cryptocurrency investment. The findings reflect a broad spectrum of expectations and investment plans, indicating that 2024 will be a significant year for the bitcoin market."
Belief in Bitcoin's Journey Towards New Price Highs
The survey results underline a dominant belief among investors in bitcoin's potential for reaching new price highs. The upcoming fourth reward halving event is seen as a pivotal moment, with most participants considering it a critical turning point for the premier cryptocurrency. Historical patterns support this optimism, as previous halvings have triggered significant market surges. This reinforces the positive expectations held by the survey's contributors. In addition to optimistic price forecasts, the survey also reveals investment trends, with 70% of respondents planning to increase their crypto asset holdings in the coming year.
Notably, individuals from MENA and East Europe show a greater eagerness to augment their investments in digital currencies. The survey also highlights a "short-term cautious, long-term optimistic" outlook among investors from Western Europe.
What are your thoughts on Bitget's global survey? Share your opinions in the comments section below.
Frequently Asked Questions
How much gold can you keep in your portfolio
The amount that you want to invest will dictate how much money it takes. If you want to start small, then $5k-$10k would be great. As your business grows, you might consider renting out office space or desks. You don't need to worry about paying rent every month. You only pay one month.
Consider what type of business your company will be running. In my case, we charge clients between $1000-2000/month, depending on what they order. Consider how much you expect to make from each client, if you decide to do this kinda thing.
Because freelance work pays freelancers, you won't likely get a monthly income if you do freelance work. You might get paid only once every six months.
So you need to decide what kind of income you want to generate before you know how much gold you will need.
I recommend starting with $1k-$2k of gold and growing from there.
Can I hold physical gold in my IRA?
Gold is money and not just paper currency. 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. Today, investors use gold as part of a diversified portfolio because gold tends to do better during financial turmoil.
Today, Americans prefer precious metals like silver and gold to 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 the fact that gold historically has performed better than other assets in times of financial panic. The S&P 500 dropped 21 percent in the same time period, while gold prices rose by nearly 100 percent between August 2011-early 2013. During these turbulent market times, gold was among few assets that outperformed the stocks.
Another advantage of investing in gold is that it's one of the few assets with virtually zero counterparty risk. Your stock portfolio can fall, but you will still own your shares. But if you own gold, its value will increase even if the company you invested in 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. Because gold is so liquid compared to other investments, buying it in small amounts makes sense. This allows you take advantage of the short-term fluctuations that occur in the gold markets.
What are the pros & cons of a Gold IRA?
An Individual Retirement account (IRA) is a better option than regular savings accounts in that interest earned is exempted from tax. An IRA is a great option for those who want to save money, but don't want tax on any interest earned. But, this type of investment comes with its own set of disadvantages.
You may lose all your accumulated savings if you take too much out of your IRA. Also, the IRS may not allow you to make withdrawals from your IRA until you're 59 1/2 years old. You will likely have to pay a penalty fee if you withdraw funds from an IRA.
Another disadvantage is that you must pay fees to manage your IRA. Many banks charge between 0.5% and 2.0% per year. Other providers charge monthly management charges ranging anywhere from $10 to $50.
If you prefer your money to be kept out of a bank, then you will need insurance. Most insurers require you to own a minimum amount of gold before making a claim. Some insurers may require you to have insurance that covers losses up $500,000.
If you choose to go with a gold IRA, you'll need to determine how much gold you want to use. Some providers limit the amount of gold that you are allowed to own. Others let you choose your weight.
Also, you will need to decide if you want to buy physical gold futures contracts or physical gold. Physical gold is more costly than gold futures. Futures contracts offer flexibility for buying gold. They enable you to establish a contract with an expiration date.
You will also have to decide which type of insurance coverage is best for you. The standard policy doesn’t provide theft protection or loss due fire, flood, or earthquake. The policy does not cover natural disasters. You might consider purchasing additional coverage if your area is at high risk.
You should also consider the cost of storage for your gold. Storage costs will not be covered by insurance. For safekeeping, banks typically charge $25-40 per month.
Before you can open a gold IRA you need to contact a qualified Custodian. Custodians keep track of your investments and ensure compliance with federal regulations. Custodians cannot sell your assets. They must instead keep them for as long as you ask.
Once you've chosen the best type of IRA for you, you need to fill in paperwork describing your goals. The plan should contain information about the types of investments you wish to make such as stocks, bonds or mutual funds. You should also specify how much you want to invest each month.
Once you have completed the forms, you will need to mail them to your provider with a check and a small deposit. Once the company has received your application, they will review it and send you a confirmation email.
When opening a gold IRA, you should consider using a financial planner. Financial planners are experts at investing and can help you determine which type of IRA is best for you. They can also help you lower your expenses by finding cheaper alternatives to purchasing insurance.
How much money should I put into my Roth IRA?
Roth IRAs allow you to deposit your money tax-free. These accounts cannot be withdrawn until you turn 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, your principal (the deposit amount originally made) is not transferable. This means that regardless of how much you contribute to an account, you cannot take out any more than you initially contributed. If you wish to withdraw more than you originally contributed, you will have to pay taxes.
The second rule states that income taxes must be paid before you can withdraw earnings. Withdrawing your earnings will result in you paying taxes. For example, let's say that you contribute $5,000 to your Roth IRA every year. Let's also say that you earn $10,000 per annum after contributing. Federal income taxes would apply to the earnings. You would be responsible for $3500 That leaves you with only $6,500 left. The amount you can withdraw is limited to the original contribution.
So, if you were to take out $4,000 of your earnings, you'd still owe taxes on the remaining $1,500. In addition, 50% of your earnings will be subject to tax again (half of 40%). So even though your Roth IRA ended up having $7,000, you only got $4,000.
There are two types if Roth IRAs, Roth and Traditional. Traditional IRAs allow you to deduct pretax contributions from your taxable income. You can withdraw your contributions plus interest from your traditional IRA when you retire. You can withdraw as much as you want from a traditional IRA.
A Roth IRA doesn't allow you to deduct your contributions. After you have retired, the full amount of your contributions and accrued interest can be withdrawn. There is no minimum withdrawal required, unlike a traditional IRA. Your contribution can be withdrawn at any age, not just when you reach 70 1/2.
What precious metal should I invest in?
Answering this question will depend on your willingness to take some risk and the return you seek. While gold is considered a safe investment option, it can also be a risky choice. Gold may not be right for you if you want quick profits. If patience and time are your priorities, silver is the best investment.
If you don’t want to be rich fast, gold might be the right choice. Silver may be a better option for investors who want long-term steady returns.
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. If you invest $1,000 in mutual funds or stocks and then later sell them, all gains are subjected to taxes.
If you place the money in a traditional IRA, 401(k), or other retirement plan, there is no tax when you take it out. Taxes are only charged on capital gains or dividends earned, which only apply to investments longer than one calendar year.
Each state has its own rules regarding these accounts. Maryland is an example of this. You must withdraw your funds within 60 calendar days of turning 59 1/2. In Massachusetts, you can wait until April 1st. And in New York, you have until age 70 1/2 . To avoid penalties, plan ahead so you can take distributions at the right time.
Statistics
- (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)
- 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)
- 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)
- 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)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
External Links
law.cornell.edu
- 7 U.S. Code SS7 – Designation boards of trade as contract market authorities
- 26 U.S. Code SS 408 – Individual retirement funds
forbes.com
wsj.com
- Saddam Hussein’s InvasionHelped Uncage a Bear In 1989 – WSJ
- You want to keep gold in your IRA at home? It's Not Exactly Legal – WSJ
finance.yahoo.com
How To
The History of Gold as an Asset
From ancient times to the beginning of the 20th century, gold was used as a currency. It was universally accepted and loved for its beauty, durability, purity and divisibility. Due to its value, it was also internationally traded. However, since there were no international standards for measuring gold at this point, different weights and measures existed worldwide. For example in England, a pound sterling equals 24 carats. In France, a livre tournois equals 25. Carats of golden. Germany had one mark which equals 28. Carats.
In the 1860s, the United States began issuing American coins made up of 90% copper, 10% zinc, and 0.942 fine gold. This resulted in a decline of foreign currency demand and an increase in the price. This was when the United States started minting large quantities of gold coins. The result? Gold prices began to fall. They needed to pay off debt because they had too much money coming into circulation. They decided to sell some excess gold to Europe in order to do this.
Most European countries distrusted the U.S. Dollar and began to accept gold as payment. However, many European nations stopped using gold to pay after World War I and started using paper currency instead. The price of gold rose significantly over the years. Even though the price fluctuates, gold is still one of best investments.
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By: Jamie Redman
Title: Bitget Survey Reveals Optimistic Outlook for Bitcoin's Price by 2024
Sourced From: news.bitcoin.com/bullish-on-bitcoin-global-survey-respondents-anticipate-btc-price-spike-to-60k-and-beyond-in-2024/
Published Date: Thu, 01 Feb 2024 22:30:27 +0000
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