Bitcoin Obituaries Dwindle in 2023
After facing numerous predictions of its demise in 2021 and 2022, with a total of 47 and 27 death announcements respectively on the Bitcoin Obituaries list, only eight declarations were made in 2023. The final proclamation came at the end of the year from crypto advocate Arthur Hayes, who warned that if exchange-traded funds (ETFs) become too successful, they could completely destroy bitcoin.
As documented by the Bitcoin Obituaries list on 99bitcoins.com, a total of eight death calls for bitcoin were recorded in 2023. This is one of the lowest counts since 2010, 2011, and 2012. In those years, there was one declaration in 2010, six in 2011, and another single obituary in 2012. Interestingly, the first announcement in 2023 came from ex-U.S. Securities and Exchange Commission (SEC) official John Reed Stark and CNBC TV personality Jim Cramer.
While Stark continues to criticize bitcoin, Cramer has recently changed his stance and now believes that bitcoin (BTC) is here to stay. However, in the first death call of the year, Cramer was suggesting that people divest from their cryptocurrency holdings. Other notable individuals who predicted bitcoin's demise in 2023 include geopolitical analyst Peter Zeihan, JPMorgan chief Jamie Dimon, and venture capitalist Chamath Palihapitiya.
In March, renowned finance journalist Harvey Jones from Daily Express and Sunday Express declared that BTC and the crypto market were fraudulent. Jones strongly stated, "Bitcoin and all the pathetic fake currencies that popped up in its wake are the worst thing to happen to the investment world in my lifetime," emphasizing that they are a joke, a fraud, and a Ponzi scheme.
The final death call of 2023 came from a recent article by Maelstrom CIO and former Bitmex leader Arthur Hayes. Despite being a known advocate for bitcoin and crypto, Hayes offered a dissenting perspective, suggesting that a spot bitcoin ETF could fundamentally dismantle BTC. He speculated a scenario where a small number of entities control all BTC, leading to a stagnation in transfer movements and causing significant issues for miners.
Since 2010, the Bitcoin Obituaries list has recorded a total of 475 death calls for bitcoin. While 2023 had relatively fewer announcements, the highest number was in 2017 with 124 obituaries. In 2018, there were 93, which decreased to 41 in 2019. Surprisingly, despite the challenges posed by Covid-19 in 2020, there were only 14 death calls. As the digital currency and bitcoin landscape continues to evolve, the narrative of BTC's demise persists, but it is juxtaposed by its resilience and growing mainstream acceptance.
What are your thoughts on the bitcoin death calls in 2023? Share your opinions in the comments section below.
Frequently Asked Questions
Can I own a gold ETF inside a Roth IRA
This option may not be available in a 401(k), but you should look into other options such as an Individual Retirement account (IRA).
Traditional IRAs allow contributions from both the employer and employee. An Employee Stock Ownership Plan (ESOP) is another way to invest in publicly traded companies.
An ESOP provides tax advantages because employees share ownership of company stock and profits the business generates. The tax rate on money that is invested in an ESOP is lower than if it was held in the employees' hands.
An Individual Retirement Annuity (IRA) is also available. An IRA allows you to make regular payments throughout your life and earn income in retirement. Contributions made to IRAs are not taxable.
How is gold taxed within an IRA?
The fair market value of gold sold is the basis for tax. Gold is not subject to tax when it's purchased. It's not considered income. If you sell it later you will have a taxable profit if the price goes down.
For loans, gold can be used to collateral. Lenders will seek the highest return on your assets when you borrow against them. For gold, this means selling it. However, there is no guarantee that the lender would do this. They might just hold onto it. Or, they may decide to resell the item themselves. Either way, you lose potential profit.
In order to avoid losing your money, only lend against your precious metal if you plan to use it to secure other collateral. You should leave it alone if you don't intend to lend against it.
Is buying gold a good way to save money for retirement?
Buying gold as an investment may not seem very appealing at first glance, but when you consider how much people spend on average on gold per year worldwide, it becomes worth considering.
For example, purchasing shares of companies that extract gold or mining equipment might be a better option if you aren't looking for a safe place to store your wealth. Owning gold stocks should work well if you need cash flow from your investment.
ETFs are an exchange-traded investment that allows you to gain exposure to the market for gold. You hold gold-related securities and not actual gold. These ETFs often include stocks of gold miners, precious metals refiners, and commodity trading companies.
How does a Gold IRA account work?
You can purchase physical gold bullion coins anytime. To invest in gold, you don't need to wait for retirement.
An IRA lets you keep your gold for life. When you die, your gold assets won't be subjected to taxes.
Your heirs will inherit your gold, and not pay capital gains taxes. Because your gold doesn't belong to the estate, it's not necessary to include it on your final estate plan.
To open a gold IRA, you will first need to create an individual retirement account (IRA). After you do this, you will be granted an IRA custodian. This company acts like a middleman between the IRS and you.
Your gold IRA custody will take care of the paperwork and send the forms to IRS. This includes filing annual reports.
Once your gold IRA is established, you can purchase gold bullion coins. The minimum deposit required to purchase gold bullion coins is $1,000 A higher interest rate will be offered if you invest more.
You'll have to pay taxes if you take your gold out of your IRA. If you're withdrawing the entire balance, you'll owe income taxes plus a 10 percent penalty.
Even if your contribution is small, you might not have to pay any taxes. However, there are exceptions. However, there are exceptions. If you take 30% or more of your total IRA asset, you'll owe federal Income Taxes plus a 20% penalty.
You should avoid taking out more than 50% of your total IRA assets yearly. A violation of this rule can lead to severe financial consequences.
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
- (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)
- 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)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (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)
- Are You a Good Candidate for a Gold IRA
- What are the Options Types, Spreads, Example and Risk Metrics
The best place online to buy silver and gold
To buy gold, you must first understand how it works. Gold is a precious metal similar to platinum. It is rare and used as money due to its durability and resistance against corrosion. It's hard to use, so most people prefer buying jewelry made out of it to actual bars of gold.
Two types of gold coins are available today: the legal tender type and the bullion type. Legal tender coins can be used for circulation within a country. These coins usually come in denominations such $1, $5 and $10.
Bullion coins are minted for investment purposes only, and their values increase over time due to inflation.
They aren't circulated in any currency exchange systems. If a person purchases $100 worth of gold, 100 grams of the gold will be given to him/her. The $100 value is $100. The buyer receives 1 gram of gold for every dollar spent.
The next thing you should know when looking to buy gold is where to do it from. There are a few options if you wish to buy gold directly from a dealer. First off, you can go through your local coin shop. You might also consider going through a reputable online seller like eBay. You can also look into buying gold online from private sellers.
Private sellers are individuals who offer to sell gold at retail or wholesale prices. Private sellers typically charge 10% to 15% commission on each transaction. You would receive less money from a private buyer than you would from a coin store or eBay. This option is often a great choice for investing gold as it allows you more control over its price.
An alternative option to buying gold is to buy physical gold. It is easier to store physical gold than paper certificates. But, you still have to take care of it. To ensure that your physical gold remains safe, you need to secure it in an impenetrable container such as a vault or safety deposit box.
A bank or pawnshop can help you buy gold. A bank can offer you a loan for the amount that you need to buy gold. Pawnshops are small establishments allowing customers to borrow money against items they bring. Banks tend to charge higher interest rates, while pawnshops are typically lower.
You can also ask for help to purchase gold. Selling gold is simple too. It is easy to sell gold by contacting a company like GoldMoney.com. You can create a simple account immediately and begin receiving payments.
By: Jamie Redman
Title: Bitcoin's Obituary Bounce — Decline in ‘Death Calls' Signals Resilient 2023
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