Bitget's Optimistic Outlook for Bitcoin and ORDI
In a recently published prediction report, Bitget, a leading derivatives crypto exchange, has forecasted a bright future for the Bitcoin ecosystem. According to Bitget researchers, BTC has the potential to soar to $100,000, while the ORDI BRC20 token is expected to climb the ranks in the next bull market. This expansion is set to revolutionize the crypto world and offer unprecedented growth opportunities.
Bitget's Bitcoin and ORDI Predictions
Bitget's latest report paints an optimistic picture for the Bitcoin blockchain, predicting a robust expansion of the network's ecosystem. The report suggests that the surge in demand is expected to drive the price of BTC beyond its previous highs, potentially reaching $100,000 in the upcoming bull market. According to the report:
"If the Bitcoin ecosystem continues to expand, the surge in demand for bitcoin may drive the price of BTC to surpass its previous highs in the upcoming bull market, potentially reaching as high as $100,000."
The study also highlights the significant role of ORDI within the Bitcoin ecosystem. As the leading BRC20 coin, ORDI is predicted to ascend into the top 30 by market cap in the next bull market, according to Bitget's analysts.
Growth Opportunities in the Bitcoin NFT Market
Bitget's research emphasizes the dynamic nature of the Bitcoin ecosystem and forecasts a massive growth trajectory for the Bitcoin non-fungible token (NFT) market. The sector is anticipated to expand by over 100 times in the future, demonstrating the immense potential of NFTs on the Bitcoin platform.
Opportunities for 100x Coins
The crypto ecosystem prediction report identifies significant opportunities for 100x coins built on top of the Bitcoin ecosystem, particularly on protocols like Ordinals, Atomicals, or Taproot Assets. Bitget researchers believe that these platforms will be at the forefront of the next bull market, offering lucrative opportunities for investors and developers.
The Future of the Bitcoin Ecosystem
In the short term, Bitget's report notes that the Bitcoin ecosystem will maintain a "one project, one protocol solution" status, fostering the development of a variety of Bitcoin protocols. However, in the long run, Bitget anticipates the emergence of a BTC virtual machine within the ecosystem, which will unify developer compile environments.
Technological Innovations in the Bitcoin Ecosystem
The report also delves into the latest technological innovations within the Bitcoin ecosystem. It focuses on asset issuance protocols like Ordinals, Atomicals, Runes, BitVM, and PIPE, as well as scaling solutions such as the Lightning Network (LN), RSK, Stacks, and RGB. Bitget analysts believe that these developments are crucial for enhancing the functionality and efficiency of the Bitcoin blockchain.
What are your thoughts on Bitget's prediction report for 2024? Share your opinions in the comments section below.
Frequently Asked Questions
What are the pros & cons of a Gold IRA?
An Individual Retirement Account is a more beneficial option than regular savings accounts. You don't pay taxes on any interest earned. This makes an IRA a great choice for people who are looking to save money but don’t want to pay any tax on the interest earned. This type of investment has its downsides.
You could lose all of your accumulated money if you take out too much from your IRA. You may also be prohibited by the IRS from making withdrawals from an IRA after you turn 59 1/2. A penalty fee will be charged if you decide to withdraw funds.
A disadvantage to managing your IRA is the fact that fees must be paid. Most banks charge 0.5% to 2.0% per annum. Other providers charge monthly management fees ranging from $10 to $50.
If you prefer your money to be kept out of a bank, then you will need insurance. A majority of insurance companies require that you possess a minimum amount gold to be eligible for a claim. It is possible that you will be required to purchase insurance that covers losses of up to $500,000.
If you choose to have a gold IRA you will need to establish how much gold to use. Some providers limit the amount of gold that you are allowed to own. Others allow you to pick your weight.
It is also up to you to decide whether you want to purchase physical gold or futures. Gold futures contracts are more expensive than physical gold. Futures contracts, however, allow for greater flexibility in buying gold. They let you set up a contract that has a specific expiration.
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. If you live in a high-risk area, you may want to add additional coverage.
You should also consider the cost of storage for your gold. Storage costs are not covered by insurance. Banks charge between $25 and $40 per month for safekeeping.
If you decide to open a gold IRA, you must first contact a qualified custodian. A custodian keeps track of your investments and ensures that you comply with federal regulations. Custodians are not allowed to sell your assets. Instead, they must retain them for as long and as you require.
After you have decided on the type of IRA that best suits you, you will need to complete paperwork detailing your goals. The plan should contain information about the types of investments you wish to make such as stocks, bonds or mutual funds. Your monthly investment goal should be stated.
After filling out the forms, you'll need to send them to your chosen provider along with a check for a small deposit. The company will then review your application and mail you a letter of confirmation.
You should consult a financial planner before opening a Gold IRA. Financial planners are experts at investing and can help you determine which type of IRA is best for you. You can also reduce your insurance costs by working with them to find lower-cost alternatives.
How to Open a Precious Metal IRA
First, decide if an Individual Retirement Account is right for you. You must complete Form 8606 to open an account. Next, fill out Form 5204. This will determine the type of IRA that you are eligible for. This form must be submitted within 60 days of the account opening. Once this has been completed, you can begin investing. You can also contribute directly to your paycheck via payroll deduction.
If you opt for a Roth IRA, you must complete Form 8903. The process for an ordinary IRA will not be affected.
You'll need to meet specific requirements to qualify for a precious metals IRA. The IRS stipulates that you must have earned income and be at least 18-years old. You cannot earn more than $110,000 annually ($220,000 if married filing jointly) in any one tax year. Contributions must be made regularly. These rules apply to contributions made directly or through employer sponsorship.
An IRA for precious metals allows you to invest in gold and silver as well as platinum, rhodium, and even platinum. However, physical bullion will not be available for purchase. This means you won’t be able to trade stocks and bonds.
Your precious metals IRA can be used to directly invest in precious metals-related companies. This option may be offered by some IRA providers.
However, there are two significant drawbacks to investing in precious metals via an IRA. First, they're not as liquid as stocks or bonds. It is therefore harder to sell them when required. They don't yield dividends like bonds and stocks. Therefore, you will lose more money than you gain over time.
What Does Gold Do as an Investment Option?
Gold's price fluctuates depending on the supply and demand. Interest rates can also affect the gold price.
Due to the limited supply of gold, prices for gold are highly volatile. There is also a risk in owning gold, as you must store it somewhere.
Is gold a good choice for an investment IRA?
Gold is an excellent investment for any person who wants to save money. It is also an excellent way to diversify you portfolio. There's more to gold that meets the eye.
It has been used throughout the history of currency and remains a popular payment method. It's often referred to as “the world's oldest currency.”
But gold is mined from the earth, unlike paper currencies that governments create. It's hard to find and very rare, making it extremely valuable.
The price of gold fluctuates based on supply and demand. When the economy is strong, people tend to spend more money, which means fewer people mine gold. The result is that gold's value increases.
On the flip side, when the economy slows down, people hoard cash instead of spending it. This results in more gold being produced, which drives down its value.
This is why investing in gold makes sense for individuals and businesses. If you invest in gold, you'll benefit whenever the economy grows.
You'll also earn interest on your investments, which helps you grow your wealth. You won't lose your money if gold prices drop.
Statistics
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (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)
- (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)
- 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)
- 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)
External Links
finance.yahoo.com
law.cornell.edu
- 7 U.S. Code SS7 – Designation board of trade as contract marketplaces
- 26 U.S. Code SS 408 – Individual retirement plans
irs.gov
cftc.gov
How To
Investing in gold or stocks
This might make it seem very risky to invest gold as an investment tool. The reason behind this is that many people believe that gold is no longer profitable to invest in. This belief arises because most people believe that the global economy is driving down gold prices. They believe they would lose their money if they invested gold. In reality, however there are still many significant benefits to gold investing. Below are some of them.
One of the oldest currencies known to man is gold. It has been in use for thousands of year. It has been used as a store for value by people all over the globe. It is still used as a payment method by South Africa and other countries.
You must first decide how much you are willing and able to pay per gram to decide whether or not gold should be your investment. The first thing you should do when considering buying gold bullion is to decide how much you will spend per gram. If you don’t know what the current market price is, you can always call a local jewelry store and ask them their opinion.
It is also worth noting that although gold prices have declined recently, the cost of producing gold has increased. So while the price of gold has declined, production costs haven't changed.
You should also consider the amount of your intended purchase when considering whether you should buy or not. If you intend to only purchase enough gold to cover your wedding rings it may be a smart decision to not buy any gold. It is worth considering if you intend to use it for long-term investment. You can profit if you sell your gold at a higher price than you bought it.
We hope this article has given you an improved understanding of gold investment tools. We recommend you do your research before making any final decisions. Only after doing so can you make an informed decision.
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By: Jamie Redman
Title: Bitget Predicts Bitcoin to Reach $100,000 and ORDI BRC20 Token to Rise in the Next Bull Market
Sourced From: news.bitcoin.com/bitget-forecasts-btc-to-reach-100000-and-ordis-ascent-in-next-bull-market/
Published Date: Fri, 15 Dec 2023 19:00:01 +0000
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