A Broad Perspective on Bitcoin's Price
A recent international survey conducted by Bitget has shed light on the positive outlook 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 showed 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 forecast the price to exceed the $60,000 mark.
Investors' Confidence in Bitcoin's Growth
In the survey shared with Bitcoin.com News, Bitget revealed that 84% of investors believe that bitcoin will experience substantial growth leading up to the upcoming halving event. This high level of confidence reflects the widespread expectation of bitcoin surpassing its previous peak by 2024. Bitget's approach in conducting the survey allowed for a comprehensive understanding of the global investor sentiment towards crypto assets.
Global Enthusiasm for Digital Currencies
The participation of nearly 10,000 individuals from diverse regions provided a broad perspective on the future value of bitcoin and the overall crypto market. This diverse group of participants demonstrates the extensive enthusiasm and hope placed in digital currencies as a legitimate investment option. The survey results highlight a global consensus on the potential for significant market expansion.
"The findings reflect a broad spectrum of expectations and investment plans, indicating that 2024 will be a significant year for the bitcoin market," commented Gracy Chen, Bitget's managing director, emphasizing the valuable insights provided by the survey on the evolving landscape of cryptocurrency investment.
Optimism Supported by Historical Patterns
The survey results reinforce the dominant belief among investors that bitcoin will reach new price highs. The upcoming fourth reward halving event is seen as a pivotal moment, with many expecting it to propel bitcoin to unprecedented levels. Historical patterns have shown that previous halvings triggered notable market surges, further solidifying the positive expectations of the survey participants.
Growing Interest in Crypto Asset Holdings
In addition to optimistic price forecasts, the survey also revealed investment trends among respondents. A significant 70% of participants expressed their intention to increase their crypto asset holdings in the coming year. This intention is particularly pronounced among individuals from MENA and East Europe, indicating a strong desire to expand their investments in digital currencies. Western European investors showed a "short-term cautious, long-term optimistic" outlook.
Bitget's global survey provides valuable insights into the evolving landscape of cryptocurrency investment. The results not only highlight the optimistic outlook for bitcoin's future but also indicate a growing interest in digital assets among investors worldwide. As the crypto market continues to develop, 2024 is anticipated to be a significant year for bitcoin and its potential for substantial growth.
What are your thoughts on Bitget's global survey? Share your opinions in the comments section below.
Frequently Asked Questions
How much tax is gold subject to in an IRA
The fair value of gold sold to determines the price at which tax is due. You don't have tax to pay when you buy or sell gold. It's not considered income. If you sell it after the purchase, you will get a tax-deductible gain if you increase the price.
As collateral for loans, gold is possible. When you borrow against your assets, lenders try to find the highest return possible. Selling gold is usually the best option. This is not always possible. They might keep it. They may decide to resell it. Either way you will lose potential profit.
If you plan on using your gold as collateral, then you shouldn't lend against it. If you don't plan to use it as collateral, it is better to let it be.
Is gold buying a good retirement option?
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.
The best form of investing is physical bullion, which is the most widely used. There are many ways to invest your gold. Research all options carefully and make an informed decision about what you desire from your investments.
If you don’t have the funds to invest in safe places, such as a safe deposit box or mining equipment companies, buying shares of these companies might be a better investment. If you need cash flow to finance your investment, then gold stocks could be a good option.
ETFs allow you to invest in exchange-traded funds. These funds give you exposure, but not actual gold, by investing in gold-related securities. These ETFs often include stocks of gold miners, precious metals refiners, and commodity trading companies.
How much of your IRA should include precious metals?
It is important to remember that precious metals can be a good investment for anyone. They don't require you to be wealthy to invest in them. In fact, there are many ways to make money from gold and silver investments without spending much money.
You might also be interested in buying physical coins, such bullion rounds or bars. It is possible to also purchase shares in companies that make precious metals. Another option is to make use of the IRA rollover programs offered by your retirement plan provider.
You can still get benefits from precious metals regardless of what choice you make. These metals are not stocks, but they can still provide long-term growth.
And unlike traditional investments, they tend to increase in value over time. This means that if you decide on selling your investment later, you'll likely get more profit than you would with traditional investing.
What are the benefits to having a gold IRA
You can save money on retirement by putting your money into an Individual Retirement Account. You can withdraw it at any time, but it is tax-deferred. You have total control over how much each year you take out. There are many types available. Some are better suited for people who want to save for college expenses. Others are made for investors seeking higher returns. Roth IRAs, for example, allow people to contribute after they turn 59 1/2. They also pay taxes on any earnings when they retire. Once they start withdrawing money, however, the earnings aren’t subject to tax again. This account may be worth considering if you are looking to retire earlier.
Because you can invest money in many asset classes, a gold IRA works similarly to other IRAs. Unlike a regular IRA where you pay taxes on gains, a gold IRA doesn't require you to worry about taxation while you wait to get them. This makes gold IRA accounts a great choice for those who want their money to be invested, not spent.
Another benefit to owning IRA gold is the ability to withdraw automatically. You won't have the hassle of making deposits each month. You could also set up direct debits to never miss a payment.
Finally, the gold investment is among the most reliable. Because it isn't tied to any particular country its value tends be steady. Even during economic turmoil the gold price tends to remain fairly stable. As a result, it's often considered a good choice when protecting your savings from inflation.
How much should precious metals be included in your portfolio?
First, let's define precious metals to answer the question. Precious Metals are elements that have a very high relative value to other commodities. This makes them extremely valuable for trading and investing. Gold is today the most popular precious metal.
But, there are other types of precious metals available, including platinum and silver. While gold's price fluctuates during economic turmoil, it tends to remain relatively stable. It is also relatively unaffected both by inflation and deflation.
In general, all precious metals have a tendency to go up with the market. But they don't always move in tandem with one another. For instance, gold's price will rise when the economy is weak, while precious metals prices will fall. Investors expect lower interest rate, making bonds less appealing investments.
In contrast, when the economy is strong, the opposite effect occurs. Investors prefer safe assets such as Treasury Bonds and demand fewer precious metals. Since these are scarce, they become more expensive and decrease in value.
You must therefore diversify your investments in precious metals to reap the maximum profits. Furthermore, because the price of precious Metals fluctuates, it is best not to focus on just one type of precious Metals.
Statistics
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.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)
- (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)
- 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)
External Links
cftc.gov
wsj.com
- Saddam Hussein’s InvasionHelped Uncage a Bear In 1989 – WSJ
- Want to Keep Gold in Your IRA at Home? It's not exactly legal – WSJ
forbes.com
investopedia.com
How To
The best place online to buy silver and gold
To buy gold, you must first understand how it works. The precious metal gold is similar to platinum. Because of its resistance to corrosion and durability, it is very rare. It is difficult to use so people prefer to buy jewelry made from it to gold bars.
There are two types currently available: legal tender and bullion. Legal tender coins are those that are intended for circulation in a country. They typically have denominations of $1, $5 or $10.
Bullion coins are minted for investment purposes only, and their values increase over time due to inflation.
They cannot be used in currency exchanges. If a person purchases $100 worth of gold, 100 grams of the gold will be given to him/her. The $100 value is $100. Every dollar spent on gold purchases, the buyer receives one gram of gold.
The next thing you should know when looking to buy gold is where to do it from. You have a few options to choose from if you are looking to buy gold directly through a dealer. First, you can visit your local coin store. Another option is to go through a reputable site like eBay. Finally, you can look into purchasing gold through private sellers online.
Individuals who sell gold at wholesale and retail prices are called private sellers. When selling gold through private sellers, you pay a commission fee of 10% to 15% per transaction. Private sellers will typically get you less than a coin shop, eBay or other online retailers. This option is often a great choice for investing gold as it allows you more control over its price.
The other option is to purchase physical gold. While physical gold is easier than paper certificates to store, you still need to make sure it is safe. You need to make sure that your physical gold is safe by storing it in an impenetrable container like a vault or safety depositbox.
To purchase gold by yourself, you can visit a bank and a pawnshop. A bank can give you a loan up to the amount you intend to invest in Gold. Pawnshops are small establishments allowing customers to borrow money against items they bring. Banks usually charge higher interest rates that pawn shops.
Finally, another way to buy gold is to simply ask someone else to do it! 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.
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By: Jamie Redman
Title: Bitget's Global Survey Reveals Optimistic Outlook for Bitcoin's Future
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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