1. US-Saudi Tensions Escalate as Crown Prince Rejects Pleasing the United States
In 2023, Saudi Arabia and OPEC's unexpected oil production cuts signaled a significant departure from U.S. policy preferences. Saudi Crown Prince Mohammed bin Salman openly expressed disinterest in appeasing the United States. This move coincided with global realignments, including BRICS nations reassessing economic ties and Saudi Arabia considering trade in currencies other than the U.S. dollar.
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2. Former Treasury Official Warns of Impending Economic Implosion if US Dollar Loses Reserve Currency Status
Monica Crowley, a former U.S. Treasury official, issued a stark warning about the far-reaching consequences if the U.S. dollar ceases to be the world's reserve currency. She highlighted the potential economic implosion and the loss of America's superpower status. Crowley emphasized the dollar's pivotal role since World War II and its critical connection to oil trade. Recent geopolitical tensions and policy missteps have significantly jeopardized this position.
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3. Economist Peter Schiff Advises 'Get Rid of Your US Dollars Now' — Warns USD's Reserve Currency Status at Risk
Economist Peter Schiff cautioned against holding U.S. dollars, citing the escalating global shift away from reliance on the USD. He particularly noted the Middle East and Southeast Asia as regions actively reducing their exposure to the dollar. Schiff asserted that the U.S. dollar's reserve status and American living standards are at risk. He recommended divesting from the dollar and related financial assets, warning of an imminent economic disaster, devaluation, and potential hyperinflation.
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4. Economist Warns of 'Catastrophic' Fall in American Living Standard — Elon Musk Weighs in on De-Dollarization, US Dollar Weaponization
Economist Peter St Onge delivered a stark warning about rapid de-dollarization and the consequences of the U.S. leveraging the dollar as a political tool. He predicted severe inflation, a plummet in American living standards, and a diminished global role for the U.S. St Onge highlighted the accelerated shift away from the dollar in global markets, citing the dollar's declining reserve currency status and fallout from recent sanctions. Elon Musk, CEO of Tesla and Twitter, echoed these sentiments, suggesting that continued currency weaponization would lead nations to abandon the dollar.
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5. Elon Musk Shares 'Massive Incentive to Move Money out of Bank Accounts'
Elon Musk drew attention to a significant incentive for individuals and companies to shift funds from banks to Treasury Bills. He highlighted the large interest rate disparity created by the U.S. Treasury and the Federal Reserve. Musk warned that this realization could trigger a rapid withdrawal of deposits, even from large banks traditionally considered fail-safe. The issue underscored concerns about the stability of the U.S. banking system amid recent crises, with several banks failing and others potentially at risk in an ongoing cycle of instability.
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Notable 2023 Stories
Blackrock Files for Bitcoin Trust — Analyst Calls It a 'Real Deal' Spot Bitcoin ETF Filing
Blackrock, the world's leading asset manager, initiated a move to launch a spot bitcoin exchange-traded fund (ETF) amidst the U.S. Securities and Exchange Commission's (SEC) crackdown on unregistered crypto platforms. Despite the SEC's strict stance and recent charges against Coinbase for securities law violations, Blackrock selected the Nasdaq-listed company as the custodian for its trust. The move sparked a mix of optimism and skepticism within the crypto community, with some considering it a bullish signal for cryptocurrencies and others cautious about its implications.
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DC Circuit Court of Appeals Criticizes SEC for Grayscale Denial
On August 29, 2023, the U.S. Court of Appeals for the District of Columbia Circuit unanimously overturned the SEC's rejection of Grayscale's Bitcoin Exchange Traded Product. The court chastised the SEC for arbitrary and inconsistent decisions compared to similar cases. The court emphasized the substantial similarity between Grayscale's ETP and previously approved bitcoin futures ETPs, highlighting the need for consistent and predictable regulatory actions. Grayscale now awaits the SEC's next move, which could include an appeal or a reassessment of the application, marking a significant moment in the ongoing dialogue between cryptocurrency ventures and regulatory bodies.
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US Judge Rules XRP 'Not Necessarily a Security on Its Face,' Sending XRP Supporters Into Celebration
U.S. Judge Analisa Torres recently ruled that the cryptocurrency XRP cannot definitively be classified as a security, specifically in relation to its "programmatic sales." However, the ruling acknowledged that institutional sales may differ. This nuanced decision partially granted and denied motions from both the SEC and Ripple Labs, reflecting the ongoing debate and complexity in determining the legal status of cryptocurrencies. The ruling recognized the distinct nature of XRP's institutional and programmatic sales. The case remains open, with further proceedings expected to address unresolved issues regarding XRP's classification as a security.
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Robert Kiyosaki Expects Bitcoin to 'Become Priceless' When the Fed Launches Central Bank Digital Currency
Robert Kiyosaki, author of "Rich Dad Poor Dad," expressed concerns about the potential launch of a central bank digital currency (CBDC) by the Federal Reserve. He warned that it could lead to the end of privacy and an era of increased surveillance. Kiyosaki predicted that assets like bitcoin would become invaluable in such a scenario. He urged investors to accumulate bitcoin, gold, silver, and cash, echoing the cautionary stance of various U.S. lawmakers who oppose the development of a CBDC, citing it as a threat to the American way of life. Federal Reserve Chairman Jerome Powell indicated that the decision to issue a CBDC is still far off and requires extensive research and consideration.
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Ethereum Co-Founder Vitalik Buterin's Address Sells Trillions of Airdropped Tokens, Causes Illiquid Coin Prices to Plummet
On March 7, Ethereum co-founder Vitalik Buterin reportedly sold a significant amount of various airdropped ERC20 tokens from his address. This sell-off caused a significant market reaction, with the values of these relatively obscure tokens plummeting due to shallow market liquidity. The move sparked debates within the crypto community, with speculations about tax compliance and criticisms regarding the impact on token prices.
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2024 and the Path Forward
Overall, 2023 was a transformative year for the cryptocurrency landscape and the global economy. The headlines reflected the dynamic nature of these markets, from shifting alliances among nations to warnings of economic upheaval. As we bid farewell to this eventful year, the lessons learned and challenges faced will undoubtedly shape the path forward for bitcoin and the broader crypto economy in the years to come.
In 2024, many crypto enthusiasts predict a bullish trend, fueled by the widespread acceptance of spot bitcoin ETFs and the tokenization of tangible assets. Optimistic shifts in the broader economic landscape, such as anticipated interest rate cuts, are likely to enhance market morale and benefit BTC and the broader crypto economy. The blend of blockchain innovations and promising liquidity scenarios primes the coming year to be a potentially rewarding journey for crypto proponents.
What are your thoughts on the hottest Bitcoin.com News stories in 2023? Share your opinions in the comments section below.
Frequently Asked Questions
How much do gold IRA fees cost?
$6 per month is the Individual Retirement Account Fee (IRA). This includes account maintenance and any investment costs.
Diversifying your portfolio may require you to pay additional fees. These fees vary depending on what type of IRA you choose. Some companies offer free checking accounts, but charge monthly fees to open IRA accounts.
A majority of providers also charge annual administration fees. These fees range between 0% and 1 percent. The average rate per year is.25%. These rates can be waived if the broker is TD Ameritrade.
How much gold should your portfolio contain?
The amount of money you need to make depends on how much capital you are looking for. 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. This way, you don't have to worry about paying rent all at once. You only pay one month.
It's also important to determine what type business you'll run. My website design company charges clients $1000-2000 per month depending on the order. So if you do this kind of thing, you need to consider how much income you expect from each client.
As freelance work requires you to be paid freelancers, your monthly salary won't be as high as mine. 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 to $2k of gold, and then growing from there.
What Is a Precious Metal IRA?
A precious metal IRA allows for you to diversify your retirement savings in gold, silver, palladium and iridium. These are “precious metals” because they are hard to find, and therefore very valuable. These are excellent investments that will protect your wealth from inflation and economic instability.
Precious metals are often referred to as “bullion.” Bullion refers simply to the physical metal.
Bullion can be bought through many channels, including online retailers, large coins dealers, and some grocery shops.
You can invest directly in bullion with a precious metal IRA instead of buying shares of stock. This allows you to receive dividends every year.
Precious metal IRAs are not like regular IRAs. They don't need paperwork and don't have to be renewed annually. Instead, you only pay a small percentage on your gains. You also have unlimited access to your funds whenever and wherever you wish.
What is the Performance of Gold as an Investment?
The supply and the demand for gold determine how much gold is worth. Interest rates are also a factor.
Due to the limited supply of gold, prices for gold are highly volatile. You must also store physical gold somewhere to avoid the risk of it becoming stale.
Statistics
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- 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)
- 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)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
External Links
cftc.gov
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 Lawful – WSJ
investopedia.com
- Are You a Good Candidate for a Gold IRA
- What are the Options Types, Spreads and Example. Risk Metrics
finance.yahoo.com
How To
Tips for Investing in Gold
Investing in Gold is a popular investment strategy. This is due to the many benefits of investing in gold. There are several ways to invest in gold. There are many ways to invest in gold. Some prefer buying physical gold coins while others prefer gold ETFs (Exchange Traded Funds).
Before buying any type gold, it is important to think about these things.
- First, verify that your country permits gold ownership. If you have permission to possess gold in your country, you can then proceed. Or, you might consider buying gold overseas.
- The second is to decide which kind of gold coin it is you want. You can choose between yellow gold and white gold as well as rose gold.
- Third, consider the cost of gold. It is best to start small and work your way up. Diversifying your portfolio is a key thing to remember when purchasing gold. Diversifying your portfolio includes stocks, bonds, mutual funds, real estate, commodities, and mutual funds.
- Lastly, you should never forget that gold prices change frequently. You need to keep up with current trends.
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By: Jamie Redman
Title: Top 5 Most Read Bitcoin.com News Stories in 2023
Sourced From: news.bitcoin.com/2023-in-review-the-years-most-impactful-crypto-news-stories-and-economic-trends/
Published Date: Wed, 27 Dec 2023 07:30:01 +0000
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