In this article, we will be talking about the 20 countries that use crypto and Bitcoin the most. We will also discuss the recent trends in the crypto market along with the major players in the industry. If you wish to skip our detailed analysis, you can move directly to the 5 Countries that Use Crypto and Bitcoin the Most.
Will Bitcoin Grow to an All-Time High by 2024?
On September 7, Forbes analyzed what the future holds for Bitcoin. According to the report, Bitcoin has witnessed significant price improvements in 2023. After a rough period for the crypto market in 2022, Bitcoin reported a strong comeback in 2023. In July, Bitcoin climbed to $31,000. While the price for one Bitcoin slightly deteriorated to $25,956 on September 13, experts expect a recovery soon. According to the report, Bitcoin seems to be under inflationary pressure. Inflationary pressures forced the Fed to raise interest rates. Such has contributed to a major resistance in the trade of Bitcoin at the price of $28,900. The report informs readers that, as per the Indian government, all transactions of digital assets would be regulated by the Prevention of Money Laundering Act (PMLA). While crypto laws are necessary, stringent regulations may limit the growth of the cryptocurrency market.
Despite the turmoil surrounding the current status of Bitcoin, the reports hint at 2024 being a game-changer for the cryptocurrency. The Bitcoin halving event is expected in 2024, which brings the hope of a boost in the price of Bitcoin. The halving event takes place every four years. During the halving event, the price reward to Bitcoin miners is cut by 50%. Such helps contract the supply and is a positive sign for Bitcoin’s price.
Uncertainty and volatility surrounding Bitcoin have been a common trend this year. Stringent regulations in countries and a worsening global macroeconomic condition limit the ability of experts to predict the future of Bitcoin. Nevertheless, experts hold high expectations for the coming year. Take a look at the most valuable currencies in the world.
What Do the New Crypto Regulations Mean?
The United States is home to one of the most crypto owners. However, this does not exclude the American market from the wrath of uncertainty and volatility of currencies. On August 25, Reuters reported new crypto regulations introduced by the Biden administration. According to the new tax reporting rules, crypto brokers must report sales and exchanges of all digital assets to the Internal Revenue Service (IRS). The new tax reporting regulations were primarily aimed at countering tax evasion. On the bright side, the new tax regulation makes processing easier for regular crypto taxpayers. The regulation aligns with the administration’s efforts to bring in more money from taxes. With the new bill in action, the estimated tax revenue for the next decade is almost $28 billion. To shed light on the importance of tax regulations for the future of the economy, the treasury reported:
“This is part of a broader effort at Treasury to close the tax gap, address the tax evasion risks posed by digital assets, and help ensure that everyone plays by the same set of rules.”
While regulation is a prerequisite for the mass acceptance of crypto or Bitcoin as a mainstream payment method, stringent laws may limit user’s willingness to invest in cryptocurrencies. The impact of the new tax regulations can only be judged in the coming months.
Are Large Corporations Withdrawing Interest in Crypto?
Are large companies with significant stakes in the crypto market distancing themselves from the crypto industry? Is this because of stringent laws or the falling prices of Bitcoin?
On August 25, CNBC reported that Mastercard Incorporated (NYSE:MA) recently ended its partnership with Binance. Mastercard Incorporated (NYSE:MA) will not offer branded Binance cards in Latin America and the Middle East anymore. Users used these cards to purchase commodities directly with their crypto assets. Visa Inc. (NYSE:V) also ended its partnership with Binance in July. Such indicates the growing concerns of holding partnerships with companies currently surrounded by intense regulatory scrutiny.
However, this does not mean that companies are withdrawing interest crypto as a mainstream payment method. Mastercard Incorporated (NYSE:MA) and Visa Inc. (NYSE:V) still offer a range of crypto cards, allowing people to make hassle-free payments using their crypto assets.
Mastercard Incorporated (NYSE:MA) offers prepaid cards funded by Tap, Nexo, and Gemini. The company’s efforts in transforming the crypto landscape continue, regardless of the scrutiny around the crypto market. On August 17, Mastercard Incorporated (NYSE:MA) announced its new Central Bank Digital Currencies (CBDCs) Partner Program….
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