) On the other hand, the crypto faithful who turned SBF (Singapore Business Federation) into a pseudo-savior of billionaires also cheered his conviction, declaring the verdict a belated cleansing of a bad apple.
In the weeks following the verdict, U.S. authorities achieved another major law enforcement victory. Changpeng Zhao, also known as CZ, the founder of the most popular cryptocurrency trading platform Binance, pleaded guilty as part of a $4 billion settlement. Faryar, chief policy officer at Coinbase “2023 will be a bad year for scammers and a good year for builders,” said Shirzad. “We’re going into 2024 and a lot of the worst scammers will be out of business, which is a good thing. In the two weeks after Changpeng Zhao (CZ) pleaded guilty, Bitcoin surged 23% to $44,000 — its highest level in 18 months, as investors look forward to more positive news.
Bitcoin bulls dig deep
The main event for cryptocurrency in 2024 could come as early as next month, when U.S. regulators are expected to approve the first applications of cryptocurrencies. Spot Bitcoin ETF (Exchange TRDE Fund) exchange-traded fund, or exchange-traded fund, in the US market.
Simply put, a spot Bitcoin ETF (Exchange Trade Fund) allows investors to track the price of Bitcoin without actually owning the digital currency. This appeals to mainstream investors for several reasons. First, it gives everyday investors wary of cryptocurrencies a relatively safe way to test the waters of this notoriously volatile market.
ETFs (Exchange Trade Funds) are also traded on traditional stock exchanges, which means investors can access them through their reliable broker rather than creating a new account in the crypto universe. Of course, the prospect of regulatory oversight adds another layer of protection and transparency.
The upshot: There could soon be a flood of new money flowing into Bitcoin. Even more optimistic: Bitcoin’s halving, or scarier “halving.” While this is typically a buy-the-hype-sell news event, Bitcoin's halving does push Bitcoin higher. At its core, Bitcoin is a finite asset, and every four years the number of new coins that can enter circulation is algorithmically reduced by half (hence the name).
"The 'halving' is the ultimate geeky event for Bitcoin users in 2024," Antoni Trenchev, co-founder of crypto lender Nexo, said in a statement. "So if history repeats itself… we may have to wait until sometime in 2025 to see Bitcoin peak, with 2024 becoming the main event main course."
Trenchev said that the approval of a spot ETF (Exchange Trade Fund) and the expected halving in the spring will push the Bitcoin price to $100,000, which is 45% higher than the all-time high of $69,000 set in November 2021.
“The road to $100,000 will be filled with unexpected potholes and double-digit Bitcoin drops,” Trenchev said. “To paraphrase one of the biggest naysayers, Warren Buffett, ‘move money from the impatient to the patient.’”
If you want a more optimistic prediction, look no further than Anthony Scaramucci, founder of SkyBridge Capital and a long-time Bitcoin evangelist.
“Bitcoin ended the year at $140,000,” he told digital news outlet Semafor
Old man translation
