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Bitget, a prominent player in the cryptocurrency and Web3 sector, has unveiled a comprehensive study centered around the imminent Bitcoin halving slated for April 2024, aiming to shed light on its implications for investment strategies. This in-depth survey, encompassing a diverse global demographic, provides valuable insights into the mindset of crypto investors and their forecasts regarding market dynamics post-halving.

The research project engaged a substantial sample of 9,748 individuals hailing from various regions, including West Europe, East Europe, South East Asia, East Asia, MENA, and Latin America. Employing anonymized data analysis, the study sought to discern how investors perceive the impending Bitcoin halving and how their investment strategies are poised to evolve in response.

Notably, an overwhelming 84% of surveyed investors harbor optimism about the positive repercussions the Bitcoin halving will exert on the crypto market, with widespread belief that it will propel Bitcoin past its all-time high of $69,000. This sentiment is particularly fervent in Latin America, East Asia, and South East Asia, whereas European regions tend to adopt a more cautious outlook.

Expectations regarding Bitcoin’s price during the impending halving in April 2024 span a wide spectrum. While a substantial portion of global investors anticipates a price range between $30,000 and $60,000, around 30% of respondents envision the price soaring beyond $60,000, with heightened enthusiasm in markets like Latin America.

Looking ahead to the post-halving landscape, investors collectively share the belief that Bitcoin will surpass its previous all-time high during the subsequent bull run. This optimism stems from a combination of short-term prudence and long-term confidence, notably prevalent in select European markets.

When it comes to predictions for the all-time high (ATH) price in the next bull market, the majority (55%) foresee Bitcoin stabilizing within the $50,000 to $100,000 range, while a notable segment remains even more bullish, expecting it to surge past $150,000. This bullish sentiment is especially pronounced in West Europe, a region that leaned toward conservatism during the halving period.

The study also unveils intriguing trends in investment intentions for 2024. Approximately 70% of participants from the surveyed regions express a clear intention to augment their crypto investments, signaling a robust confidence in the crypto market’s potential. This trend is particularly robust in MENA and East Europe, where investors exhibit a higher propensity to bolster their investment levels. Conversely, South East Asia and East Asia display a more balanced investment outlook, with a preference for maintaining current investment levels.

Bitget’s Managing Director, Gracy Chen, expressed her thoughts on the study, emphasizing its significance in understanding the evolving cryptocurrency investment landscape. She underscored the varied expectations and investment plans that the findings reflect, highlighting 2024 as a pivotal year for the Bitcoin market.

“The Bitget Study on BTC halving impacts provides valuable insights into the evolving landscape of cryptocurrency investment. The findings reflect a broad spectrum of expectations and investment plans, indicating that 2024 will be a significant year for the Bitcoin market.

“We are pleased to see such positive sentiment emerging as market conditions continue recovering. At Bitget, we firmly believe in Bitcoin’s potential to establish itself as a truly global store of value.

“As a leading exchange, we aim to play our part in contributing to the growth and development of the Bitcoin ecosystem through innovative product offerings, educational resources, and unwavering support of the community. The road ahead remains bright, and we look forward to empowering more investors and institutions alike to participate in Bitcoin’s ongoing success story,” Gracy concluded.

The Bank of Japan (BoJ) recently held its inaugural official meeting with the Japanese government to deliberate the potential development of a central bank digital currency (CBDC).

Reports from local TV channel NHK reveal that on January 26, both the government and the BoJ reached a consensus to address the legal intricacies associated with the issuance of a digital yen, with the goal of resolving these issues in the spring of 2024.

It is important to note that neither the BoJ nor the government has formally confirmed the launch of a digital yen at this point.

A definitive decision will only be made following a “national discussion,” and not before 2026.

In December 2023, the BoJ received a recommendation from an expert panel within the Ministry of Finance to expedite the issuance of a digital yen.

The panel emphasized the importance of the CBDC coexisting alongside physical cash and underscored the need for the BoJ to minimize the storage of personal data.

The BoJ successfully concluded the second phase of CBDC testing in May 2023.

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This year-long experiment involved 100,000 users and included the participation of five intermediaries, with transaction loads ranging from 500 to 3,000 transactions per second.

Following this achievement, the BoJ initiated its scheduled CBDC pilot project, focusing on evaluating the “end-to-end process flow” and establishing connections with external systems.

Despite Japan’s reputation as a predominantly cash-based society, the country maintains a favorable stance toward CBDCs.

This contrasts with the United States, where lawmakers and presidential candidates have actively opposed CBDC initiatives.

Furthermore, starting in April 2024, Japanese businesses may no longer be subject to taxes on “unrealized gains” from cryptocurrency holdings.

In Asia, there is a growing openness to CBDCs, with China already implementing its digital yuan, while countries such as Hong Kong, Singapore, Malaysia, India, and South Korea are actively researching CBDCs.

Additionally, in early January, the National Bank of Cambodia announced its intentions to introduce a CBDC in the country by the end of 2024.

The bank revealed its ongoing efforts to introduce “Lanka Pay” and “Central Bank Digital Currencies.”

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In the picturesque Swiss city of Lugano, a harmonious coexistence of various digital currencies seems increasingly plausible, as local official Paolo Bortolin, the deputy chief financial officer for the city, envisions a future where Bitcoin, central bank digital currencies (CBDCs), and stablecoins can seamlessly operate in tandem.

Bortolin’s optimism stems from the belief that each of these digital assets serves distinct purposes within the evolving financial landscape.

Bitcoin, celebrated for its decentralized nature, stands as a steadfast presence that operates independently. In Bortolin’s view, this flagship cryptocurrency plays a unique role in the digital currency spectrum.

In stark contrast, CBDCs inherently embody centralization both in name and function.

Wholesale CBDCs primarily facilitate transactions among financial institutions, while retail CBDCs aspire to be the standard digital currency for everyday transactions, mirroring the Swiss franc’s traditional usage.

Though Bitcoin and CBDCs appear to coexist without direct conflict, potential friction arises when considering certain state-issued currencies.

Retail CBDCs, intended for widespread use, face uncertain prospects, largely due to concerns about privacy and their competitive impact on traditional banks.

READ MORE: SEC Files Lawsuit Exposing $1.7 Billion Cryptocurrency Fraud Scheme

Stablecoins, exemplified by Tether, also play a pivotal role in Lugano’s digital financial landscape, especially before the widespread adoption of retail CBDCs.

Bortolin posits that if individuals can seamlessly manage their Swiss francs through a central bank-controlled digital wallet and navigate decentralized finance investments via CBDCs, the necessity for conventional banking institutions could dwindle.

Bortolin anticipates stablecoins issued by private entities could vie for dominance, with a leading stablecoin emerging for each currency, similar to Tether’s current dominance with the U.S. dollar.

Switzerland is not oblivious to these developments.

The wholesale CBDC project Helvetia III has been progressing, with Bortolin acknowledging ongoing discussions regarding its implementation. If the Swiss National Bank issues a CBDC, Lugano is prepared to embrace it as part of its financial ecosystem.

In a significant move towards cryptocurrency acceptance, in December 2023, Lugano expanded its support for digital payments, including Bitcoin and USDT, for taxes and community fees.

Additionally, the city welcomes payments in LVGA, a local blockchain-based stablecoin designed for use within Lugano.

Building on the success of the “Plan B” initiative in collaboration with Tether, Lugano has attracted 400 merchants accepting BTC and USDT, along with a user base of 14,000 individuals.

These developments signal Lugano’s commitment to embracing the multifaceted future of digital currencies and establishing itself as a hub for innovation in the evolving financial landscape.

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The New York City Bar Association has introduced a proposal aimed at fostering the growth of emerging technologies, particularly digital assets, within the state.

The objective is to attract cryptocurrency companies to establish their headquarters in New York and thereby safeguard the city’s prominent status as a leading commercial jurisdiction.

This initiative, known as the New York Emerging Technologies Amendments, is designed to support technological and commercial advancements that reduce transaction costs while enhancing the efficiency and security of financial transactions governed by the New York Uniform Commercial Code (UCC).

The association’s New York State Legislative Agenda, released on January 29, elaborates on this proposal.

The New York City Bar Association emphasizes the importance of these advantages, as they play a pivotal role in the decision-making process for market participants when selecting New York as their business location or jurisdiction for resolving legal disputes.

To achieve this, the proposed amendments seek to modernize New York’s UCC to accommodate recent and potential future developments in technology.

The UCC has remained unchanged since 2014, and significant technological progress has occurred since then, as outlined in the report.

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The report underscores the risk of New York losing digital asset market participants to other states. Currently, 11 states have already enacted model UCC amendments proposed by the Uniform Law Commission (ULC), while an additional 15 states, along with the District of Columbia, have introduced bills based on these amendments. More states are expected to follow suit.

The report raises concern that market participants may prefer these alternative states or even countries like England, which are swiftly adapting their commercial laws to accommodate emerging technologies and electronic transactions.

Although New York boasts the highest number of cryptocurrency companies globally, with 843 firms at the end of 2023, it ranked third on Recap’s 2023 list of top crypto hub cities.

To prevent cryptocurrency firms from relocating to more crypto-friendly jurisdictions, the NYC Bar Association stresses the importance of embracing these new amendments, emphasizing that they will sustain New York’s leadership in commercial and financial progress while discouraging the migration of digital commerce to other, more technology-friendly regions.

It is noteworthy that New York has been identified as the worst state for crypto taxes, according to a January 22 study by CoinLedger, while Florida has been recognized as the “best state” in this regard.

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