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Since its launch in 2018, Bitget has emerged as one of the world’s leading cryptocurrency exchanges, with the platform specially showcasing an immense amount of growth this past year. This article delves into the key factors contributing to its 2023 success, focusing on the impressive performance of its native token (BGB), the robustness of its user protection fund, and its use of various transparency-rooted practices.  

A Closer Look at BGB’s Monumental Rise

The Bitget Token (BGB), which drives the exchange’s internal operations and is used by traders for staking, social trading, profit sharing or receiving discounts on trading fees, played a pivotal role in forging the platform’s impressive 2023 growth narrative. Registering an astounding 291% profit and peaking at an all-time high value of $0.66 on Dec 22, BGB emerged as a symbol of user confidence and market validation of Bitget’s wide array of services.

Several factors contributed to this success, including the introduction of new features such as staking for zero withdrawal fees and eligibility for new coin airdrops for holders. In fact, by the end of the year, the number of BGB holders surged by 83%, with its trading volume witnessing a 110% increase, reaching an impressive total of $5.15 billion.  

Fostering Market Stability, One Step at a Time

In addition to BGB’s success, Bitget’s ‘Protection Fund’ which serves as a critical component of its security infrastructure, also achieved a remarkable high of $424 million (during Q4 2023). By encompassing a diversified portfolio, including cryptocurrencies like Bitcoin (BTC), Tether USD (USDT), and USD Coin (USDC), the fund continues to ensure a high degree of financial stability and adaptability during periods of market volatility. 

On a technical note, it bears mentioning that the protection fund operates with a high degree of autonomy, allowing for prompt/efficient asset coverage when needed — thereby circumventing external dependencies as well as any bureaucratic delays. Such a high degree of agility is crucial when it comes to addressing and mitigating risks arising from hacks and extreme market conditions. 

An Expanding User Base and Surging Operational Growth  

Bitget’s client base witnessed a remarkable expansion during 2023, growing from 8 million to an impressive 20 million users. To accommodate this surge, Bitget increased its staff count from 1100 to 1500 employees. Additionally, the platform experienced a significant boost in its engagement levels, with its website recording 10.4 million average monthly visits (peaking at 13.6 million during May). 

Furthermore, Bitget’s proactive approach to expanding its offerings was evidenced by its spot trading numbers. Over the course of the year, the platform added 355 new listings, resulting in an extensive selection of over 600 tokens and 700 spot trading pairs.  

Surplus Reserves and Other Positive Financial Data

Bitget’s commitment to transparency and financial stability came to the forefront in 2023 after the exchange released a comprehensive Proof of Reserves (PoR) report, revealing a robust reserve ratio of 175%. The ratio — which stands significantly above the standard 100% mark — indicates excess reserves in comparison to its liabilities, ensuring that user funds are fully backed and readily accessible at all times. 

Delving deeper into the PoR data, Bitget’s reserve status included holdings of substantial digital assets like BTC, ETH, USDT, and USDC, collectively exceeding $1.7 billion. This financial prudence was paralleled by Bitget’s trading volume, which reached an astounding $3.14 trillion last year. The platform also witnessed a significant surge in spot trading volume, which climbed to $81.6 billion, marking a remarkable 94% increase from the previous year.

Investments and Strategic Initiatives  

Bitget’s strategic foresight was further highlighted by its significant investments and initiatives. A notable move was the $30 million investment in BitKeep — a crypto custody platform that has since been rebranded as Bitget Wallet — marking a decisive step in integrating decentralized and centralized finance solutions. 

Additionally, Bitget demonstrated its commitment to supporting innovation and growth within the crypto sector by establishing two major funds, namely the EmpowerX Fund and the Web3 Fund, each capped at an impressive $100 million. The funds seek to nurture promising projects and partnerships within the digital asset arena.

Lastly, aligning with the ever-evolving needs of the crypto market, Bitget underwent a strategic rebranding in 2023. The platform’s new motto, ‘Trade smarter,’ reflects the firm’s focus on empowering users with more intuitive and intelligent trading tools. The change was not just meant to be a cosmetic one but a reaffirmation of Bitget’s over-arching mission to provide a sophisticated and user-friendly trading experience, especially for those new to the crypto world.

OpenAI’s CEO, Sam Altman, has ambitious plans to leverage the funds acquired from a chip venture to establish a series of semiconductor manufacturing facilities, commonly referred to as fabs, according to sources familiar with the matter.

Bloomberg reported on January 19th that Altman is engaged in discussions with various significant potential investors to secure the necessary funding for this expansive initiative, which would involve collaborating with leading chip producers on a global scale.

Among the potential investors, Abu Dhabi-based G42 and Japan’s SoftBank Group are in early talks with OpenAI, although a comprehensive list of partners and funders has not yet been finalized.

Since October 2023, OpenAI has been in discussions with G42 with the goal of raising an impressive $8 billion to $10 billion for the project.

While the current status of these discussions remains uncertain, the report mentions that Intel, Taiwan Semiconductor Manufacturing Company (TSMC), and Samsung Electronics are among the potential collaborators OpenAI is considering.

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Interestingly, OpenAI is not the only tech giant looking to invest in semiconductor chips.

Meta’s CEO, Mark Zuckerberg, announced on January 18th that the company intends to make substantial investments in specialized computer chips to develop and deliver new generative artificial intelligence (AI) models and products.

Meta plans to bolster its technology infrastructure, aiming to acquire approximately 350,000 H100 graphics processing units from chip designer Nvidia by the end of 2024.

Sam Altman’s renewed focus on securing funding for global semiconductor chip manufacturing comes after his unexpected and brief ouster from OpenAI in November 2023.

Upon his return, he resumed efforts to realize this ambitious project, even discussing the plan with Microsoft, which has reportedly shown interest.

Beyond his involvement in semiconductor chips, Altman holds a belief that the future of AI could hinge on a bold yet uncertain form of energy that does not currently exist—a vision that adds further intrigue to OpenAI’s future endeavors.

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In just a span of three hours after the debut of the SatoshiVM (SAVM) token, a cryptocurrency trader managed to amass a staggering $6.77 million in profits.

This astounding feat was achieved through the strategic use of a powerful tool known as the Banana Gun sniping tool, enabling the trader to seize the opportunity and capitalize on the token’s price surge.

To kickstart this remarkable venture, the trader employed the Banana Gun trading bot to secure 2.61 million SAVM tokens, valued at $681,000, by parting with 277.66 Ether.

The Banana Gun trading bot, introduced to the market in July 2023, offers users the ability to engage in rapid presale token sniping and crypto trading.

Users can opt for either the “Manual Trade” or “Automatic Sniper” mode, each accompanied by its own fee structure – with manual trades incurring a 0.5% fee and the automatic sniper mode carrying a slightly higher fee of 0.75%.

However, what followed was a significant twist in the story. Within the first three hours of its launch, the price of SAVM plummeted by a staggering 99%.

Developers attributed this sudden collapse to a bug during the v1 launch.

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In an effort to recover the locked liquidity, the team decided to sell treasury funds, ultimately ensuring that everyone involved in v1 was compensated for their losses, at the expense of the Banana Gun team.

The Banana Gun trading bot has garnered a fair share of controversy since its inception, characterized by instances of mysteriously disappearing funds after sniping attempts.

While the Banana Gun spokesperson has insisted that this issue isn’t tied to the tool itself, some token contracts do possess functions that allow the contract deployer to move funds out of wallets, leading to instances where tokens failed to reach the buyers’ wallets due to malicious contract activity.

The trader at the center of this remarkable story employed the sniping strategy by paying a premium of 141.66 ETH to secure the first batch of SAVM tokens upon launch, acquiring over 2.5 million tokens in the process.

Subsequently, the trader sold 2.16 million tokens for an impressive $4.38 million, and currently retains 450,000 SAVM tokens, estimated to be valued at $3 million, translating to a remarkable total profit of approximately $6.77 million.

This trader’s astounding success using the Banana Gun tool earned widespread acclaim on social media, particularly on X (formerly Twitter).

Many hailed the trader as a legend, while others praised their willingness to invest 141 ETH in sniping fees for a shot at life-changing wealth.

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The Dutch government is taking a significant step towards bolstering its presence in the world of artificial intelligence (AI).

On January 18th, the Ministry of the Interior and Kingdom Relations announced that they would allocate a substantial budget of 204.5 million euros ($222.07 million) to promote local investments in AI.

This initiative aims to prevent the Netherlands from falling behind in the global AI race, with Asia and the United States already leading in the responsible use of generative AI technologies.

One of the primary goals outlined in the announcement is to position the Netherlands and the European Union as competitive players in the development of AI technology.

The government recognizes the need to stay ahead of the curve and not remain passive observers in the AI landscape.

To achieve this, the Dutch government intends to channel these funds into various initiatives and campaigns.

One key aspect of their strategy is to educate the public about safeguarding their data from generative AI.

This step reflects their commitment to ensuring that AI technologies are used responsibly and ethically.

Simultaneously, they are exploring the creation of a secure and functional national AI testing facility, which would be available for public use.

The Dutch government is also cognizant of the risks associated with AI, such as misinformation and potential job displacement.

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To address these concerns, they plan to implement measures that balance the benefits of AI while mitigating its negative impacts.

Furthermore, the government has pledged to adhere to the European Union’s AI Act, a regulatory framework governing the governmental use of AI and establishing rules for market entry.

In December 2023, the European Parliament and Council reached an agreement on a risk-based model for AI regulation, which is currently in the final stages of formal enactment.

Dutch Minister for Education, Culture, and Science, Robbert Dijkgraaf, emphasized the importance of developing and retaining AI talent to create generative AI systems that align with European standards and values.

Additionally, the government is considering investments in significant scientific and technological resources, such as supercomputers.

These investments would not only benefit the Netherlands but also contribute to the EU’s competitiveness in the field of large language models (LLMs) and other generative AI technologies.

As the Dutch government propels its AI agenda forward, it aims to strike a balance between innovation, ethical considerations, and global competitiveness.

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Former President and current United States presidential candidate, Donald Trump, has emphatically pledged to prevent the Federal Reserve from introducing a central bank digital currency (CBDC) in the country.

This promise was made during a campaign address in Portsmouth,

New Hampshire, on January 17, where Trump reiterated his commitment to safeguarding Americans against government overreach.

In his speech, Trump declared, “Tonight I’m making another promise to protect Americans from government tyranny.

I will never allow the creation of a central bank digital currency.” His statement was met with enthusiastic applause from the audience, prompting him to acknowledge their support, saying, “I didn’t know you know so much… New Hampshire, very smart people.”

Trump then went on to elaborate on his concerns about CBDCs, emphasizing that such a currency would grant the federal government absolute control over citizens’ money, potentially allowing them to seize funds without individuals even being aware of it.

He warned that this development posed a significant threat to freedom and vowed to take action to prevent it from becoming a reality in America.

Donald Trump, who controversially contested the results of the 2020 presidential election, officially launched his 2024 presidential campaign in November 2022.

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The 60th quadrennial U.S. presidential election is scheduled for November 5, 2024.

It’s worth noting that another presidential candidate, Florida Governor Ron DeSantis, had also pledged to oppose central bank digital currencies on his first day in office.

However, DeSantis faced a setback when he lost to Trump in the Republican party primary election in Iowa on January 15, 2024, where he consistently trailed Trump by more than 10 points in the polls.

Additionally, another contender for the Republican Party nomination, Vivek Ramaswamy, who had proposed a crypto-focused policy framework, dropped out of the race on the same day as the Iowa caucus results, securing roughly 8% of the vote.

Ramaswamy officially endorsed Trump as his preferred candidate.

Former U.S. Securities and Exchange Commission enforcer John Reed Stark added an interesting perspective to the unfolding election landscape on January 17.

He suggested that the crypto movement could play a pivotal role in the 2024 presidential election and recommended that every presidential contender appoint an internal Crypto Czar to serve as the point person and spokesperson for cryptocurrency-related matters within their campaign.

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