In early 2024, the battle for Bitcoin Spot ETFs reached a turning point as the SEC was compelled by courts to reevaluate its rejection of specific Bitcoin-related products. This significant development in the cryptocurrency market had a profound impact on the future of cryptocurrencies. The subsequent surge in market activity, with some brokerages increasing their holdings while others, such as Grayscale’s Bitcoin Trust (GBTC), experienced significant outflows, led to a period of volatility and opportunity.
Following the approval of the funds, Bitcoin’s price swiftly rose, surpassing $60,000 once again in late February and early March. The cryptocurrency reached new highs, hitting $69,210 on March 6, $70,184 on March 8, and soaring to a record $73,805.27 by mid-day on March 14.
Future Trends in Virtual Currencies
April 2024 – a key date for Bitcoin:
The world of digital finance is waiting for this date when the Halving of Bitcoin will occur, or the halving of the number of new coins that will hit the market and that is a written rule in the code behind this cryptocurrency.
The Central Bank of digital currencies
In 2019 China took the initiative to digitize the yuan and make blockchain one of the state’s main investments in technology. This prompted the United States to open the discussion on the possibility of digitizing the dollar and the world began to consider the need to create a central bank of digital currencies to regulate the issue worldwide. The debate is still open today.
Regulation is already a necessity
The fact that the possibility of creating a Central Bank of virtual currencies is being considered also opens the debate on how the regulation of these currencies should be in different countries and many of those even banned, like India, have begun to wonder how they can include them in their regulated financial system due to the popularity of cryptocurrencies in recent years.
Cryptocurrencies as safe-haven assets in some countries
The political and social situation of change that has occurred in Latin America in 2019, has made cryptocurrencies in the region have become safe-haven assets of universal value. Therefore, 2019 figures reported by Paxful, a platform that analyzes the cryptocurrencies market in Latin America, showed that confidence in transactions with cryptocurrencies has strengthened in the region, registering an increase of more than 1000% in the volume of the currencies traded.
For all the above, it is forecast that the number of people who own and use cryptocurrencies will continue to increase in the 2024s, which will inevitably lead to an active debate on global economic freedom and the digitization of the financial sector.
However, not everyone has access to cryptocurrencies. Most of them live in areas where Internet networks are difficult to find. They are commonly isolated from global economic projects. In this kind of situation, tokens as the embodiment of cryptocurrency are needed. With tokens, investors do not have to have an Internet network to carry out transactions such as currency trading, stock trading, foreign exchange trading to international lottery games such as Mega Ball, Power Ball, and Euromillions.
Geographical boundaries are blurred thanks to the presence of these tokens. GenesisONE is one example of a company that is standardizing cryptocurrency tokens. The company issues a $ 1 USD GenOne Coin which can be used as a medium of exchange for various projects it generates. GenesisONE contributes to various projects with the aim of equitable economic distribution in the world and reaches out to more communities, especially those who are marginalized.
The GenesisONE platform is one of the ways in which the penetration of cryptocurrencies into various aspects of people’s lives is made easier. In the future, where gold is less and less counted as a trusted currency, cryptocurrencies will have an even more role to play. Now, are you ready for all these changes?
Thank you for reading and we hope this article is useful.
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