2023 proved to be an extraordinary year for bitcoin and the broader crypto economy, surging significantly in value once the dust settled from the FTX debacle and as major players such as Blackrock and Franklin Templeton lodged applications for spot bitcoin exchange-traded funds (ETFs). Alongside the ever-changing crypto markets, the global economy commanded attention with the BRICS countries taking bold steps and economists sounding alarms about a looming economic crisis.
2023 has been a year full of developments, and as it draws to an end, it’s beneficial to look back on the myriad of events that unfolded in the last 12 months. Here’s an overview of some of Bitcoin.com News’ most popular articles, ranked by the traffic they attracted throughout the year.
The Top 5 Most Read Bitcoin.com News Stories in 2023
US-Saudi Tensions Escalate as Report Says Crown Prince Is No Longer Interested in Pleasing the United States
In 2023, Saudi Arabia and the Organization of the Petroleum Exporting Countries’ (OPEC) unexpected oil production cuts marked a significant shift away from U.S. policy preferences, with Saudi Crown Prince Mohammed bin Salman openly disinterested in appeasing the U.S. This move coincided with broader global realignments, including BRICS nations reassessing economic ties and Saudi Arabia considering trade in currencies other than the U.S. dollar.
Former Treasury Official Warns of Complete Economic Implosion if US Dollar Loses Global Reserve Currency Status
Monica Crowley, a former official at the U.S. Treasury, starkly warned of the grave, far-reaching repercussions if the U.S. dollar ceases to be the world’s reserve currency, including a potential economic implosion and the loss of American superpower status. She underscored the dollar’s pivotal role since World War II and its critical linkage to oil trade, noting that recent geopolitical tensions and policy missteps have significantly risked this position.
Economist Peter Schiff Advises ‘Get Rid of Your US Dollars Now’ — Warns USD’s Reserve Currency Status in Jeopardy
Economist Peter Schiff has advised against holding U.S. dollars, citing the escalating global shift away from USD reliance, especially by nations in the Middle East and Southeast Asia. Asserting the U.S. dollar’s reserve status and that American living standards are at risk, Schiff recommends divesting from the dollar and related financial assets. His warnings point to an imminent economic disaster and devaluation, suggesting an urgent move away from the dollar to mitigate personal financial loss amidst the potential for hyperinflation and economic upheaval.
Economist Warns of ‘Catastrophic’ Fall in American Living Standard — Elon Musk Weighs in on De-Dollarization, US Dollar Weaponization
Economist Peter St Onge issued a stark warning about rapid de-dollarization and the consequences of the U.S. leveraging the dollar as a political tool, predicting severe inflation, a plummet in American living standards, and a diminished global role for the U.S. Citing the dramatic decline in dollar’s reserve currency status and the fallout from recent sanctions, St Onge notes the accelerated shift away from the dollar in global markets. Tesla and Twitter CEO Elon Musk echoed these sentiments, suggesting that continued currency weaponization will lead nations to abandon the dollar.
Elon Musk Shares ‘Massive Incentive to Move Money out of Bank Accounts’
Elon Musk highlighted a significant incentive for individuals and companies to shift funds from banks to Treasury Bills, citing the large interest rate disparity created by the U.S. Treasury and the Federal Reserve. He warns that this realization could lead to a rapid withdrawal of deposits, even from large banks traditionally considered fail-safe. The issue underscores broader concerns about the U.S. banking system’s stability amid recent crises, with several banks failing and others potentially at risk in a continuing cycle of instability.
Notable 2023 Stories
Blackrock Files for Bitcoin Trust — Analyst Calls It a ‘Real Deal’ Spot Bitcoin ETF Filing
Blackrock, the world’s leading asset manager, has initiated a move to launch a spot bitcoin exchange-traded fund (ETF) amidst the U.S. Securities and Exchange Commission’s (SEC) crackdown on unregistered crypto platforms. Despite the SEC’s stringent stance and recent charges against Coinbase for securities law violations, Blackrock has appointed the Nasdaq-listed company as the custodian for its trust. The move has sparked a mix of optimism and skepticism within the crypto community, with some viewing it as a bullish signal for cryptocurrencies and others cautious of its implications.
DC Circuit Court of Appeals Chastises SEC for Grayscale Denial
On August 29, 2023, the U.S. Court of Appeals for the District of Columbia Circuit unanimously overturned the SEC’s rejection of Grayscale’s Bitcoin Exchange Traded Product, criticizing the SEC for arbitrary and inconsistent decisions compared to similar cases. The court’s decision emphasized Grayscale’s ETP’s substantial similarity to previously approved bitcoin futures ETPs, highlighting the need for consistent and predictable regulatory actions. Now, Grayscale awaits the SEC’s next move, which could include an appeal or a reassessment of the application, marking a significant moment in the ongoing dialogue between cryptocurrency ventures and regulatory bodies.
US Judge Rules XRP ‘Not Necessarily a Security on Its Face,’ Sending XRP Supporters Into Celebration
U.S. Judge Analisa Torres recently ruled that the cryptocurrency XRP cannot definitively be classified as a security, specifically in relation to its “programmatic sales,” though institutional sales may differ. This nuanced decision partially granted and denied motions from both the SEC and Ripple Labs, reflecting the ongoing debate and complexity in determining the legal status of cryptocurrencies. The ruling recognized the distinct nature of XRP’s institutional and programmatic sales. However, the case remains open, with further proceedings expected to address unresolved issues around XRP’s classification as a security.
Robert Kiyosaki Expects Bitcoin to ‘Become Priceless’ When the Fed Launches Central Bank Digital Currency
“Rich Dad Poor Dad” author Robert Kiyosaki has expressed concerns over the potential launch of a central bank digital currency (CBDC) by the Federal Reserve, warning that it could lead to the end of privacy and an era of increased surveillance. He predicts that in such a scenario, assets like bitcoin will become invaluable. Urging investors to accumulate bitcoin, gold, silver, and cash now, Kiyosaki’s cautionary stance is echoed by various U.S. lawmakers who are actively opposing the development of a CBDC, citing it as a threat to the American way of life. Despite these concerns, Federal Reserve Chairman Jerome Powell has indicated that the decision to issue a CBDC is still far off, with extensive research and consideration required.
Ethereum Co-Founder Vitalik Buterin’s Address Sells Trillions of Airdropped Tokens, Causes Illiquid Coin Prices to Plummet
On March 7, Vitalik Buterin, co-founder of Ethereum, reportedly sold a substantial amount of various airdropped ERC20 tokens from his address, leading to a significant market reaction. The sell-off included billions and trillions of relatively obscure tokens, causing their values to plummet due to the shallow market liquidity. The move sparked debates within the crypto community regarding the motives behind such large-scale disposals, with some speculating tax compliance as a reason and others criticizing the impact on token prices.
2024 and the Path Forward
Overall, 2023 proved to be a transformative year for the cryptocurrency landscape and global economy. From shifting alliances among nations to warnings of economic upheaval, the year’s headlines reflected the dynamic nature of these markets. As we bid farewell to this eventful year, the lessons learned and challenges faced will undoubtedly shape the path forward for bitcoin and the broader crypto economy in the years to come.
In 2024, a great deal of crypto enthusiasts predict a bullish trend, fueled by widespread acceptance via spot bitcoin ETFs and the tokenization of tangible assets. Optimistic shifts in the broader economic landscape, particularly anticipated cuts in interest rates, are likely to enhance market morale, benefiting BTC and the broader crypto economy. It is believed that a blend of blockchain innovations and promising liquidity scenarios primes the coming year to be a potentially rewarding trip around the sun for crypto proponents.
What do you think about the hottest Bitcoin.com News stories in 2023? Share your thoughts and opinions about this subject in the comments section below.
