According to the bill, any natural person residing in Brazil must declare income obtained with capital invested abroad, separate from other income and capital gains.
The president of Brazil, Luiz Inácio Lula da Silva, has ratified the law (PL 4.173/2023), imposing a tax of up to 15% on Bitcoin and other cryptocurrencies held by Brazilian citizens on international exchanges.
This decision, which will come into effect from January 1, 2024, represents a radical change in the tax treatment of cryptoassets in the country.
Any user who holds cryptocurrencies valued at more than $1,200 in companies abroad, such as Binance, Bitget, Gate.io. Crypto.com, Coinbase, Bitfinex, OKX, Crypto.com, Bybit, and others, must pay a tax of up to 15%.
Bitwise Predicts Bitcoin to Hit $80,000
Bitwise forecasts that the world’s largest cryptocurrency is set to benefit from two positive catalysts in 2024, driving a rise to a new all-time high of $80,000.
According to the report, “the launch of a spot bitcoin ETF (anticipated in early 2024) is expected to usher in a wave of new capital from retail and institutional investors, causing demand for bitcoin to rise. Meanwhile, the supply of new bitcoin being produced each year will be cut in half following the next bitcoin halving in April or May 2024. At current prices, that’s equivalent to a $6.2 billion reduction in new bitcoin entering the market each year.”
Particularly, Bitwise Senior Research Analyst Ryan Rasmussen outlined 10 bullish predictions for the crypto market next year. One of the main themes is the explosive growth of the BTC price. His post on X goes like this:
“In 2024… Bitcoin will set a new all-time high, the spot bitcoin ETF will be the most successful ETF launch of all time, Coinbase’s revenue will double, and more…”
Michael Saylor Believes Bitcoin Will Reach $350,000
MicroStrategy CEO Michael Saylor shared his bold predictions for Bitcoin, suggesting that the cryptocurrency could reach $350,000 by 2024. As a result, it has captured the attention of the crypto community, sparking debates about the implications of such a prediction.
Specifically, he bases his prediction on factors such as growing institutional adoption and the limited supply of this cryptocurrency. It should b noted that the four-year bitcoin halving is scheduled for April 2024. This halving will drastically reduce the supply of new bitcoins on the market.
MicroStrategy is one of the main Bitcoin holders globally, thanks to its accumulation strategy started in August 2020.
Gary Gensler Reviews Bitcoin ETF Applications Again
In an interview with CNBC, SEC Chairman Gary Gensler pointed out that the United States Securities and Exchange Commission is again reviewing between eight and a dozen applications for a Bitcoin ETF. All this, following the ruling on Grayscale’s application to convert its Grayscale Bitcoin Trust (GBTC) into an ETF.
“In the past, we had rejected several of these requests, but the courts here in the District of Columbia ruled on it. And so, we are reviewing this again based on those court rulings,” said Gensler.
Robinhood Offers Crypto Services in Europe
Trading and brokerage company Robinhood is expanding its reach in the European Union (EU) by introducing its cryptocurrency trading service. The application will allow European traders to buy and sell more than 25 cryptocurrencies, including Bitcoin, Ethereum and Solana.
Incidentally, Johann Kerbrat, general manager of Robinhood Crypto, revealed that Robinhood will implement a unique loyalty program, offering users Bitcoin-based cash back equal to a portion of their monthly trading volumes.
By Leonardo Perez
