The Web 3.0 industry has emerged from the "cryptocurrency winter" and spring has arrived. This year will be extremely important for the growth of the industry. In order to see the future of the industry, in this special feature, the editorial department will list noteworthy events for each month of the year from their own perspective.
A turning point for the industry may be coming. Become a witness to history and know what the future holds.
In the second half of 2023, cryptocurrency prices rose across the board, especially Bitcoin. Expectations that a Bitcoin spot ETF, a long-cherished wish of the industry, may be born in the United States led to a large inflow of funds.
In addition, Bitcoin's halving will occur in 2024. Until now, Bitcoin's price has risen significantly in response to halvings, and 2024 could be said to be a foothold for that. With these expectations overlapping, the cryptocurrency market has escaped the so-called "cryptocurrency winter" and is now about to enter spring.
At the time of writing, 11 Bitcoin spot ETFs have been approved in the United States, and Bitcoin prices temporarily rose to about $49,000, the highest since December 2021. Since the approval, there has been a lull due to actual selling, but there is still plenty of room for an upswing depending on other factors in store in 2024.
In addition to Bitcoin spot ETFs and the halving, another event that could affect the cryptocurrency market is the US presidential election, which takes place once every four years. The US presidential election is an important event that will determine the future of the world, and it will naturally have some impact on the stock market.
If the stock market is affected, it is likely that the cryptocurrency market will also be affected. Furthermore, if there is a change of government, there is a possibility that the attitude towards Web 3.0 will also reverse. Therefore, it can be said that it is an event to keep an eye on in the Web 3.0 field.
In addition, 2024 will be a year of major turning point in Japan. The cryptocurrency tax system, which has been gradually relaxed as the industry's long-term efforts have borne fruit, is expected to be partially relaxed in 2024. The tax reform is directly linked to the development of the cryptocurrency market in Japan and, by extension, the Web 3.0 industry itself.
Now that momentum is building, we hope that discussions will accelerate and a future-oriented framework will be created.
And as one year has passed since the revised Fund Settlement Act came into effect, expectations are high for the emergence of Japanese yen stablecoins. Last year was the preparation stage for issuance, but this year, the movement will finally accelerate and the phase will come into actual shape.
Competition among companies will intensify, and it is not difficult to imagine a battle for supremacy in stablecoins in 2024. In addition, the revised Payment Services Act, which allows stablecoins issued overseas, may also lead to the development of the industry.
When domestic cryptocurrency exchanges actually start handling such stablecoins, the domestic Web 3.0 field will likely enter the next phase.
As such, 2024 is expected to be a year of great developments in many areas. Therefore, this time, the editorial department has compiled a unique perspective on events to watch and predictions that may occur each month over the past year. We hope you will check for yourself what kind of changes are coming in 2024.
