NitroBetting.eu, a prominent Bitcoin-exclusive sportsbook, has recently unveiled the groundbreaking Bitcoin Spot ETF betting lines. This unique prediction market focuses on the approval date of the SEC's potential Spot ETF and speculates on which ETF sponsor will be the first to receive approval. The published odds indicate that the market believes it is more likely than not that the SEC will approve a Spot BTC ETF by 1/10/2024, with odds sitting at -1667 for approval and +650 against.
ETF Sponsors and Approval Scenarios
When it comes to ETF sponsors, the most favored scenario, at the time of writing, is simultaneous approval for multiple applicants (-250). However, if standalone approval is considered, Blackrock emerges as the front-runner (+120). Among all the potential Spot ETF sponsors, Wisdomtree (+2900) and Invesco (+2900) are the least favored, according to the betting line participants on the Nitrobetting website.
Bitcoin Market Reaction and Investor Clarity
While the bitcoin market has shown a positive response to the potential approval of a Spot ETF, currently trading around the $42,000 price level, it remains to be seen whether this optimism is justified. The introduction of the Spot ETF prediction market by Nitrobetting may help provide investors with greater clarity regarding this matter.
In a statement provided to Bitcoin Magazine, Nitrobetting.eu expressed their excitement about offering the first-ever betting lines for the Spot ETF approval event. They invite players to join in and celebrate this historic moment, emphasizing that it goes beyond betting and symbolizes Bitcoin's integration into the mainstream and a significant milestone for the entire community.
Participating in the Bitcoin Betting Lines
Those interested in participating can view the available Bitcoin betting lines on the Nitrobetting website. The lines include Spot ETF wagers, 2024 halving price predictions, Bitcoin dominance, and Bitcoin legal tender predictions.
Disclaimer: Nitrobetting sponsors Bitcoin Magazine's "The Bitcoin Halving Challenge," a contest where participants can guess the price of bitcoin at the 2024 halving for a chance to win a share of 1 BTC in prizes.
Frequently Asked Questions
What tax is gold subject in an IRA
The fair value of gold sold to determines the price at which tax is due. If you buy gold, there are no taxes. It's not considered income. If you sell it after the purchase, you will get a tax-deductible gain if you increase the price.
You can use gold as collateral to secure loans. Lenders try to maximize the return on loans that you take against your assets. For gold, this means selling it. This is not always possible. They might just hold onto it. Or, they may decide to resell the item themselves. The bottom line is that you could lose potential profit in any case.
You should not lend against your gold if it is intended to be used as collateral. You should leave it alone if you don't intend to lend against it.
Which precious metal is best to invest in?
Answering this question will depend on your willingness to take some risk and the return you seek. While gold is considered a safe investment option, it can also be a risky choice. You might not want to invest in gold if you're looking for quick returns. If patience and time are your priorities, silver is the best investment.
If you're not looking to make quick money, gold is probably your best choice. If you want to invest in long-term, steady returns, silver is a better choice.
Can I buy Gold with my Self-Directed IRA?
You can purchase gold with your self-directed IRA, but you must first open an account at a brokerage firm like TD Ameritrade. You can also transfer funds from another retirement account if you already have one.
The IRS allows individuals to contribute up to $5,500 annually ($6,500 if married and filing jointly) to a traditional IRA. Individuals may contribute up to $1,000 ($2,000 if married, filing jointly) directly into a Roth IRA.
You should consider buying physical gold bullion if you decide to invest in it. Futures contracts can be described as financial instruments that are determined by the gold price. These financial instruments allow you to speculate about future prices without actually owning the metal. However, physical bullion is real gold or silver bars you can hold in your hands.
Statistics
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
- If you accidentally make an improper transaction, the IRS will disallow it and count it as a withdrawal, so you would owe income tax on the item's value and, if you are younger than 59 ½, an additional 10% early withdrawal penalty. (forbes.com)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
- (Basically, if your GDP grows by 2%, you need miners to dig 2% more gold out of the ground every year to keep prices steady.) (smartasset.com)
- Indeed, several financial advisers interviewed for this article suggest you invest 5 to 15 percent of your portfolio in gold, just in case. (aarp.org)
External Links
investopedia.com
- Are You a Good Candidate for a Gold IRA
- What are the Options Types, Spreads, Example and Risk Metrics
cftc.gov
- Fraud Advisory: Precious Metals Fraud
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Introducing “The Bitcoin Halving Challenge” by Bitcoin Magazine and Nitrobetting.eu
Grayscale Clarifies Investor Tax Implications of a Cash-Created Spot Bitcoin ETF
Glassnode Analysis: Spot Bitcoin ETF Approval Could Bring $70B Capital Influx
Blackrock Urges SEC to Approve Spot Ethereum ETFs for the Protection of U.S. Investors
