Robert Kiyosaki, the globally acclaimed author of "Rich Dad Poor Dad," projects a significant rise in Bitcoin value, touching $135,000. He also predicts a substantial surge in the gold price, soaring to $3,700 in the near future. However, Kiyosaki sends out a warning to those investing in U.S. dollars, terming it as "counterfeit money," implying a risky future for such investors.
Robert Kiyosaki's Forecasts for Bitcoin, Gold, and Silver
Robert Kiyosaki, the co-author of the 1997 best-seller book "Rich Dad Poor Dad," recently shared his future price expectations for gold, silver, and Bitcoin on social media platform X. His book, co-written with Sharon Lechter, enjoyed a six-year run on the New York Times Best Seller List and has sold over 32 million copies across 109 countries in more than 51 languages.
Kiyosaki anticipates a significant rise in gold prices, breaking through the $2,100 mark, and eventually hitting $3,700. He also expects silver prices to leap from $23 to $68 an ounce. He further added:
"Bitcoin is testing the $30,000 waters. The next milestone for Bitcoin is $135,000… Those saving in counterfeit dollars will be doomed. Please advise your friends to 'Wake up.' Stay safe."
Kiyosaki's Views on Inflation, Fiat Currency, and Cryptocurrency
Kiyosaki, in his discussion on X, stated that inflation has a detrimental effect on the poor and middle class as they save in dollars. In contrast, the rich benefit from inflation because they invest in gold, silver, and Bitcoin. He frequently referred to fiat currency, including the USD, as "counterfeit money," while considering gold and silver as "God's money" and Bitcoin as "people's money."
The acclaimed author has also stressed on multiple occasions that cryptocurrency is the future and fiat currency is "doomed." He has persistently warned about the potential downfall of the U.S. dollar.
Future of Bitcoin According to Kiyosaki
Just last month, Kiyosaki expressed his belief that Bitcoin will "become priceless" if the Federal Reserve introduces a central bank digital currency (CBDC). He also encouraged investors to buy Bitcoin today, predicting an increase in cryptocurrency demand as markets for stocks, bonds, and real estate plunge.
Previously, Kiyosaki made several predictions about the prices of Bitcoin, gold, and silver. In August, he suggested that if a global economic crisis were to happen, the price of Bitcoin could skyrocket to $1 million, with gold reaching $75,000, and silver hitting $60,000. Back in February, he predicted that the price of Bitcoin would reach $500,000 by 2025, with gold climbing to $5,000 and silver expected to touch $500 within the same timeframe.
Do you share Robert Kiyosaki's optimism about the future prices of Bitcoin, gold, and silver? We would love to hear your thoughts.
Frequently Asked Questions
Are precious metal IRAs a wise investment?
Answers will depend on the amount of risk you are willing and able to take in order for your IRA account to lose value. If you have $10,000 cash, they make sense as long as you don’t expect your IRA account to grow rapidly. These may not be the best option if you are looking to save for retirement over many decades and invest in assets that will increase in value (e.g. gold). You may also have to pay fees, which can reduce your gains.
How does gold and silver IRA work?
A gold and silver IRA allows you to invest in precious metals, such as gold and silver, without paying taxes on any gains. They are a good investment option for those who wish to diversify their portfolios.
If you are older than 59 1/2, interest earned from these account does not attract income tax. Any appreciation in the account's worth does not attract capital gains tax. This account has a limit on how much you can put in. The minimum amount that you can invest is $10,000. Under 59 1/2 years old, you can't make any investments. Maximum annual contribution: $5,500
If you die prior to retirement, your beneficiaries may not receive the full amount. After all expenses have been paid, your estate must contain enough assets to cover any remaining balance in your account.
Some banks offer a gold or silver IRA option, while others require that you open a regular brokerage account where you can buy certificates or shares.
What kind of IRA can you use to hold precious metals in?
Most financial institutions and employers offer an Individual Retirement Account (IRA). This is an investment vehicle that most people can use. An IRA lets you contribute money that will grow tax-deferred to the time it is withdrawn.
You can save taxes and pay them later with an IRA. This means that you can deposit more money into your retirement plan than have to pay taxes on it tomorrow.
An IRA's beauty is that earnings and contributions grow tax-free up to the time you withdraw them. When you do, there are penalties for early withdrawal.
Additional contributions can be made to your IRA even after you turn 50, without any penalty. If you decide to withdraw your IRA from retirement, you will owe income taxes as well as a 10% federal penalty.
Refunds received before the age of 591/2 are subject to a penalty of 5% from the IRS. Withdrawals between ages 59 1/2 and 70 1/2 are subject to a 3.4% IRS penalty.
A 6.2% IRS penalty applies to withdrawals exceeding $10,000 per annum.
Can you make money in a gold IRA
You must first understand the market and then know which products are available to make money.
Trading is not a good idea if you don’t know what you need.
Also, you should find the broker that provides the best service possible for your account type.
You have many options, including Roth IRAs as well as standard IRAs.
A rollover may be an option if you have other investments like stocks or bonds.
Statistics
- If you accidentally make an improper transaction, the IRS will disallow it and count it as a withdrawal so that 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 of at least 99.5% purity. (forbes.com)
- SEP-IRA”Simplified employee pension” For self-employed people like independent contractors, freelancers, and small-business ownersSame tax rules as traditional IRASEP IRA contributions in 2022 are limited to 25% of compensation or $66,000, whichever is less4. (sltrib.com)
- The IRS also allows American Eagle coins, even though they do not meet gold's 99.5% purity standard. (forbes.com)
External Links
wsj.com
investopedia.com
en.wikipedia.org
kitco.com
How To
How to Buy Gold For Your Gold IRA
A term that describes precious metals is gold, silver and palladium. It refers only to elements with atomic number 79-110 (excluding helium). These elements are considered valuable because they are rare and beautiful. Precious metals include gold and silver. Precious metals are often used as money, jewelry, industrial goods, and art objects.
The price of gold fluctuates daily due to supply and demand. In the past decade, there has been a huge demand for precious metals as investors seek safe havens from unstable economies. The increased demand has led to a significant rise in prices. Some people are concerned about investing in precious metals due to the rising cost of production.
Gold is a reliable investment due to its rarity and durability. Gold never loses its value, unlike other investments. Plus, you can buy and sell gold without paying taxes on your profits. There are two methods to invest gold. You can buy bars and gold coins, or invest into gold futures contracts.
You can instantly have liquidity with physical gold bars and coins. They are easy to store and trade. But they don't offer much protection against inflation. For protection against rising prices, gold bullion is a good option. Bullion, also known as physical gold and available in different sizes, is physical. Many billions come as one-ounce pieces while others are larger like kilobars. Bullion is normally stored in vaults that are fire- and theft-resistant.
If you prefer owning shares of gold rather than holding actual gold, you should consider buying gold futures. Futures let you speculate about how gold's price might change. You can buy gold futures and get exposed to the price of gold without actually owning it.
For example, if I wanted to speculate on whether the price of gold would go up or down, I could purchase a gold contract. When the contract expires, my position will either be “long” or “short.” A long contract is one in which I believe that the price of gold will rise. I'm willing now to pay someone else money, but I promise I'll get more money at the end. A shorter contract would mean that I believe the gold price will fall. I'm willing and able to take the money now, in return for the promise that I will make less money later.
I will receive the amount of gold in the contract, plus interest, when the contract ends. I am now exposed to the price of gold, without actually holding it.
Because they are extremely difficult to counterfeit, precious metals make great investments. While paper currencies can be easily counterfeited by printing new bills, precious metals cannot. Precious metals have held their value over the years because of this.
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