Introduction
Renowned author Robert Kiyosaki, famous for his book Rich Dad Poor Dad, has revealed why he is a bitcoin owner. According to Kiyosaki, bitcoin offers protection against the "theft of our wealth via our money." He has raised concerns about the Federal Reserve, government, and Wall Street bankers, accusing them of stealing wealth through inflation, taxation, and stock price manipulation.
Robert Kiyosaki's Explanation for Owning Bitcoin
In a recent social media post on platform X, Robert Kiyosaki elaborated on his decision to own bitcoin. Rich Dad Poor Dad, co-authored by Kiyosaki and Sharon Lechter, has enjoyed immense success since its release in 1997. The book has been on the New York Times Best Seller List for over six years and has been sold in over 109 countries, with more than 32 million copies sold in 51 languages.
According to Kiyosaki, bitcoin serves as a safeguard against the theft of wealth through monetary means. He criticized Federal Reserve Chairman Powell, Treasury Secretary Yellen, and Wall Street bankers for manipulating the value of money, resulting in inflation, excessive taxation, and stock price manipulation. In response to these concerns, Kiyosaki has chosen to save and invest in bitcoin, as opposed to stocks, bonds, and what he refers to as "fake dollars."
Kiyosaki's Views on the U.S. Economy and Dollar
Robert Kiyosaki has consistently expressed skepticism about the Federal Reserve, the Biden administration, and Wall Street bankers and their impact on the U.S. economy, the U.S. dollar, and the general population. He dismisses fiat money as "fake money" and has repeatedly warned about the potential downfall of the U.S. dollar. In contrast, he refers to bitcoin as "people's money," while gold and silver are considered "God's money."
Last week, Kiyosaki publicly criticized the U.S. court system, specifically raising concerns about the judge presiding over former U.S. President Donald Trump's trial. He expressed worry over the judge's dual role as both a prosecutor and a judge, stating that it resembles a Kangaroo Court. Kiyosaki believes that the future of America is in jeopardy if its courts are compromised. Following the judge's decision to award $83.3 million against Trump, Kiyosaki reiterated his belief that America is in dire straits.
While Kiyosaki has consistently recommended bitcoin alongside gold and silver, he humbly admitted during a recent episode of his Rich Dad podcast that he has limited knowledge about bitcoin. However, he acknowledges that many intelligent individuals have invested in it, and he is grateful for his early entry into the market. Additionally, he made a prediction that the price of bitcoin will soon reach $150,000.
Conclusion
Robert Kiyosaki's statements regarding his ownership of bitcoin have sparked a discussion about the role of cryptocurrencies in protecting wealth from the Federal Reserve, government, and Wall Street bankers. As an influential figure in the financial world, Kiyosaki's views carry weight and may influence others to consider diversifying their investment portfolios. It remains to be seen how his predictions for bitcoin's future price will unfold, but his endorsement of the cryptocurrency has certainly caught the attention of many.
What are your thoughts on Robert Kiyosaki's statements? Feel free to share your opinions in the comments section below.
Frequently Asked Questions
Is it possible to hold precious metals in an IRA
The answer to this question depends on whether the IRA owner wants to diversify his holdings into gold and silver or keep them for safekeeping.
There are two options for him if he wants to diversify. He could either buy physical bars of silver and gold from a dealer, or he could sell the items to the dealer at year's end. But, what if he doesn't want to sell his precious metal investments? In such a case, he should not sell his precious metal investments. They would be perfect for storing in an IRA account.
What precious metals are allowed in IRA?
The most common precious metal used for IRA accounts is gold. Investments in gold bullion coins or bars can be made as well.
Precious metals are considered safe investments because they don't lose value over time. They're also considered a great way to diversify an investment portfolio.
Precious metals are silver, palladium, and platinum. These three metals have similar properties. Each one has its own uses.
In jewelry making, for instance, platinum is used. Palladium is used to create catalysts. It is used for producing coins.
You should consider the amount you will spend on your gold before you decide which precious metal. A lower-cost ounce of gold might be a better option.
It is also important to consider whether you would like to keep your investment confidential. If so, then you should go with palladium.
Palladium is more valuable than gold. But it's also less common. You'll probably have to pay more.
The storage fees of gold and silver are also important factors to consider when making a decision between them. You store gold by weight. If you have larger amounts of gold to store, you will be charged more.
Silver is stored by volume. Therefore, smaller amounts of silver will cost less.
Keep in mind all IRS rules when you store precious metals inside an IRA. This includes keeping track, and reporting to the IRS, all transactions.
Are gold IRAs a good investment?
Purchase shares in mining companies to invest in precious metals like gold. This is a good way to make money when you invest in gold and other precious metals like silver.
However, there are two drawbacks to owning shares directly:
You can lose money if you hold onto your stock too long. Stocks fall faster than their underlying assets (like gold) when they are declining. That means you could end up losing money instead of making it.
Second, you could miss out on potential profit if you wait for the market to recover before you sell. It is possible to wait until the market recovers before selling your gold.
If you prefer to keep your investments apart from your finances, physical gold is still an option. A gold IRA can help diversify your portfolio and protect against inflation.
You can learn more about gold investing by visiting our website.
What Is a Precious Metal IRA?
Precious metals make a great investment in retirement accounts. Precious metals have been around since Biblical times and still hold their value today. A great way to diversify and protect your portfolio is to invest in precious metals such silver, gold, and platinum.
In addition, some countries allow citizens to store their money in foreign currencies. You can buy gold bars in Canada, and then keep them at the home. Then, you can buy gold bars in Canada and sell them for Canadian dollars when your family is home.
This is a great way to invest in precious metals. This is especially helpful if you don't live in North America.
Statistics
- The maximum yearly contribution to an individual's IRAs is currently $6,000 ($7,000 for those 50 years or older), or 100% of earned income, whichever is less. (monex.com)
- Depending on your financial situation, most experts recommend you invest no more than 5% to 10% of your retirement funds in precious metals. (forbes.com)
- You can only purchase gold bars of at least 99.5% purity. (forbes.com)
- Silver must be 99.9% pure • (forbes.com)
External Links
forbes.com
- Gold IRA – Add Sparkle to Your Retirement Nest Egg
- Understanding China's Evergrande Crisis – Forbes Advisor
kitco.com
takemetothesite.com
investopedia.com
How To
Precious metals approved by the IRA
IRA-approved metals are great investments. There are many options available to diversify and protect your portfolio from gold bars through silver coins.
Precious metal investment products come in two main forms. Bars and coins, which are physical bullion products, can be considered tangible assets as they are in tangible form. Exchange-traded Funds (ETFs), however, are financial instruments that track and report the price movements in an underlying asset. ETFs can track the movement of gold or other metals. ETFs can be purchased directly from the company issuing them, and trade in the same way as stocks on stock exchanges.
There are many different types of precious metallics available to purchase. While gold and silver are used in jewelry making and decoration, platinum and palladium are most commonly associated with luxury products. Palladium is more stable than platinum and therefore better suited for industrial purposes. Silver is also useful for industrial purposes, although it is usually preferred for decorative applications.
Physical bullion products tend to be more expensive due to the cost of mining and refining raw materials. But, they are generally more secure than paper currencies and provide buyers greater security. One example is that consumers could lose trust in the currency, and may look for other currencies if the U.S. Dollar loses its purchasing power. Contrary to this, physical bullion does not rely on trust among countries or between companies. Instead, they have the backing of central banks and governments. This gives customers confidence.
Demand and supply affect gold prices. In other words, demand drives the price up. However, supply is greater than demand and prices fall. This dynamic creates opportunities for investors to profit from fluctuations in the price of gold. Because they are able to receive higher returns on their investments, physical bullion product owners benefit from fluctuations in the price of gold.
Precious metals are not affected by interest rate changes or economic recessions, unlike traditional investments. As long as the demand for gold remains strong, it will continue to rise. This is why precious metals are considered safe havens when times are uncertain.
The most well-known precious metals are:
- Gold – The oldest form of precious metal, gold is also known as “yellow” metal. Although gold is a common household name, it is a very rare element found naturally underground. The majority of the world's reserves of gold are located in South Africa, Australia and Peru.
- Silver – Silver, which is second in value after gold, is silver. Silver can be mined from naturally occurring deposits, much like gold. Silver, unlike gold, is often extracted from ore instead of rock formations. Silver is widely used in both industry and commerce due to its durability, conductivity and resistance against tarnishing. The United States makes more than 98% all of the global silver production.
- Platinum – Platinum is the third most valuable precious metal. It can be used in many industrial applications, including fuel cells, catalysts, and high-end medical devices. In dentistry, platinum is used to make bridges, crowns, and fillings.
- Palladium – Palladium is the fourth most valuable precious metal. Because of its strength as well as stability, its popularity is increasing rapidly among manufacturers. You can also use palladium in electronics, automotives, and military technology.
- Rhodium- Rhodium, the fifth most precious precious metal, is also known as Rhodium. Although rhodium is extremely rare, it is highly sought after because of its use in automobile catalysts.
- Ruthenium: Ruthenium is sixth most valuable precious metallic. There are limited quantities of platinum and palladium. However, ruthenium is abundant. It is used in steel making, aircraft engines, and chemical manufacturing.
- Iridium- Iridium, the seventh most precious precious metal, is also known as Iridium. Iridium is an important component in satellite technology. It is used to build satellites orbiting that transmit television signals, phone calls, and other communications.
- Osmium: Osmium is eighth most valuable precious metallic. Osmium has a high resistance to extreme temperatures, which is why it is used frequently in nuclear reactors. It's also used in jewelry, medicine and cutting tools.
- Rhenium: Rhenium ranks as the ninth-most valuable precious metal. Rhenium can be used to refine oil and gas, make semiconductors and rocketry.
- Iodine- Iodine ranks as the tenth most precious precious metal. Iodine can be used in radiography, photography, and pharmaceuticals.
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