Robert Kiyosaki Increases Bitcoin Holdings After SEC Green-Lights Spot BTC ETFs
Renowned author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, has recently disclosed that he has purchased additional bitcoin following the U.S. Securities and Exchange Commission's (SEC) approval of 11 spot bitcoin exchange-traded funds (ETFs). Kiyosaki, who has been an outspoken critic of the U.S. economy, is particularly concerned about the looming threat of hyperinflation.
In his social media post on platform X, Kiyosaki expressed his worries about inflation and deflation. He raised the possibility of the economy spiraling into hyperinflation due to the decisions made by the experts at the White House, Treasury, and the Federal Reserve. With a cautious tone, he stated, "I hope not…but what if our leaders F'up, the dollar collapses, and we have hyperinflation?" In light of these concerns, Kiyosaki revealed that he bought an additional 5 bitcoins.
This move comes after the SEC's historic approval of 11 spot bitcoin ETFs, which now allows for mainstream trading on NYSE Arca, Nasdaq, and Cboe BZX Exchange. The trading of these funds commenced on Thursday. Kiyosaki, who had previously expressed his satisfaction in purchasing BTC years ago, reaffirmed his bullish stance on bitcoin and expressed plans for further investments. He firmly believes that bitcoin's price is on track to reach $150,000 in the near future.
Known for his advocacy of gold, silver, and bitcoin, Kiyosaki regards bitcoin as the ultimate safeguard against hyperinflation. He has consistently made optimistic predictions about the future of BTC, ranging from a price of $135,000 to an astonishing $1 million in the event of a global economic meltdown.
In February of last year, Kiyosaki projected that bitcoin would rise to $500,000 by 2025, with gold reaching $5,000 and silver hitting $500 along the way. These bold forecasts reflect his deep concerns about the financial future of the United States. In April of the same year, he sounded the alarm about the decline of America, predicting hyperinflation and the demise of the U.S. dollar. In November, he urged investors to enter the bitcoin market before it's too late.
What are your thoughts on Robert Kiyosaki's decision to purchase more bitcoin following the SEC's approval of spot bitcoin ETFs? Share your opinions in the comments section below.
Frequently Asked Questions
How much should precious metals be included in your portfolio?
To protect yourself from inflation, investing in physical metals is the best option. This is because when you invest in precious metals, you buy into the future value of these assets, not just the current price. The value of your investment increases with rising prices.
Any gains you make from investments that you hold onto for at least five year will be tax-free. Capital gains taxes will apply if you sell the investments within this time period. If you want to learn more about how to buy gold coins, visit our website.
Should You Open a Precious Metal IRA?
The answer depends on whether you have an investment goal and how much risk tolerance you are willing to take.
Register now if you want to save money for retirement.
Precious metals will appreciate over time. They also offer diversification benefits.
Additionally, silver and Gold prices tends to move together. This makes them better choices when you want to invest in both assets.
Do not invest in precious metals IRAs if your goal is to save money or take on any risk.
Are gold IRAs a good option for investment?
Purchase shares in mining companies to invest in precious metals like gold. To make money in investing in gold or other precious metals, such as silver, you should purchase shares in these companies.
The downside to owning shares is that you can't directly control them.
First, you can lose money by holding onto your stock for too long. When stocks decline, they fall further than their underlying asset (like gold). You could lose your money, rather than make it.
You may also miss potential profits if the market recovers before you sell. It is possible to wait until the market recovers before selling your gold.
However, if you want to separate your investments from your financial affairs, physical gold can still be a great investment option. An IRA with gold can diversify and protect your portfolio against inflation.
Visit our website to find out more about investing in gold.
Can you hold precious metals in an IRA?
This question is dependent on whether an IRA owner wishes to diversify into gold or silver, or keep them safe.
He has two options if he wishes to diversify. He could purchase physical bars of gold or silver from a dealer and then sell these items to him at the end. Let's say he doesn’t want to sell back his precious metal investment. In this case, he should hold onto the investments as they are perfect for storing inside an IRA account.
Can I take physical possession of gold in my IRA?
Many people wonder if they are allowed to possess physical gold within an IRA account. This is a legitimate question since there is no legal way.
But when you look closely at the law, nothing stops you from owning gold in an IRA.
Most people don't realize the cost savings they could make by putting their gold into an IRA rather than keeping it in their homes.
It's easy for gold coins to be thrown away, but it's much more difficult to keep them in an IRA. If you decide not to keep your golden in your home, you'll need to pay twice tax. Two taxes will be charged: one to the IRS, one to the state you live in.
It is possible to lose your gold and pay twice as much tax. Why would you want to keep your gold in your house?
You may argue that it is necessary to have the assurance that your gold safe in your home. To protect yourself from theft, store your gold somewhere that is more secure.
You shouldn't even leave your gold in your home unless you plan to visit often. If you leave your precious gold unattended thieves will easily steal it.
A better option is to store your gold in an insured vault. You can rest assured that your gold is safe from theft, fire, earthquake, flood, and other hazards.
One advantage of storing your gold safely in a vault is the fact that you don't have to worry too much about property tax. Instead, you'll have to pay income tax on any gains you make from selling your gold.
An IRA is a way to avoid paying taxes on gold. You don't pay income tax on the interest you earn with an IRA.
Capital gains tax is not a requirement for gold investments. You can cash out your entire investment anytime you wish.
And because IRAs fall under federal regulation, you won’t have any problems getting your gold transferred to another institution if you move.
The bottom line is: You can own gold in an IRA. Your fear of it being stolen is what holds you back.
Are gold and Silver IRAs a good idea or a bad idea?
This could be a great way to simultaneously invest in gold and silver. There are also many other options. Contact us anytime if you have questions about these types investment options. We are always happy to assist!
Statistics
- You can only purchase gold bars of at least 99.5% purity. (forbes.com)
- The IRS also allows American Eagle coins, even though they do not meet gold's 99.5% purity standard. (forbes.com)
- Silver must be 99.9% pure • (forbes.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)
External Links
kitco.com
takemetothesite.com
regalassets.com
forbes.com
- Gold IRA, Add Some Sparkle to Your Retirement Nest egg
- Understanding China's Evergrande Crisis – Forbes Advisor
How To
How to decide if a Gold IRA is right for you
Individual Retirement account (IRA), is the most widely used type of retirement plan. IRAs can be obtained through banks, financial advisors, mutual funds, employers and banks. Individuals can contribute as much as $5,000 per year without any tax consequences. This amount can be deposited into any IRA, regardless your age. However, certain IRAs have limits on the amount you can deposit. For example, if your age is less than 591/2 years old, you can't contribute to a Roth IRA. Under 50-year-olds must wait until they reach 70 1/2 years of age before you can make contributions. In addition, some people who work for their employer may be eligible for matching contributions from their employer.
There are two types: Roth and Traditional IRAs. A traditional IRA lets you invest in stocks, bonds, real estate, and other investments, while a Roth IRA lets you invest only in after-tax dollars. Roth IRA contributions aren't subject to tax on the amount they are received, but Roth IRA withdrawals will be. Some people prefer to combine these two accounts. There are pros and cons to each type of IRA. How do you choose the best type of IRA for you? Below are three important things to keep your mind on:
Traditional IRA Pros
- Companies have different options when it comes to contribution options
- Employer match possible
- You can save up to $5,000 per person
- Tax-deferred growth until withdrawal
- You may have income restrictions
- Maximum annual contribution is $5,500 ($6,500 for married couples filing jointly).
- The minimum investment is $1,000
- After age 70 1/2, you must begin taking mandatory distributions
- For an IRA to be opened, you must have at least five-years-old
- You cannot transfer assets between IRAs
Roth IRA pros
- No taxes owed when contributing
- Earnings grow tax-free
- No minimum distributions
- Only stocks, bonds, mutual funds are available as investment options.
- There is no maximum amount limit
- There are no limitations on the ability to transfer assets between IRAs
- An IRA can only be opened by those 55 and older
When opening a new IRA it's important to realize that not all companies offer identical IRAs. For instance, some companies offer a choice between a traditional or a Roth IRA. Others allow you to combine them. You should also note that different types of IRAs may have different requirements. A Roth IRA does not have a minimum investment requirement. Traditional IRAs require a minimum of $1,000.
The Bottom Line
The key factor in choosing an IRA account is whether you wish to pay taxes now, or later. If you're planning to retire in the next ten-years, a traditional IRA may be the best option. A Roth IRA might be better suited to you. In either case, it's a smart idea to speak with a professional about your retirement plans. Someone who understands the market will be able to recommend the best options.
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