Introduction
Microstrategy's executive chairman, Michael Saylor, has raised concerns about the emergence of new bitcoin giveaway scams utilizing AI-generated deepfake videos that impersonate him and his company. Saylor emphasized that there is no such thing as a free lunch and urged investors to exercise caution when encountering these fraudulent schemes.
Deepfake Videos Targeting Cryptocurrency Investors
In recent times, there has been a surge in scams targeting cryptocurrency investors through the use of AI-generated deepfake videos. Prominent figures in the crypto industry, including Ripple CEO Brad Garlinghouse and Microstrategy executive chairman Michael Saylor, have become the subjects of these deceptive videos.
Saylor's Warning and Cautionary Advice
Michael Saylor issued a warning on Friday regarding deepfake videos of himself and Microstrategy circulating on platforms like Youtube. He alerted his followers to exercise caution and reiterated that there is no such thing as a free lunch in the world of cryptocurrency.
Details of the Deepfake Video Scam
In the deepfake video, Saylor can be seen encouraging viewers to send him bitcoin, with the promise of doubling the amount. Additionally, he claimed that the approval of a spot bitcoin exchange-traded fund (ETF) by the SEC would push the price of BTC to an astonishing $1 million. Clicking on the video link directs users to a scam website that claims to host the "biggest crypto giveaway" featuring 1,000 BTC and 10,000 ETH. The website creates a sense of urgency by stating that there are limited spots available and no prior crypto knowledge is required.
The website further explains, "During this unique event, you have the opportunity to take a share of 1,000 BTC & 10,000 ETH. Have a look at the rules and don't miss out on this. You can only participate once!" The deepfake Saylor, generated by AI, urges investors to scan the QR code displayed on their screens.
Saylor's Personal Bitcoin Holdings and Microstrategy's Bitcoin Reserves
Michael Saylor recently disclosed that he plans to sell $216 million worth of Microstrategy's shares in order to acquire more bitcoin for his personal holdings. Although he has not revealed his current BTC ownership, Saylor stated in October 2020 that he personally owns 17,732 BTC. Furthermore, his software intelligence firm publicly reported holdings of 189,150 bitcoin as of December 2023.
Conclusion
The emergence of deepfake bitcoin scams featuring Michael Saylor, the executive chairman of Microstrategy, is a concerning development. It is crucial for cryptocurrency investors to be aware of these fraudulent schemes and exercise caution when encountering suspicious videos or websites. Remember, there is no such thing as a free lunch in the crypto world. Stay vigilant and protect your investments.
What are your thoughts on the deepfake bitcoin scams involving Michael Saylor? Let us know in the comments section below.
Frequently Asked Questions
Do you need to open a Precious Metal IRA
You should be aware that precious metals cannot be covered by insurance. You cannot recover any money you have invested. This includes any loss of investments from theft, fire, flood or other circumstances.
This type of loss can be avoided by investing in physical silver and gold coins. These coins have been around for thousands and represent a real asset that can never be lost. If you were to sell them today, you would likely receive more than what you paid for them when they were first minted.
If you decide to open an IRA account, choose a reputable company that offers competitive rates and products. You should also consider using a third party custodian to protect your assets and give you access at any time.
When you open an account, keep in mind that you won't receive any returns until your retirement. Do not forget about the future!
Can the government take your gold
Your gold is yours and the government cannot take it. You earned it through hard work. It is yours. There may be exceptions to this rule. You could lose your gold if convicted of fraud against a federal government agency. Also, if you owe taxes to the IRS, you can lose your precious metals. However, even though your taxes have not been paid, you can still keep your precious metals, even though they are considered the property of United States Government.
What should I pay into my Roth IRA
Roth IRAs can be used to save taxes on your retirement funds. These accounts are not allowed to be withdrawn before the age of 59 1/2. There are some rules that you need to keep in mind if you want to withdraw funds from these accounts before you reach 59 1/2. First, your principal (the deposit amount originally made) is not transferable. This means that you can't take out more money than you originally contributed. If you take out more than the initial contribution, you must pay tax.
You cannot withhold your earnings from income taxes. So, when you withdraw, you'll pay taxes on those earnings. For example, let's say that you contribute $5,000 to your Roth IRA every year. Let's also say that you earn $10,000 per annum after contributing. Federal income taxes would apply to the earnings. You would be responsible for $3500 This leaves you with $6,500 remaining. Since you're limited to taking out only what you initially contributed, that's all you could take out.
If you took $4,000 from your earnings, you would still owe taxes for the $1,500 remaining. You would also lose half of your earnings because they are subject to another 50% tax (half off 40%). So even though your Roth IRA ended up having $7,000, you only got $4,000.
There are two types if Roth IRAs: Roth and Traditional. Traditional IRAs allow you to deduct pretax contributions from your taxable income. Your traditional IRA allows you to withdraw your entire contribution plus any interest. You can withdraw as much as you want from a traditional IRA.
Roth IRAs don't allow you deduct contributions. After you have retired, the full amount of your contributions and accrued interest can be withdrawn. There is no minimum withdrawal limit, unlike traditional IRAs. It doesn't matter if you are 70 1/2 or older before you withdraw your contribution.
What tax is gold subject in an IRA
The fair value of gold sold to determines the price at which tax is due. When you purchase gold, you don't have to pay any taxes. It isn't considered income. If you decide to sell it later, there will be a taxable gain if its price rises.
Gold can be used as collateral for loans. Lenders will seek the highest return on your assets when you borrow against them. For gold, this means selling it. The lender might not do this. They might keep it. They might decide to sell it. Either way you will lose potential profit.
In order to avoid losing your money, only lend against your precious metal if you plan to use it to secure other collateral. You should leave it alone if you don't intend to lend against it.
How much should your IRA include precious metals
It's important to understand that precious metals aren't only for wealthy people. You don’t need to have a lot of money to invest. In fact, there are many ways to make money from gold and silver investments without spending much money.
You might think about buying physical coins such a bullion bar or round. Shares in precious metals-producing companies could be an option. You may also be interested in an IRA transfer program offered by your retirement provider.
No matter what your preference, precious metals will still be of benefit to you. Although they aren’t stocks, they offer the possibility for long-term gains.
And, unlike traditional investments, their prices tend to rise over time. If you decide to make a sale of your investment in the future, you will likely realize more profit than with traditional investments.
What are the advantages of a gold IRA
It is best to put your retirement money in an Individual Retirement Account (IRA). It is tax-deferred until it's withdrawn. You have complete control over how much you take out each year. There are many types of IRAs. Some are better for those who want to save money for college. Some are better suited for investors who want higher returns. For example, Roth IRAs allow individuals to contribute after age 59 1/2 and pay taxes on any earnings at retirement. Once they start withdrawing money, however, the earnings aren’t subject to tax again. So if you're planning to retire early, this type of account may make sense.
Because it allows you money to be invested in multiple asset classes, a ‘gold IRA' is similar to any other IRAs. Unlike a regular IRA you don't need to worry about taxes while you wait for your gains to be available. People who prefer to save their money and invest it instead of spending it are well-suited for gold IRAs.
Another advantage to owning gold via an IRA is the ease of automatic withdraws. That means you won't have to think about making deposits every month. To make sure you don't miss any payments, you can also set up direct deductions.
Finally, gold is one the most secure investment options available. Because it isn't tied to any particular country its value tends be steady. Even during economic turmoil, gold prices tend to stay relatively stable. As a result, it's often considered a good choice when protecting your savings from inflation.
How does gold perform as an investment?
The price of gold fluctuates based on supply and demand. It is also affected by interest rates.
Due to the limited supply of gold, prices for gold are highly volatile. In addition, there is a risk associated with owning physical gold because you have to store it somewhere.
Statistics
- (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)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
- Contribution limits$6,000 (49 and under) $7,000 (50 and up)$6,000 (49 and under) $7,000 (50 and up)$58,000 or 25% of your annual compensation (whichever is smaller) (lendedu.com)
External Links
investopedia.com
irs.gov
forbes.com
- Gold IRA, Add Sparkle to Your Retirement Nest egg
- Understanding China's Evergrande Crisis – Forbes Advisor
bbb.org
How To
The growing trend of gold IRAs
The gold IRA trend is growing as investors seek ways to diversify their portfolios while protecting against inflation and other risks.
Owners of the gold IRA can use it to invest in physical bars and bullion gold. It can be used for tax-free growth and provides an alternative investment option for those concerned about stocks and bonds.
Investors can have confidence in their investments and avoid market volatility with a gold IRA. The gold IRA can be used to protect against inflation or other potential problems.
Physical gold is also a great investment option, as it has unique properties like durability, portability, divisibility, and portability.
The gold IRA also offers many other benefits, such as the ability to quickly transfer the ownership of the gold to heirs, and the fact the IRS doesn't consider gold a currency.
Investors looking for financial security are increasingly turning to the gold IRA.
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