Tether's Robust Balance Sheet Validates $2.8 Billion in Bitcoin Ownership
Tether, the leading stablecoin issuer, has recently announced the results of its audit conducted by BDO, a renowned auditing firm. The audit report unveils Tether's impressive balance sheet, confirming its ownership of over $2.8 billion in Bitcoin. This revelation solidifies Tether's position as a key player in the cryptocurrency market.
Comprehensive Analysis of Tether's Financial Standing
The recently audited report provides a comprehensive analysis of Tether's financial standing, shedding light on various aspects of the company's operations. Notably, the report offers detailed insights into Tether's Bitcoin holdings, which have been instrumental in maintaining the stability of its popular stablecoin, USDT.
Tether's Expansion Plans and Diversification
Tether CEO, Paolo Ardoino, expressed his excitement for the future of the company, highlighting their plans for 2024. He emphasized Tether's commitment to diversifying its portfolio and expanding into strategic sectors such as artificial intelligence, P2P telecommunications, Bitcoin mining, and renewable energy production. This expansion showcases Tether's ambition to become an investor and infrastructure builder across various industries.
Impressive Profit Figures for Tether
Aside from its substantial Bitcoin holdings, Tether also achieved remarkable profitability in the last quarter. The company reported a profit of $2.85 billion, with a significant portion derived from its gold and Bitcoin holdings. Furthermore, Tether's overall profit for the entirety of 2023 amounted to an impressive $6.2 billion.
In conclusion, Tether's recent audit report not only validates its ownership of over $2.8 billion in Bitcoin but also highlights the company's ambitious expansion plans and impressive profitability. As Tether continues to play a pivotal role in the cryptocurrency market, its commitment to innovation and diversification sets the stage for a promising future.
Frequently Asked Questions
What precious metals are permitted in an IRA
The most common precious metallic used in IRA accounts, is gold. Gold bullion coins and bars are also available as investments.
Precious Metals are safe investments since they don’t lose value over the long-term. They're also considered a great way to diversify an investment portfolio.
Precious metallics include platinum, silver and palladium. These three metals are similar in their properties. Each one has its own uses.
For instance, platinum can be used in jewelry manufacturing. For the creation of catalysts, palladium can be used. The production of coins is done with silver.
Think about how much you can afford to purchase your gold, before you make a decision on the precious metal. It might be cheaper to buy gold at a lower price per ounce.
It is also important to consider whether you would like to keep your investment confidential. If you are unsure, palladium is the right choice.
Palladium is more valuable than gold. However, it is also rarer. It is likely you will need to pay more.
Their storage fees are another important factor to consider when choosing between sterling and gold. Storage fees for gold are determined by its weight. If you have larger amounts of gold to store, you will be charged more.
Silver is measured in volume. You'll pay less if you store smaller quantities of silver.
All IRS rules concerning gold and silver should be followed if your precious metals are stored in an IRA. This includes keeping track and reporting transactions to the IRS.
What type of IRA is used for precious metals?
Employers and financial institutions often offer Individual Retirement Accounts (IRA) as an investment vehicle. You can contribute to an IRA account which grows tax-deferred and can be withdrawn at any time.
You can save taxes and pay them later with an IRA. This allows for more money to be deposited in your retirement plan today than having to pay taxes tomorrow on it.
An IRA has the advantage of allowing contributions and earnings to grow tax-free until you withdraw your funds. If you do withdraw the funds earlier than that, you will be subject to penalties.
You can also contribute to your IRA beyond age 50 without penalty. If you decide to withdraw funds from your IRA while you are still working, you'll owe income-taxes and a 10% penalty.
A 5% IRS penalty is applicable to withdrawals made before the age of 59 1/2. For withdrawals made between the age of 59 1/2 & 70 1/2, a 3.4% IRS penalty will apply.
A 6.2% IRS penalty applies to withdrawals exceeding $10,000 per annum.
Can I have gold in my IRA.
The answer is yes! You can add gold into your retirement plan. Because it doesn’t lose value over the years, gold makes a good investment. It protects against inflation. It is also exempt from taxes.
Before you invest in gold, make sure to understand its differences from other investments. You cannot purchase shares of gold companies like bonds and stocks. They are also not available for sale.
Instead, convert your precious metals to cash. This means you will need to get rid. It is not possible to keep it.
This is what makes gold unique from other investments. Like other investments, you can always dispose of them later. This is not true for gold.
Worse, the gold cannot be used as collateral for loans. If you get a mortgage, for example, you might have to give up some of the gold you own in order to pay off the loan.
What does this all mean? You can't hold onto your gold forever. You'll eventually need to convert it into cash.
There's no need to be concerned about this right now. All you need to do is create an IRA. Then, you can invest in gold.
What are the 3 types of IRA?
There are three main types of IRAs. Each type of IRA has its pros and cons. We'll go over each of them below.
Traditional Individual Retirement Accounts
A traditional IRA allows pre-tax money to be contributed to an account. This allows you to earn interest and defer taxes. Withdrawals from this account are exempted from tax once you have retired.
Roth IRAs allow you to deposit after-tax dollars into an account. This allows earnings to grow tax-free. When you withdraw funds from the account for retirement purposes, withdrawals are also exempted from tax.
This is similar in structure to a Roth IRA. However, employees will need to make additional contributions. The additional contributions are taxed but earnings remain tax-deferred. When you leave the company the whole amount may be converted to a Roth IRA.
Can I store my gold IRA at home?
Investing in an online brokerage account is the best way to keep your money safe. You will have the same investment options available as traditional brokers, but you won't need special licenses. You don't have to pay any fees for investing.
Many online brokers also offer tools that can help you manage your portfolio. They will even let you download charts to see how your investments perform.
- 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 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)
- 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)
How to open a Precious Metal IRA
Precious metals are a highly sought-after investment vehicle. They offer investors higher returns than traditional investments, such as bonds and stocks. This is why they are so popular. But, it is important to do your research and plan carefully before investing in precious metals. Here's how to open a precious-metal IRA account.
There are two main types of precious metal accounts: physical precious metals accounts and paper gold and silver certificates (GSCs). Each type has advantages and drawbacks. GSCs and physical precious metals accounts can offer diversification, but they are difficult to trade and easy to access. You can read more about them below.
Physical precious metals accounts include bullion, bars and coins. Although this option can provide diversification benefits, there are some drawbacks. Precious metals can be expensive to store, buy and sell. Due to their size, it can be difficult for them to be transported from one place to another.
However, paper silver and gold certificates are relatively cheap. Additionally, they can be easily traded online and accessible. These make them ideal for people who don’t want to invest directly in precious metals. They aren't as diverse as physical counterparts. They are also backed by government agencies like the U.S. Mint so their value could decline if inflation rates rise.
If you open a precious metal IRA, choose the right account for your financial situation. The following are important factors to consider before opening an IRA.
- Your tolerance level
- Your preferred asset allocation strategy
- What time do you have available to invest?
- Consider whether you will use the funds to trade short-term.
- What tax treatment do you prefer?
- What precious metal(s), would you like to invest?
- How liquid should your portfolio be?
- Your retirement date
- Where you will store precious metals
- Your income level
- Current savings rate
- Your future goals
- Your net worth
- Any special circumstances that may affect your decision
- Your overall financial situation
- Your preference between physical or paper assets
- Your willingness and ability to take risks
- Your ability to deal with losses
- Your budget constraints
- Your desire to be financially independent
- Your investment experience
- Your familiarity with precious and rare metals
- Your knowledge of precious metals
- Your confidence and faith in the economy
- Your personal preferences
Once you've chosen the right type of precious Metal IRA to suit your needs, it is time to open a dealer account. These dealers can be found via referrals, word-of-mouth, and online research.
After opening your precious metal IRA you will need to decide how big you want it to be. It's important to note that each precious metal IRA account carries different minimum initial deposit amounts. Some account require just $100, while some allow you to put up to $50,000.
The amount you invest in your precious-metal IRA is entirely up to you, as stated above. If you're looking to build wealth over a long period, you should probably opt for a larger initial deposit. If you are planning to invest small amounts each month, a lower initial investment might be better.
You have many options when it comes to the type of investments you can make. The most common include:
- Bullion bars. Rounds, and gold coins.
- Silver – Rounds & coins
- Platinum – Coins
- Palladium – Bar and round forms
- Mercury – Round and bar forms
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