A recent survey conducted by cryptocurrency exchange Binance has revealed that 73% of European respondents are optimistic about the future of cryptocurrency. The survey, which included participants from France, Spain, Italy, and Sweden, aimed to understand the investing habits of European crypto users. The results showed that 55% of the participants exclusively use cryptocurrencies for everyday purchases, indicating a growing interest in digital assets.
Europe Leading the Way for Mainstream Adoption
According to Rachel Conlan, CMO of Binance, the high level of optimism among European crypto users reflects the increasing interest in crypto and blockchain technologies. She also highlighted the integration of digital assets into everyday life, with cryptocurrencies being used not only for everyday purchases but also for long-term trading, saving, day trading, and routine purchases.
Conlan further mentioned that Europe is actively paving the way for the mainstream adoption of digital assets by implementing a secure and harmonized regulatory framework through MiCA. This regulatory framework ensures the region's commitment to creating a conducive environment for the crypto industry.
Survey Findings and User Profile
The survey revealed that 82% of the respondents have been involved in crypto for at least a year, with a significant number (73%) falling into the one to five-year range. Only 5% of the participants entered the space in the last six months, indicating a relatively high level of experience among European crypto users.
More than half of the respondents (53%) identified as active traders, with varying trading frequencies. Some trade on a monthly basis (23%), while others trade weekly (17%) or daily (12%).
Key Drivers for Crypto Adoption
When asked about the key drivers for crypto adoption, the survey found that 20% of respondents were motivated by the potential for high returns. Another 18% emphasized the ideals of decentralization and financial autonomy, while 17% indicated that they were driven by innovation and technology.
The survey conducted by Binance provides valuable insights into the sentiments and behaviors of European crypto users. It highlights the growing optimism about the future of cryptocurrency in Europe and the increasing integration of digital assets into everyday life.
What are your thoughts on this Binance survey? Share your opinions in the comments section below.
Frequently Asked Questions
How does gold and silver IRA work?
If you're over 59 1/2, you don't have to pay income taxes on interest earned through these accounts. On any appreciation in value of the account, you don't have to pay capital gain tax. The maximum amount that you can invest in this type of account is $10,000. Minimum amount allowed is $10,000 You can't invest if you're younger than 59 1/2. The maximum annual contribution is $5,000.
If you die prior to retirement, your beneficiaries may not receive the full amount. After paying all expenses, your assets must be sufficient to cover the remaining balance in your account.
Some banks offer a silver and gold IRA option. Others require you open a regular broker account, through which shares or certificates can be purchased.
How do I open a Precious Metal IRA
The best way to open an IRA for precious metals is by opening a self-directed Roth Individual Retirement Account (IRA).
This type of account is better than other types of IRAs because you don't have to pay any taxes on the interest you earn from your investments until you withdraw them.
This makes it attractive to those who want a tax break but still want to save some money.
You do not have to only invest in gold and silver. You can invest in anything you want if it fits the IRS guidelines.
Although most people think of gold and silver when they hear the term “precious metal,” there are many kinds of precious metals.
Some examples include palladium, platinum, rhodium, osmium, iridium, and ruthenium.
There are many ways that you can invest precious metals. There are two main options: buying bullion bars and coins, and purchasing shares in mining companies.
Bullion Coins or Bars
One of your easiest ways to get into precious metals is to purchase bullion coins. Bullion is a general term that describes physical ounces, or physical gold and silver.
Bullion bars and coins can be purchased to receive actual pieces.
While you might not see any change in your pocket after you purchase bullion coins and bars at a store, you will notice some benefits over time.
You will receive a tangible piece if history, for example. Each coin and each bar have a story.
It is often worth less than its nominal price if you examine the face value. For example, the American Eagle Silver Coin was only $1.00 per ounce when it was introduced in 1986. Today, however, the price of an American eagle is closer to $40.00 per ounce.
Bullion's price has risen dramatically since its inception, so many investors would rather invest in bullion coins than futures.
Investing in shares of mining companies is another great option for those looking to buy precious metals. You are investing in the ability of mining companies to produce gold or silver.
You will then receive dividends, which are calculated based upon the company's profit. These dividends will then be paid out to shareholders.
Furthermore, the company has the potential to grow. As demand for the product increases, so should the share prices of your company.
It is crucial to diversify your portfolio because these stocks are subject to price fluctuations. This involves spreading your risk over multiple companies.
It is important to keep in mind that mining companies can lose their financial investments just as stock markets investors.
If gold prices plummet significantly, ownership of your shares could be worthless.
The Bottom Line
Precious Metals such as gold or silver offer a safe haven in times of economic uncertainty.
Silver and gold, however, can experience wild swings in their prices. If you're looking to make a long-term, profitable investment in precious metallics, then consider opening a precious precious metals IRA Account with a reputable business.
You can enjoy tax benefits while still owning tangible assets.
Which is more powerful: sterling silver or 14k gold?
Gold and silver are strong metals, but sterling silver is much less expensive because it contains 92% pure silver rather than just 24%.
Sterling silver is also known by the name “fine silver” because it is made up of a mixture from silver and metals like zinc, copper, and zinc.
Gold is generally considered to be very strong. It is very difficult to separate it from its metal counterpart. If you drop something on top of a chunk of gold it will shatter into thousands of pieces rather than breaking into two halves.
However, silver doesn't have the same strength as gold. If you dropped an object onto a sheet silver, it would bend and fold with no damage.
Silver is used in jewelry and coins. Silver's value can fluctuate depending on the supply and demand.
Can I get physical ownership of gold in my IRA
Many ask themselves whether they can physically possess gold in an IRA account. This is a legitimate concern because it is illegal.
But when you look closely at the law, nothing stops you from owning gold in an IRA.
The problem is that most people don't realize how much money they could save by putting their gold in an IRA instead of keeping it in their own homes.
It's easy to throw away gold coins but not so easy to put them in an IRA. If you decide not to keep your golden in your home, you'll need to pay twice tax. One for the IRS, and one for your state.
There are two ways to lose your gold: pay taxes twice and keep it in your house. Why would you want to keep your gold in your house?
It might seem that you want the security of knowing your gold is safe inside 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. Theft can easily take your gold when you're not home.
It is better to keep your gold in an insured vault. You can rest assured that your gold is safe from theft, fire, earthquake, flood, and other hazards.
You won't be responsible for paying any property tax if you store your gold in a vault. Instead, any gains that you make by selling your gold will be subject to income tax.
A IRA can be a great option if you want to avoid paying tax on your gold. You don't pay income tax on the interest you earn with an IRA.
Since you aren't required to pay capital gains tax on your gold, you'll have access to the full value of your investment whenever you want to cash it out.
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? You can own your gold in an IRA. Only thing stopping you from owning gold in an IRA is your fear of getting it stolen.
Which type or type of IRA would be best?
It is essential to find an IRA that matches your needs and lifestyle when you are choosing one. You must consider whether you want to maximize tax-deferred growth on your contributions, minimize taxes now and pay penalties later, or just avoid taxes altogether.
The Roth option can be a smart choice if your retirement savings are limited and you don't have any other investments. It is also an option if you are still working after age 59 1/2. You can expect to pay income taxes for any accounts that are withdrawn.
If you plan on retiring early, the traditional IRA may be better because you'll likely owe any taxes on the earnings. But if you're going to work well past age 65, the Roth IRA might make more sense since it allows you to withdraw some or all of your earnings without paying taxes.
Can you make a profit on a Gold IRA?
If you want to make money on an investment, you need to do two things firstly, understand how the market operates, and secondly, know what kind of products are available.
You shouldn't trade if you don't have the right information.
Find a broker that offers the best service to your account type.
There are many accounts available, including Roth IRAs and standard IRAs.
If you have any other investments such stocks or bonds, you may want to consider a rollover.
Are precious metals allowed 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 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 that case, he should continue holding onto them as they would be perfectly suitable for storing within an IRA account.
- The IRS also allows American Eagle coins, even though they do not meet gold's 99.5% purity standard. (forbes.com)
- Same tax rules as traditional IRA SEP IRA contributions in 2022 are limited to 25% of compensation or $66,000, whichever is less Before setting up a Silver IRA, understand the fees and IRS restrictions. (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)
- Gold IRA, Add Some Sparkle to Your Retirement Nest egg
- Understanding China's Evergrande Crisis – Forbes Advisor
How to Buy Silver With Your IRA
How to start buying Silver with Your IRA – The best method to invest directly in silver or gold is through the direct ownership of physical bullion. Because they provide liquidity and diversification, silver bars and coins are the most preferred form of investment, however, many prefer to own physical bullion rather than paper certificates or electronic currencies.
There are many options available if you wish to purchase precious metals such as gold and silver. You can purchase them directly from their producers, such as mining companies and refiners. If you don't want the hassle of dealing with a producer directly, you can purchase them from a dealer that buys and trades bullion products.
This article will show you how to get started investing in silver using your IRA.
- Investing In Gold & Silver Directly – This is the best option to buy precious metals. This allows you to get the bullion directly and have it delivered directly to your home. Some investors store their bullion in their home. Others choose to store their bullion in a safe storage location that is insured and protected. Make sure you properly store your precious metal when you keep it. Many storage facilities offer insurance against fire, theft and damage. But even with insurance, you risk losing your investments due to natural disasters or human error. The safe storage of precious metals at a bank or credit card union is always recommended.
- Online Precious Metals Purchase – You can buy bullion online if you want to avoid having precious metals in heavy boxes. Bullion dealers have a wide range of bullion options, including bars and coins. There are many options for coins, including different shapes and sizes. Coins are usually easier to carry than bars, and they tend to be less expensive. There are many different sizes and weights available for bars. Bars come in a variety of sizes and weights. Some bars weigh hundreds while others weigh just a few pounds. A good rule of thumb when selecting which type of bar you should get is to look at what you plan to use it for. It might be a good idea to choose something smaller if it is intended to be given as a gift. However, if it's something you intend to use as a gift, it might be a smaller model. If you wish to add it to a collection and proudly display it, it may be worth spending fewer dollars.
- Buying Precious Metal From Dealers – A third option is to buy bullion from a dealer. Dealers usually specialize in one market area, such as silver or gold. Some dealers specialize in certain types of bullion, such as rounds or minted coins. Others may specialize in specific areas. Others are specialists in bulk purchases. You will be able to find competitive prices and simple payment options no matter who dealer you choose.
- Investment in Retirement Accounts: Buying precious metallics through retirement accounts – Although not technically an investment, this is another way to get exposure to precious metals. For Section 219 to receive tax benefits, you must have a qualified retirement fund that invests in precious metallics. These include IRAs, 401(k)s, and 403(b) plans. These accounts can offer better returns than other investment options because they are specifically designed to help you save money for retirement. Most accounts allow you the ability to diversify between different metals. The problem? You can't invest in retirement accounts. These accounts can only, however, be accessed by those who work for an employer that sponsors them.
By: Kevin Helms
Title: 73% of European Crypto Users Optimistic About the Future, Says Binance Survey
Sourced From: news.bitcoin.com/binance-survey-73-of-european-users-optimistic-about-cryptos-future/
Published Date: Tue, 30 Jan 2024 00:30:34 +0000