Dear Bitcoiners, it's a milestone moment as Bitcoin has reached over $100,000. But what's next after the laser eyes fade and the celebrations end? The Bitcoin community is embarking on a new mission – to surpass the market cap of gold and aim for $1 million per coin. Let's delve into this ambitious yet exciting endeavor.
A Flashback to the Laser Eyes Phenomenon
Before we unveil the new campaign, let's reminisce about the #LaserEyesTill100K movement. In 2021, Chairforce, a Bitcoin enthusiast, initiated the trend of adding laser beams to Twitter avatars. This quirky idea gained traction, with even politicians and celebrities joining in. The objective was to keep the laser eyes until Bitcoin hit $100K, which it did in December 2024.
The New Mission: Flipping Gold
Now, the focus shifts to challenging gold's market cap dominance. With Bitcoin's market cap at $2.018 trillion, surpassing 11.36% of gold's $17.765 trillion, the goal is set to outshine this traditional precious metal. The introduction of a Bitcoin ETF by BlackRock has already shown Bitcoin's potential by outperforming their Gold ETF.
Introducing #PicFlipTillGoldFlip
Following the success of laser eyes, the Bitcoin community introduces a new campaign – #PicFlipTillGoldFlip. This campaign encourages users to simply flip their profile pictures upside down to symbolize Bitcoin's position below gold's market cap. The concept is straightforward yet impactful, emphasizing the potential for Bitcoin to surpass gold in the future.
Will You Join the Movement?
Participating in social media campaigns like #PicFlipTillGoldFlip is not just about fun but also about building community and raising awareness. As Bitcoin continues its journey towards $1 million, every individual contribution counts. The momentum is strong, and Bitcoin is no longer an underdog but a significant player in the digital world.
So, are you ready to flip your pic for Bitcoin? Join the #PicFlipTillGoldFlip movement and be a part of this thrilling quest towards digital success. Share your ideas and let's make this journey even more exciting. The Bitcoin community thrives on innovation and engagement, so let's embrace the challenge together!
Until then, let's stay united and keep our eyes on the prize. Cheers to the future of Bitcoin!
This article presents a perspective and does not necessarily represent the views of BTC Inc or Bitcoin Magazine.
Frequently Asked Questions
How can you withdraw from a Precious metal IRA?
If your account is with a precious metal IRA firm such as Goldco International Inc., you may want to consider withdrawing funds. This way, when you decide to sell your metals, they will still be worth much more than if you had left them inside the account.
If you are unsure how to withdraw money from your precious metal IRA, here is what you need to know.
First, check to see if your precious metal IRA provider permits withdrawals. Some companies permit this, while some don't.
Second, you should determine if your metals are tax-deferred. This benefit is available from most IRA providers. But, not all IRA providers offer this benefit.
Third, you should check with the provider of your precious metal IRA to determine if there are fees for these steps. You may have to pay an additional fee for the withdrawal.
Fourth, make sure you keep track for at least three consecutive years of the precious metal IRA investments after you have sold them. You should therefore wait until January each year to calculate capital losses on your investment portfolio. Then file Form 8949, which provides instructions for calculating the amount of gain you realized.
In addition to filing Form8949, you must also notify the IRS about the sale or purchase of precious metals. This ensures you pay tax on any profits from your sales.
Before selling precious metals, it is a good idea to consult an attorney or trusted accountant. They can help you avoid costly mistakes and ensure you comply with all regulations.
What is the most valuable precious metal?
The investment of gold is high-returning and has high capital appreciation. It is also immune to inflation and other risk factors. People become more concerned about inflation and the gold price tends to go up.
It's a good idea to purchase gold futures. These contracts ensure that you receive a set amount of gold at a fixed rate.
However, gold futures aren't suitable for everyone. Some people prefer physical gold.
They can easily exchange their gold with other people. They can also sell it whenever they want.
Some people also prefer to avoid paying taxes on their gold. They buy gold directly from government to do this.
You will need to visit several post offices to complete this process. First convert any gold that is already in circulation into coins or bars.
Finally, you'll need to get a stamp to put on the bars or coins. Then, send them to the US Mint. They melt the bars and coins into new coins.
These bars and coins are stamped with the original stamps. This means they are legal tender.
However, if you purchase gold directly from the US Mint you won't be required to pay any taxes.
Decide what precious metal do you want to invest?
Can I store my gold IRA at home?
An online brokerage account is the best option to protect your investment funds. You have all the investment options you'd get if you had a traditional broker. However, you don't require any licenses or qualifications. Plus, there are no fees for investing.
Many online brokers also offer tools that can help you manage your portfolio. Online brokers will allow you to download charts so that you can see the performance of your investments.
What are the 3 types of IRA?
There are three basic types for IRAs. Each type has its benefits and drawbacks. Below, we'll discuss each one.
Traditional Individual Retirement Accounts (IRA)
A traditional IRA allows you contribute pretax money to an account which can be used to defer taxes and earn interest. The account can be withdrawn tax-free once you are retired.
Roth IRA
Roth IRAs allow you after-tax dollars to be deposited into an account. Any earnings will grow tax-free. The account allows you to withdraw funds for retirement.
SEP IRA
This is similar to a Roth IRA, except that it requires employees to make additional contributions. These extra contributions are subject to income tax but any earnings will grow tax-deferred again. When you leave the company the whole amount may be converted to a Roth IRA.
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)
- To qualify as IRA allowable precious metals and be accepted by STRATA, the following minimum fineness requirements must be met: Gold must be 99.5% pure, silver must be 99.9% pure, and platinum and palladium must both be 99.95% pure. (stratatrust.com)
- The IRS also allows American Eagle coins, even though they do not meet gold's 99.5% purity standard. (forbes.com)
External Links
wsj.com
investopedia.com
kitco.com
regalassets.com
How To
How to start buying 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. Bars and silver coins are the most common form of investment. They offer liquidity, diversification, and convenience.
There are several options to purchase precious metals, like gold or silver. You can buy them directly from their producers such as refiners and mining companies. You can also purchase them through a dealer, who buys and sellers bullion products, if you don’t want to deal directly with the producer.
This article will discuss how to start investing in silver with your IRA.
- Investing Directly in Gold & Silver – This is the first way to get precious metals directly from their source. This is the best way to get bullion right from the source and have it delivered straight to your house. While some investors prefer to keep their bullion inside their homes, others choose to store it in a storage facility that is insured and protected. You should ensure that your precious metal is properly stored when you are preserving it. Many storage facilities offer insurance that covers theft, fire, and damage. You could lose your investments due either to natural disasters, human error, or even insurance. This is why it is a good idea for precious metals to be stored in a safe deposit container at a bank/credit union.
- Online Precious Metals Shopping – Bullion online can be a great alternative to carrying around heavy boxes. Bullion dealers have a wide range of bullion options, including bars and coins. You can find coins in many sizes, shapes, or designs. Coins are generally more convenient to carry than bars. Bars come in a variety of sizes and weights. Some bars are heavy and weigh hundreds of pounds while others only weigh a few grams. You should consider the purpose of the bar before you decide on which one to get. You might consider a smaller bar if you intend to give it as a gift. It might not be the best choice if you're looking to add it in your collection or display it proudly.
- Precious Metals From Dealers – A third option to buying bullion is 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 are more skilled in certain regions. Others specialize in bulk buying. Regardless of which dealer you choose, you'll likely find that they offer competitive prices and convenient payment methods.
- 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 accounts include IRAs and 401(k), as well as 403(b), plans. These accounts are often set up to help you save more for retirement. They offer higher returns than most other investment vehicles. Most accounts allow you the ability to diversify between different metals. The drawback? The drawback? Only people who work for employers that sponsor them can invest in these accounts.
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By: Mark Mason
Title: From Laser Eyes to Upside-Down Pics: The New Bitcoin Campaign to Flip Gold
Sourced From: bitcoinmagazine.com/culture/from-laser-eyes-to-upside-down-pics-the-new-bitcoin-campaign-to-flip-gold
Published Date: Tue, 07 Jan 2025 15:13:33 GMT
