Grayscale’s 4K Bitcoin Transfer, Blackrock CEO Endorses Bitcoin, Ripple’s XRP Removed, and More — Weekly Recap

Grayscale’s 4,000 Bitcoin Transfer Worth $175M Stirs Speculation

Speculation arises as Grayscale's Bitcoin Trust, known as GBTC, reportedly transfers 4,000 bitcoins worth around $175 million. Recent blockchain analytics reveal that these bitcoins were moved from addresses believed to be controlled by Grayscale.

Blackrock CEO Larry Fink on Bitcoin: I’m a Big Believer

Larry Fink, the CEO of Blackrock, the world’s largest asset manager, expresses his strong belief in bitcoin. He emphasizes its significance by stating it is "bigger than any government" and refers to it as "digital gold." Fink adds that unlike gold, the amount of bitcoin that can be created is limited.

Ripple’s XRP Ousted From Hong Kong Top Crypto Index

Hong Kong Virtual Asset Consortium (HKVAC) removes Ripple's XRP from its top crypto index. The move comes as Hong Kong strengthens its crypto regulatory framework and focuses on tokens with market performance and industry partnerships, particularly in the ETF space.

Elon Musk Still Owns Dogecoin — Spacex Owns Bitcoin

Tesla CEO and Spacex chief Elon Musk confirms his continued ownership of Dogecoin and his commitment to support the meme cryptocurrency. Musk also reveals that Spacex holds a significant amount of bitcoin.

What are your thoughts on the reallocation of GBTC bitcoins? Do you believe there will be further selling into other spot bitcoin ETFs? Share your opinions in the comments section below.

Frequently Asked Questions

How Do You Make a Withdrawal from a Precious Metal IRA?

If you have a precious IRA company such Goldco International Inc. account, you may be tempted to withdraw your funds. This will ensure that your metals are worth more than if they were in an account with a precious metal IRA company like Goldco International Inc.

Here is how to withdraw precious metal IRA funds.

First, determine whether the precious metal IRA provider allows withdrawals. This option is available from some companies, but not all.

Second, find out if you are eligible for tax-deferred gains from selling your metals. This benefit is offered by most IRA providers. Some providers do not offer this benefit.

Third, make sure to check with your precious metal IRA provider if there are any fees associated with these steps. Extra fees may apply for withdrawals.

Fourth, keep track of your precious metal IRA investments for at least three years after you sell them. You should therefore wait until January each year to calculate capital losses on your investment portfolio. Follow the instructions on Form 8949 to calculate the gain.

You must file Form 8949 and also report any sale of precious metals to IRS. This step ensures that you pay taxes on all profits earned from your sales.

A trusted attorney or accountant should be consulted before you sell your precious metals. These professionals can ensure that you adhere to all procedures and avoid costly errors.

Are gold- and silver-IRAs a good idea.

If you are looking for an easy way to invest in both gold and silver at once, then this could be an excellent option for you. There are other options as well. You can contact us at any time with questions about these types investments. We are always available to assist you!

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.

However, if you examine the law carefully, you will see that there are no restrictions on gold ownership in an IRA.

Problem is, most people don’t realize how much they can save by putting gold in an IRA and not keeping it in their home.

It’s simple to throw out gold coins but difficult to put them into an IRA. If you decide to keep your precious metal in your own home you will have to pay two taxes. 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 it to stay in your home?

It might seem that you want the security of knowing your gold is safe inside your home. You can protect your gold from theft by storing it somewhere more secure.

If you are planning to visit frequently, your gold should not be left at home. If you leave your gold unattended, thieves can easily steal it while you’re out of town.

Better yet, store your gold inside an insured vault. Then, your gold will be protected from fire, flood, earthquake, and robbery.

Another advantage to storing your gold in a vault is that you won’t have to worry about paying property tax. Instead, any gains that you make by selling your gold will be subject to income tax.

You may be interested in an IRA if you don’t want to pay taxes on your gold. You won’t be subject to income tax if you earn interest from your gold with an IRA.

Capital gains tax is not required on gold. If you decide to cash it out, you will have full access to its value.

Because IRAs have federal regulation, it won’t be difficult to transfer your gold to another bank if there is a move.

Bottom line: You can have gold in an IRA. The only thing holding you back is your fear of having it stolen.

What is the best precious-metal to invest?

Investments in gold offer high returns on their capital. It can also protect against inflation and other risks. As people become worried about inflation, the value of gold tends rise.

It is a smart move to purchase gold futures. These contracts guarantee you will receive a certain amount of gold at a fixed price.

But gold futures may not be right for everyone. Some prefer to have physical gold.

They can also trade their gold easily with others. They can also make a profit by selling their gold at any time they desire.

Many people prefer not to pay taxes on their gold. To avoid paying taxes on their gold, they purchase it directly from the government.

This will require several trips to your local Post Office. You will first need to convert any existing gold in coins or bars.

Then you will need a stamp to attach the coins or bars. Finally, send them off to the US Mint. They will then melt down the bars and coins to create new coins.

These new bars and coins have the original stamps stamped on them. These new coins and bars are legal tender.

However, if you purchase gold directly from the US Mint you won’t be required to pay any taxes.

Which precious metal would you prefer to invest in?

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)
  • 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)
  • 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)
  • If you accidentally make an improper transaction, the IRS will disallow it and count it as a withdrawal so that you would owe income tax on the item’s value and, if you are younger than 59 ½, an additional 10% early withdrawal penalty. (forbes.com)

External Links

en.wikipedia.org

takemetothesite.com

kitco.com

regalassets.com

How To

How to Open a Precious Metal IRA

Precious metals remain one of the most highly-valued investment options. They offer investors higher returns than traditional investments, such as bonds and stocks. This is why they are so popular. However, investing in precious metals requires careful planning and research before purchasing. If you want to open your own precious metal IRA account, here’s what you should know first.

There are two main types for precious metal accounts: paper gold and Silver certificates (GSCs), and physical precious Metals accounts. Each type has its advantages and disadvantages. GSCs offer easy access and trade, while physical precious metals accounts provide diversification benefits. Keep reading to find out more about these options.

Physical precious metals accounts are comprised of bullion and bars as well as coins. This option is great for diversification, but it has its drawbacks. You will need to pay a lot of money for precious metals, whether you are buying, selling, or storing them. Their large size makes it difficult to transport them between locations.

The silver and paper gold certificates are also relatively affordable. They are also easily available and can be traded online. They are ideal for those who don’t wish to invest in precious metals. They aren’t as diversifiable as their physical counterparts. Additionally, they are backed by government agencies like U.S. Mint and could lose value if inflation rates rise.

You should choose the account that best suits your financial needs before you open a precious-metal IRA. The following are important factors to consider before opening an IRA.

  1. Your tolerance level
  2. Your preferred asset allocation strategy
  3. What time do you have available to invest?
  4. It is up to you whether you intend on using the funds short-term for trading purposes.
  5. What tax treatment do you prefer?
  6. Which precious metal(s), you would like to invest in
  7. How liquid can your portfolio have to be
  8. Your retirement age
  9. Where you’ll store your precious metals
  10. Your income level
  11. Current savings rate
  12. Your future goals
  13. Your net worth
  14. Any other special circumstances that may impact your decision
  15. Your overall financial picture
  16. Preference between paper and physical assets
  17. Your willingness to accept risks
  18. Your ability to manage losses
  19. Your budget constraints
  20. Financial independence is what you want
  21. Your investment experience
  22. Your familiarity with precious and rare metals
  23. Your knowledge of precious metals
  24. Your confidence in the economy
  25. Your personal preferences

Once you’ve determined which type of precious metal IRA best suits your needs, you can proceed to open an account with a reputable dealer. These dealers can be found via referrals, word-of-mouth, and online research.

After you have opened your precious metal IRA account, you will need to decide how much money to put in it. It’s important to note that each precious metal IRA account carries different minimum initial deposit amounts. Some accounts will only accept $100, others will allow for you to invest as high as $50,000.

You can invest as much or as little money in your precious metal IRA as you like. You might choose to make a larger initial investment if your goal is to build wealth over the long-term. However, a smaller initial deposit might work for you if your goal is to invest less money each month.

As far as the actual precious metals used in your IRA go, you can purchase any number of different types of investments. The most popular are:

  • Gold – Bullion bars, rounds, and coins
  • Silver – Rounds & coins
  • Platinum – Coins
  • Palladium Round and Bar Forms
  • Mercury – Bar and round forms

—————————————————————————————————————————————————————————————-

By: David Sencil
Title: Grayscale’s 4K Bitcoin Transfer, Blackrock CEO Endorses Bitcoin, Ripple’s XRP Removed, and More — Weekly Recap
Sourced From: news.bitcoin.com/grayscales-4k-bitcoin-transfer-blackrock-ceo-favorable-on-bitcoin-ripples-xrp-ousted-and-more-week-in-review/
Published Date: Sun, 21 Jan 2024 13:00:23 +0000

Recent Posts
Latest Featured Posts
Latest News Posts