Robert Kiyosaki, the acclaimed author of "Rich Dad Poor Dad," foresees a significant rise in the value of Bitcoin, predicting it might reach as high as $135,000. Concurrently, he anticipates a considerable growth in gold prices, with a potential increase up to $3,700. Conversely, Kiyosaki also issued a warning regarding the potential pitfalls for those saving in U.S. dollars, a currency he refers to as "fake money".
Robert Kiyosaki’s Future Value Speculations for Bitcoin, Gold, and Silver
Robert Kiyosaki, well-known for his bestselling book "Rich Dad Poor Dad," voiced his price predictions for gold, silver, and Bitcoin on a popular social media platform. His book, co-authored with Sharon Lechter in 1997, has been a New York Times Best Seller for over six years, with more than 32 million copies sold in 51 different languages across 109 countries.
"Gold will soon break through $2,100 and then take off. You will wish you had bought gold below $2,000. Next stop gold $3,700," Kiyosaki commented. He also predicted the price of silver to rise from $23 to $68 an ounce. He further added:
Bitcoin testing $30,000. Next stop Bitcoin $135,000 … Savers of fake dollars F’d. Please tell your friends to ‘Wake up.’ Take care.
Kiyosaki’s Views on Inflation and Fiat Currency
In a recent statement, Kiyosaki explained how inflation detrimentally affects the financial stability of the poor and middle class, as they work for and save dollars. Conversely, he argued that inflation can benefit the wealthy, who typically invest in and amass gold, silver, and cryptocurrencies such as Bitcoin. Kiyosaki has frequently referred to fiat currency, including the USD, as "fake money," while he considers gold and silver as "God’s money" and Bitcoin as "people’s money."
The Future of Cryptocurrency, According to Kiyosaki
The renowned author has often emphasized the importance of cryptocurrency in the future of finance, predicting that fiat currency is on the verge of becoming obsolete. He has also voiced concerns about the potential downfall of the U.S. dollar.
Last month, Kiyosaki stated that he believes Bitcoin will become invaluable once the Federal Reserve introduces a Central Bank Digital Currency (CBDC). He also encouraged investors to acquire Bitcoin now, foreseeing a spike in demand for cryptocurrency as traditional investment markets, such as stocks, bonds, and real estate, face potential crashes.
Kiyosaki's Previous Price Predictions
Kiyosaki has a history of making bold predictions about the prices of Bitcoin, gold, and silver. In August, he suggested that a global economic crisis could lead to Bitcoin's price skyrocketing to $1 million, with gold reaching $75,000, and silver climbing to $60,000. Earlier this year, he also predicted that Bitcoin would reach $500,000 by 2025, with gold potentially reaching $5,000 and silver projected to hit $500 within the same period.
What are your thoughts on Robert Kiyosaki's predictions for the future prices of Bitcoin, gold, and silver? Feel free to share your views below.
Frequently Asked Questions
Which precious metals are best to invest in retirement?
Silver and gold are two of the most valuable precious metals. Both are easy to sell and can be bought easily. If you want to diversify your portfolio, you should consider adding them to your list.
Gold: Gold is one the oldest forms currency known to man. It is also extremely safe and stable. Because of this, it is considered a great way of preserving wealth during times when there are uncertainties.
Silver: Silver has been a favorite among investors for years. This is a great choice for people who want to avoid volatility. Silver tends to move up, not down, unlike gold.
Platinium is another precious metal that is becoming increasingly popular. It's durable and resists corrosion, just like gold and silver. It is however more expensive than its counterparts.
Rhodium. Rhodium is used as a catalyst. It's also used in jewelry making. It is also very affordable in comparison to other types.
Palladium (or Palladium): Palladium can be compared to platinum, but is much more common. It's also more affordable. It's a popular choice for investors who want to add precious metals into their portfolios.
What are the pros & con's of a golden IRA?
An Individual Retirement Account (IRA), unlike regular savings accounts, doesn't require you to pay tax on interest earned. An IRA is a good choice for those who want a way to save some money but don’t want the tax. However, there are disadvantages to this type investment.
For example, if you withdraw too much from your IRA once, you could lose all your accumulated funds. Also, the IRS may not allow you to make withdrawals from your IRA until you're 59 1/2 years old. A penalty fee will be charged if you decide to withdraw funds.
Another disadvantage is that you must pay fees to manage your IRA. Many banks charge between 0.5%-2.0% per year. Other providers charge monthly management costs ranging from $10-50.
If you prefer your money to be kept out of a bank, then you will need insurance. Many insurers require that you own at least one ounce of gold before you can make a claim. Some insurers may require you to have insurance that covers losses up $500,000.
If you choose to go with a gold IRA, you'll need to determine how much gold you want to use. You may be limited in the amount of gold you can have by some providers. Others let you choose your weight.
It's also important to decide whether or not to buy gold futures contracts. Physical gold is more costly than gold futures. Futures contracts offer flexibility for buying gold. You can set up futures contracts with a fixed expiration date.
Also, you will need to decide on the type of insurance coverage you would like. The standard policy doesn’t provide theft protection or loss due fire, flood, or earthquake. It does offer coverage for natural disasters. Additional coverage may be necessary if you reside in high-risk areas.
Additional to your insurance, you will need to consider how much it costs to store your gold. Insurance won't cover storage costs. Additionally, safekeeping is usually charged by banks at around $25-$40 per monthly.
A qualified custodian is required to help you open a Gold IRA. Custodians keep track of your investments and ensure compliance with federal regulations. Custodians can't sell assets. Instead, they must maintain them for as long a time as you request.
Once you've decided which type of IRA best suits your needs, you'll need to fill out paperwork specifying your goals. You must include information about what investments you would like to make (e.g. stocks, bonds and mutual funds). Also, you should specify how much each month you plan to invest.
After completing the forms, send them along with a check or a small deposit to your chosen provider. Once the company has received your application, they will review it and send you a confirmation email.
You should consult a financial planner before opening a Gold IRA. Financial planners are experts at investing and can help you determine which type of IRA is best for you. They can also help you lower your expenses by finding cheaper alternatives to purchasing insurance.
How Much of Your IRA Should Include Precious Metals?
You should remember that precious metals are not only for the wealthy. You don't have to be rich to invest in them. In fact, there are many ways to make money from gold and silver investments without spending much money.
You may consider buying physical coins such as bullion bars or rounds. Shares in precious metals-producing companies could be an option. Another option is to make use of the IRA rollover programs offered by your retirement plan provider.
You can still get benefits from precious metals regardless of what choice you make. They are not stocks but offer long-term growth.
And, unlike traditional investments, their prices tend to rise over time. So, if you decide to sell your investment down the road, you'll likely see more profit than you would with traditional investments.
How do you withdraw from an IRA that holds precious metals?
You first need to decide if you want to withdraw money from an IRA account. Next, ensure you have enough cash on hand to pay any penalties or fees that could be associated with withdrawing funds.
Consider opening a taxable brokerage instead of an IRA if it is possible to pay a penalty if your withdrawal is made before the deadline. If you decide to go with this option, you will need to take into account the taxes due on the amount you withdraw.
Next, you'll need to figure out how much money you will take out of your IRA. This calculation will depend on many factors including your age at the time of withdrawal, how long the account has been in your possession, and whether you plan to continue contributing towards your retirement plan.
Once you have determined the percentage of your total savings that you would like to convert to cash, you can then decide which type of IRA to use. Traditional IRAs allow you to withdraw funds tax-free when you turn 59 1/2 while Roth IRAs charge income taxes upfront but let you access those earnings later without paying additional taxes.
Once the calculations have been completed, it's time to open a brokerage accounts. Many brokers offer signup bonuses or other promotions to encourage people to open accounts. To avoid unnecessary fees, however, try opening an account using a debit card rather than a credit card.
When it's time to make withdrawals from your precious-metal IRA, you'll need a place to keep your coins safe. Some storage facilities can accept bullion bar, while others require you buy individual coins. You will need to weigh each one before making a decision.
Bullion bars require less space, as they don't contain individual coins. But, each coin must be counted separately. On the flip side, storing individual coins allows you to easily track their value.
Some people prefer to keep coins safe in a vault. Others prefer to place them in safe deposit boxes. Regardless of the method you prefer, ensure that your bullion is safe so that you can continue to enjoy its benefits for many years.
Do You Need to Open a Precious Metal IRA
It is essential to be aware of the fact that precious metals do not have insurance coverage before opening an IRA. There is no way to recover money that you have invested in precious metals. This includes investments that have been damaged by fire, flooding, theft, and so on.
This type of loss can be avoided by investing in physical silver and gold coins. These items are timeless and have a lifetime value. These items are worth more today than they were when first produced.
Choose a reputable company with competitive rates and quality products if you are looking to open an IRA. You should also consider using a third party custodian to protect your assets and give you access at any time.
If you decide to open an account, remember that you won't see any returns until after you retire. Remember the future.
Who is the owner of the gold in a gold IRA
An individual who has gold is considered to be a “form of money” by the IRS and subject to taxation.
To take advantage of this tax-free status, you must own at least $10,000 worth of gold and have been storing it for at least five years.
The purchase of gold can protect you from inflation and price volatility. But it's not smart to hold it if your only intention is to use it.
If you are planning to sell your gold someday, it is necessary that you report its value. This can affect the capital gains taxes that you owe when cashing in on investments.
You should consult a financial planner or accountant to see what options are available to you.
What are some of the benefits of a gold IRA
You can save money on retirement by putting your money into an Individual Retirement Account. It's tax-deferred until you withdraw it. You are in complete control of how much you take out each fiscal year. There are many types to choose from when it comes to IRAs. Some are better suited for people who want to save for college expenses. 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. However, once they begin withdrawing funds, these earnings are not taxed again. This account may be worth considering if you are looking to retire earlier.
The gold IRA allows you to invest in different asset classes, which is similar to other IRAs. Unlike a regular IRA where you pay taxes on gains, a gold IRA doesn't require you to worry about taxation while you wait to get them. People who prefer to save their money and invest it instead of spending it are well-suited for gold IRAs.
Another benefit to owning IRA gold is the ability to withdraw automatically. It means that you don’t have to remember to make deposits every month. You could also set up direct debits to never miss a payment.
Finally, gold remains one of the best investment options today. Because it isn’t tied to any specific country, gold’s value tends to stay stable. Even in times of economic turmoil, gold prices tend not to fluctuate. Gold is a good option for protecting your savings from inflation.
- (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)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
- If you accidentally make an improper transaction, the IRS will disallow it and count it as a withdrawal, so 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)
- The price of gold jumped 131 percent from late 2007 to September 2011, when it hit a high of $1,921 an ounce, according to the World Gold Council. (aarp.org)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- Gold IRA: Add some sparkle to your retirement nest egg
- Understanding China's Evergrande Crisis – Forbes Advisor
- Yahoo Finance – Barrick Gold Corporation Stock Price, News & Quote – Barrick Gold Corporation (GOLD).
- Are You a Good Candidate for a Gold IRA
- What are the Options? Types, Spreads, Example and Risk Metrics
The History of Gold as an Asset
From the beginning of history, gold was a popular currency. It was popular because of its purity, divisibility. uniformity. scarcity and beauty. Because of its intrinsic value, it was also widely traded. There were different measures and weights for gold, as there was no standard to measure it. For example, in England, one pound sterling was equal to 24 carats of silver; in France, one livre tournois was equal to 25 carats of gold; in Germany, one mark was equal to 28 carats of gold; etc.
In the 1860s, the United States began issuing American coins made up of 90% copper, 10% zinc, and 0.942 fine gold. This resulted in a decline of foreign currency demand and an increase in the price. At this point, the United States minted large amounts of gold coins, causing the price of gold to drop. Because the U.S. government had too much money coming into circulation, they needed to find a way to pay off some debt. To do this, they decided that some of their excess gold would be sold back to Europe.
Many European countries began accepting gold in exchange for the dollar because they did not trust it. Many European countries started to accept paper money as a substitute for gold after World War I. The value of gold has significantly increased since then. Even though gold's price fluctuates, it is still one of the most secure investments you could make.
By: Kevin Helms
Title: Robert Kiyosaki Anticipates Bitcoin to Touch $135,000, Predicts Upsurge in Gold Value
Sourced From: news.bitcoin.com/robert-kiyosaki-says-bitcoin-headed-for-135000-while-gold-will-soon-take-off/
Published Date: Sat, 21 Oct 2023 23:30:15 +0000