Robert Kiyosaki Increases Bitcoin Holdings After SEC Green-Lights Spot BTC ETFs
Rich Dad Poor Dad author Robert Kiyosaki has revealed that he bought additional bitcoin following the approval of spot bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC). The famous author is deeply concerned about the U.S. economy, particularly the threat of hyperinflation.
The Author of Rich Dad Poor Dad Buys More Bitcoin
The author of Rich Dad Poor Dad, Robert Kiyosaki, has revealed that he bought additional bitcoin following the approval of 11 spot bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC). Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. More than 32 million copies of the book have been sold in over 51 languages across more than 109 countries.
Kiyosaki's Concerns About the Economy
The famous author wrote on social media platform X Thursday: "Inflation or deflation? What if the PhDs at [the] White House, Treasury & Fed put [the] economy into hyperinflation? I hope not…but what if our leaders F’up, the dollar collapses, and we have hyperinflation?"
Kiyosaki added: "That’s why I bought 5 more bitcoin today."
"What are you going to do? Trust yourself not our leaders. They’re losers with PhDs," he further said.
SEC Approves 11 Spot Bitcoin ETFs
In a historic move, the SEC approved 11 spot bitcoin ETFs on Wednesday, paving the way for mainstream trading on NYSE Arca, Nasdaq, and Cboe BZX Exchange. The funds began trading on Thursday. On Wednesday, Kiyosaki said he was glad he purchased BTC years prior, reaffirming his bullish stance on the cryptocurrency and planning further investments. He believes that the price of bitcoin is headed for $150K soon.
Kiyosaki's Bullish Predictions on Bitcoin
Kiyosaki, a long-time advocate for gold, silver, and bitcoin, recently declared bitcoin the best protection against hyperinflation. The Rich Dad Poor Dad author has consistently made bullish predictions about BTC, ranging from $135,000 in the near future to a mind-blowing $1 million in a global economic meltdown.
In February last year, he envisioned bitcoin rising to $500,000 by 2025, with gold hitting $5,000 and silver reaching $500 along the way. These bold projections reflect Kiyosaki’s deep concern about America’s financial future. In April last year, he sounded the alarm on a dying America, foreseeing hyperinflation and the demise of the U.S. dollar. In November he urged investors to get into bitcoin now before it’s too late.
Conclusion
Robert Kiyosaki's decision to increase his bitcoin holdings after the SEC approved spot bitcoin ETFs highlights his concerns about the U.S. economy and the potential for hyperinflation. As a renowned author and advocate for alternative assets like bitcoin, Kiyosaki's bullish predictions reflect his belief in the cryptocurrency's ability to protect against inflation and economic uncertainty. With the approval of 11 spot bitcoin ETFs, the mainstream adoption of bitcoin continues to grow, providing investors with more opportunities to participate in the digital currency market.
Frequently Asked Questions
Can I buy gold with my self-directed IRA?
You can purchase gold with your self-directed IRA, but you must first open an account at a brokerage firm like TD Ameritrade. You can also transfer funds from another retirement account if you already have one.
Individuals can contribute as much as $5,500 per year ($6,500 if married filing jointly) to a traditional IRA. Individuals may contribute up to $1,000 ($2,000 if married, filing jointly) directly into a Roth IRA.
If you do decide that you want to invest, it is a good idea to buy physical bullion and not in futures. Futures contracts can be described as financial instruments that are determined by the gold price. You can speculate on future prices, but not own the metal. Physical bullion, however, is real gold and silver bars that you can hold in your hand.
Is buying gold a good retirement plan?
Although it may not look appealing at first, buying gold for investment is worth considering when you consider the global average gold consumption per year.
Physical bullion bar is the best way to invest in precious metals. However, there are many other ways to invest in gold. The best thing to do is research all options thoroughly and then make an informed decision based on what you want from your investments.
If you're not looking to secure your wealth, it may be worth considering purchasing shares in mining equipment or companies that extract gold. Owning gold stocks should work well if you need cash flow from your investment.
You can also put your money in exchange traded funds (ETFs). These funds allow you to be exposed to the price and value of gold by holding gold related securities. These ETFs may include stocks that are owned by gold miners or precious metals refining companies as well as commodity trading firms.
How is gold taxed within an IRA?
The fair market value at the time of sale is what determines how much tax you pay on gold sales. You don't have tax to pay when you buy or sell gold. It is not considered income. If you sell it later, you'll have a taxable gain if the price goes up.
As collateral for loans, gold is possible. Lenders look for the highest return when you borrow against assets. In the case of gold, this usually means selling it. There's no guarantee that the lender will do this. They may hold on to it. They may decide to resell it. Either way, you lose potential profit.
In order to avoid losing your money, only lend against your precious metal if you plan to use it to secure other collateral. If you don't plan to use it as collateral, it is better to let it be.
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. You cannot recover any money you have invested. This includes all investments that are lost to theft, fire, flood, or other causes.
It is best to invest in physical gold coins and silver coins to avoid this type loss. These items are timeless and have a lifetime value. You would probably get more if you sold them today than you paid when they were first created.
Choose a reputable company with competitive rates and quality products if you are looking to open an IRA. It's also wise to consider using a third-party custodian who will keep your assets safe while giving you access to them anytime.
If you decide to open an account, remember that you won't see any returns until after you retire. Do not forget about the future!
Statistics
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
- Contribution limits$6,000 (49 and under) $7,000 (50 and up)$6,000 (49 and under) $7,000 (50 and up)$58,000 or 25% of your annual compensation (whichever is smaller) (lendedu.com)
- (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)
External Links
law.cornell.edu
- 7 U.S. Code SS7 – Designation boards of trade as contract market authorities
- 26 U.S. Code SS 408 – Individual retirement account
finance.yahoo.com
wsj.com
- Saddam Hussein's InvasionHelped Uncage a Bear In 1991 – WSJ
- Want to Keep Gold in Your IRA at Home? It's not legal – WSJ
forbes.com
- Gold IRA: Add Some Sparkle To Your Retirement Nest Egg
- Understanding China's Evergrande Crisis – Forbes Advisor
How To
Guidelines for Gold Roth IRA
Starting early is the best way to save for retirement. You should start as soon as you are eligible (usually at age 50) and continue saving throughout your career. It is important to invest enough money each and every year to ensure you get adequate growth.
Also, you want to take advantage tax-free options such as a traditional 401k, SEP IRA or SIMPLE IRA. These savings vehicles allow you to make contributions without paying taxes on earnings until they are withdrawn from the account. This makes them great options for people who don't have access to employer matching funds.
It is important to save consistently over time. You will lose any potential tax advantages if you don't contribute enough.
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By: Kevin Helms
Title: Robert Kiyosaki Increases BTC Holdings After SEC Approval of Spot Bitcoin ETFs
Sourced From: news.bitcoin.com/robert-kiyosaki-increases-btc-holdings-after-sec-approval-of-spot-bitcoin-etfs/
Published Date: Fri, 12 Jan 2024 02:00:12 +0000
