The Bitcoin Price Prediction
Renowned author and Rich Dad Poor Dad co-author, Robert Kiyosaki, has made a bold prediction about the price of bitcoin. He firmly believes that the price of the leading cryptocurrency will reach $150,000 in the near future. This comes as the U.S. Securities and Exchange Commission (SEC) has given its approval for spot bitcoin exchange-traded funds (ETFs). Kiyosaki is confident in his prediction and plans to increase his bitcoin holdings.
About Robert Kiyosaki
Robert Kiyosaki gained popularity with his best-selling book, Rich Dad Poor Dad, which was co-authored with Sharon Lechter. The book has enjoyed immense success, remaining on the New York Times Best Seller List for over six years. With over 32 million copies sold worldwide, it has been translated into 51 languages and distributed in 109 countries.
Kiyosaki's Thoughts on Bitcoin and ETFs
Kiyosaki expressed his satisfaction with his early investment in bitcoin, especially in light of the SEC's approval of bitcoin ETFs. He firmly believes that the price of bitcoin will reach $150,000 soon. In a recent statement, he said, "Bitcoin ETF. Yay. Glad I bought years ago. Bitcoin to $150K soon… I will be buying more gold, silver, and bitcoin with fake dollars."
The Value of Gold, Silver, and Bitcoin
Kiyosaki also shared his thoughts on the value of gold, silver, and bitcoin. He predicts that gold prices will soar as central banks continue to accumulate and hold onto the precious metal. On the other hand, he expects silver prices to decline as silver stackers sell their holdings to cover rising inflation-related expenses. Kiyosaki believes that this presents an excellent buying opportunity for silver stackers. He refers to traditional fiat currencies as "fake money" and encourages investing in assets like gold, silver, and bitcoin as a safeguard against inflation.
Kiyosaki's Bullish Predictions
Robert Kiyosaki has consistently advocated for investing in gold, silver, and bitcoin. He has made several bullish predictions about the price of bitcoin, ranging from $135,000 in the short term to a staggering $1 million in the event of a global economic crisis. Earlier this year, he projected that bitcoin would reach $500,000 by 2025, with gold and silver prices also experiencing significant increases.
Other Notable Predictions
Robert Kiyosaki is not the only prominent figure making optimistic price predictions for bitcoin. Venture capitalist Tim Draper believes that the cryptocurrency will reach $250,000 by the end of this year. Similarly, Standard Chartered and Alliance Bernstein expect bitcoin to hit $200,000 by 2025, fueled by the recent approval of spot bitcoin ETFs. Cathie Wood, CEO of Ark Invest, also anticipates a substantial price increase following the launch of the ETFs.
What are your thoughts on Robert Kiyosaki's predictions? Share your opinion in the comments below.
Frequently Asked Questions
What are the three types of IRAs?
There are three main types of IRAs. Each type has its benefits and drawbacks. Each of these types will be described below.
Traditional Individual Retirement Accounts
Traditional IRAs allow you to make pretax contributions to an account that allows you to defer taxes while still earning interest. Withdrawals from this account are exempted from tax once you have retired.
Roth IRA
Roth IRAs allow for you to make after-tax deposits into an account. The earnings are tax-free. You can also withdraw money from the account to retire your funds tax-free.
SEP IRA
Similar to a Roth IRA except that employees must make additional contributions. The additional contributions are subject to tax, but earnings accrue tax-deferred. When you leave the company the whole amount may be converted to a Roth IRA.
What type of IRA is best?
It is essential to find an IRA that matches your needs and lifestyle when you are choosing one. You should consider whether you wish to maximize tax deferred growth, minimize taxes now, pay penalties later or avoid taxes altogether.
The Roth option is a good choice if you have a lot of money saved for retirement, but not enough to invest. 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.
The traditional IRA is better if you want to retire earlier because you will likely owe tax on your earnings. However, if your goal is to retire early, the traditional IRA might be more sensible. The Roth IRA allows you to withdraw some of your earnings or all without paying taxes.
Can I invest in gold?
The answer is yes Gold can be added to your retirement plan. Gold is an excellent investment because it doesn't lose value over time. It also protects against inflation. You don't even have to pay taxes.
Before you decide to invest in gold, it is important to understand that it isn't like other investments. You can't purchase shares in gold companies, unlike stocks and bonds. These shares can also be not sold.
Instead, convert your precious metals to cash. This means that it will be necessary to dispose of the gold. You can't just hold onto it.
This makes gold an investment that is different from other investments. Similar to other investments, gold can be sold at any time. That's not true with gold.
Worse, the gold cannot be used as collateral for loans. You may have to part with some of your gold if you take out mortgages.
What does this all mean? It's not possible to keep your gold for ever. You'll eventually need to convert it into cash.
You don't need to worry. All you have to do is open an IRA account. You can then invest in gold.
How much do gold IRA fees cost?
An average annual fee for an individual retirement plan (IRA) is $1,000. There are many types available: SIMPLE IRAs (SEP-IRAs), Roth IRAs, Traditional IRAs and Roth IRAs. Each type comes with its own set rules and requirements. If your investments are not tax-deferred, you might have to pay taxes on the earnings. Consider how long you will keep the money. You will save money if you intend to keep your funds longer than a Roth IRA.
A traditional IRA allows you to contribute up to $5,500 per year ($6,500 if you're 50 or older). A Roth IRA allows you to contribute unlimited amounts every year. The difference between them is simple: With a traditional IRA, you can withdraw the money after you retire without paying taxes. You'll owe tax on any Roth IRA withdrawals.
How do I Withdraw from an IRA of Precious Metals?
If you have an account with a precious-metal IRA company like Goldco International Inc, you might consider withdrawing your funds. If you decide to sell your metals this way, they will be much more valuable than if they were inside the account.
This article will help you understand how to withdraw funds from an IRA that holds precious metals.
First, verify that your precious metal IRA allows withdrawals. Some companies offer this option while others do not.
Second, find out if you are eligible for tax-deferred gains from selling your metals. This benefit is provided by almost all IRA providers. Some do not, however.
Third, you should check with the provider of your precious metal IRA to determine if there are fees for these steps. The withdrawal may cost extra.
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. 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 will ensure you pay taxes on all the profits that your sales generate.
Finally, consult a trusted accountant or attorney before selling your precious metals. These professionals can ensure that you adhere to all procedures and avoid costly errors.
How do I open a Precious Metal IRA
An IRA to hold precious metals can be opened by opening a Roth Individual Retirement Account (IRA) that is self-directed.
This type account is better than others because you don’t have any tax on the interest that you earn from investments until you remove 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. If it meets the IRS guidelines, you can invest in any asset that interests you.
Many people think only of silver and gold when they hear the word “precious metallic” but there are other types.
You can find examples in palladium (platinum), rhodium (osmium), iridium and ruthenium.
There are several ways you can invest in precious metals. There are two main options: buying bullion bars and coins, and purchasing shares in mining companies.
Bullion Coins & Bars
One of the most straightforward ways to invest is to buy bullion coin and bars. Bullion is a generic term that refers only to physical ounces in gold or 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'll be able to see a piece tangible of history. Each coin and bar is unique.
The face value of a coin will often be lower than its nominal worth. 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 has had a tremendous increase in its value since its introduction. This is why many investors choose bullion bars and bullion coin over futures.
Mining Companies
A great way to get precious metals is by investing in shares in mining companies. When you invest in mining companies, you are investing in the company's ability to produce gold and silver.
You will then be entitled to dividends which are based upon the company’s profit. These dividends will be used to pay shareholders.
The company's growth potential will also be of benefit to you. The demand for the product will also cause an increase in share prices.
Because these stocks fluctuate in price, it's important to diversify your portfolio. This means you can spread your risk to 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 drop dramatically, your ownership share could be worthless.
The Bottom Line
Precious metals like gold and silver can provide safety during economic uncertainty.
Silver and gold, however, can experience wild swings in their prices. If you are interested in long-term investing in precious metals, open a precious Metals IRA account at a reputable firm.
By doing this, you can reap the tax benefits and still have physical assets.
Can you make money in 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.
Trading should not be started if you don’t have sufficient information.
It is important to find a broker who provides the best services for your account type.
You can choose from a variety of accounts, including Roth IRAs or standard IRAs.
If you have other investments such as bonds or stocks, you might also consider a rollover.
Statistics
- 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)
- Silver must be 99.9% pure • (forbes.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)
- The IRS also allows American Eagle coins, even though they do not meet gold's 99.5% purity standard. (forbes.com)
External Links
regalassets.com
en.wikipedia.org
kitco.com
investopedia.com
How To
How to Decide if a Gold IRA Is Right for You
Individual Retirement account (IRA), is the most widely used type of retirement plan. Individual Retirement Accounts (IRAs) are available through financial planners, banks, mutual funds and employers. The IRS allows individuals to contribute up to $5,000 annually without tax consequences. This amount is available to all IRAs, regardless of age. There are limits to how much money you may put into certain IRAs. For example, a Roth IRA contribution is not allowed if you are less than 59 1/2. You must wait until your age 70 1/2 to make contributions if you are under 50. Additional, employees who work for their employer might be eligible to receive matching contributions.
There are two types primarily of IRAs. The traditional IRA allows you the opportunity to invest in stocks and bonds as well as other investments. However, the Roth IRA only allows you to invest after-tax dollars. Roth IRA contributions can be made without tax, but they will still be subject to taxes if you withdraw from it. Some people combine both of these accounts. Each type has its advantages and disadvantages. There are pros and cons to each type of IRA. Keep these three things in mind:
Traditional IRA Pros
- There are many options for contributing to your company.
- Employer match possible
- Save more than $5,000 per Person
- Tax-deferred Growth until Withdrawal
- Limitations may apply based on income levels
- Maximum annual contribution is $5,500 ($6,500 for married couples filing jointly).
- Minimum investment: $1,000
- After age 70 1/2 you are required to begin mandatory distributions
- Must be at least five years old to open an IRA
- Transfer assets between IRAs is not possible
Roth IRA pros
- Contributions are tax-free
- Earnings increase without tax
- No minimum distributions
- The only options for investing are stocks, bonds, or mutual funds
- No maximum contribution limit
- There are no restrictions for transferring assets between IRAs
- Open an IRA if you are 55 years or older
Considering opening a new IRA, it's essential to know that not all companies offer the same IRAs. For example, you might be able to choose between a Roth IRA (or a traditional one) from some companies. Others will give you the option to combine them. Noting that different types IRAs have different requirements, it's worth noting. A Roth IRA does not have a minimum investment requirement. Traditional IRAs require a minimum of $1,000.
The bottom line
The most important factor when choosing an IRA is whether you plan to pay taxes immediately or later. If you plan to retire in the next ten years, a traditional IRA might be the best choice. Otherwise, a Roth IRA may be better suited for you. However, it's always a good idea for you to talk with a professional regarding your retirement plans. It's important to have someone who is knowledgeable about the market and can suggest the best options for you.
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By: Kevin Helms
Title: Robert Kiyosaki Predicts Bitcoin Price to Hit $150,000 Soon
Sourced From: news.bitcoin.com/robert-kiyosaki-predicts-btc-will-soon-hit-150k-as-sec-approves-bitcoin-etfs-says-i-will-be-buying-more-bitcoin/
Published Date: Thu, 11 Jan 2024 02:30:39 +0000
