Tether, the leading stablecoin issuer, has announced today that it possesses a robust balance sheet with ownership of over $2.8 billion in Bitcoin. This valuable information has been revealed following an audit conducted by BDO, a renowned auditing firm. The official auditor's report provides a comprehensive analysis of Tether's financial standing, including detailed information on its Bitcoin holdings.
Tether's Impressive Financial Standing
Tether has consistently played a significant role in the cryptocurrency market, facilitating transactions and maintaining a peg to the US Dollar. The audited report showcases Tether's stability and success, highlighting its substantial Bitcoin holdings. With over $2.8 billion in Bitcoin, Tether solidifies its position as a trustworthy and influential player in the industry.
Tether's Expansion and Diversification
Tether CEO Paolo Ardoino expresses excitement about Tether's expansion and growth in various sectors. While Tether is primarily recognized for its stablecoin USDT, the company is actively investing and building infrastructure in strategic areas such as AI, P2P telecommunications, Bitcoin mining, and renewable energy production. This diversification allows Tether to explore new opportunities and contribute to the development of innovative solutions.
Profitability and Success
Tether's financial achievements are noteworthy. The company reported a profit of $2.85 billion in the last quarter, with approximately $1.85 billion generated from its gold and Bitcoin holdings. Throughout 2023, Tether achieved an impressive profit of $6.2 billion, further solidifying its position as a trailblazer in the cryptocurrency industry.
As Tether looks ahead to 2024, the company anticipates even greater success with the introduction of new projects and products. Tether's commitment to innovation and its robust financial standing make it a key player in the cryptocurrency market.
Frequently Asked Questions
How do I choose the right IRA for me?
The first step to finding an IRA for you is understanding your account type. This will include whether you're looking for a Roth IRA or a traditional IRA. You will also need to know how much you can invest.
Next is deciding which provider best suits your needs. Some providers offer both accounts and others only specialize in one.
You should also consider the fees associated each option. There are many fees that vary between providers. They may include annual maintenance fees or other charges. For example, some providers charge a monthly fee based on the number of shares you own. Others charge only once per quarter.
What is the most valuable precious metal?
An investment in gold can yield high returns on its capital. It can also protect against inflation and other risks. People become more concerned about inflation and the gold price tends to go up.
It is a smart idea to buy gold futures. These contracts guarantee you will receive a certain amount of gold at a fixed price.
But, not everyone is able to afford gold futures. Some people prefer to own physical gold instead.
They can easily trade their gold with others. They can also easily sell it whenever they like.
Some people want to avoid paying tax on their gold. To do that, they buy gold directly from the government.
This requires that you make multiple trips to the local post office. First, convert any gold you have into coins or bars.
Next, you will need to stamp the coins or bars. Then, send them to the US Mint. They melt the bars and coins into new coins.
These new coins and bars are stamped with the original stamps. These new coins and bars are legal tender.
You won't need to pay taxes if gold is purchased directly from the US Mint.
Decide which precious metal you would like to invest.
Are you able to keep precious metals in your IRA?
This depends on the IRA's owner's desire to diversify or keep his holdings in silver and gold.
He can choose to diversify if he so desires. He could either purchase physical bars or silver from a seller, or return these items to the dealer at end of the year. Imagine he doesn't desire to sell off his precious metals investments. In this case, he should hold onto the investments as they are perfect for storing inside an IRA account.
- 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)
- Silver must be 99.9% pure • (forbes.com)
- You can only purchase gold bars of at least 99.5% purity. (forbes.com)
How to start buying silver with your IRA
How to get started buying silver with your IRA – Owning physical bullion directly is the best way for you to invest in silver and gold. The most popular investment form is silver bars and coins. This is because it offers diversification and liquidity.
There are several options for buying precious metals, such as silver and gold. You can purchase them directly from their producers, such as mining companies and refiners. If you don't want the hassle of dealing with a producer directly, you can purchase them from a dealer that buys and trades bullion products.
This article will help you to start investing silver with your IRA.
- Investing Directly in Gold & Silver – This is the first way to get precious metals directly from their source. This means that you can get the bullion straight from the source, and it will be delivered directly to your front door. Some investors store their bullion in their home. Others choose to store their bullion in a safe storage location that is insured and protected. Protect your precious metal by storing it correctly. Many storage facilities provide insurance coverage against fire, theft, and damage. But, even with insurance, you can lose your investments because of natural disasters and human error. It is always a good idea to store precious metals in safe deposit boxes at banks or credit unions.
- Online Precious Metals Buying – If you prefer not to transport heavy boxes of precious metal around, then buying bullion online is an option. 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 usually easier to carry than bars, and they tend to be less expensive. There are many sizes and weights of bars. Some bars weigh hundreds of pounds, while others only weigh a few ounces. The best rule of thumb for choosing the right type of bar is to consider your intended use. It might be a good idea to choose something smaller if it is intended to be given as a gift. If you are looking to add it as a gift, or to proudly display it, you may want to spend a bit more and buy something larger.
- Buying Precious Metal From Dealers – A third option is to buy bullion from a dealer. Most dealers only specialize in one type of market, either silver or gold. Some dealers specialize exclusively in certain types or bullion, like rounds or minted money. Others may specialize in specific areas. Some specialize in bulk purchasing. You'll find them all to be competitive in price and offer convenient payment methods.
- Purchase Precious Metals via Retirement Accounts – Although this is technically not an investment, it can be used as a way to increase exposure to precious materials. You must make investments in precious metals via a qualified retirement account to be eligible for Section 219 tax benefits. These include IRAs, 401(k)s, and 403(b) plans. These accounts are designed to help you save for retirement and often provide higher returns than other investment vehicles. You can also diversify your holdings by opening these accounts. The downside? Investments in retirement accounts aren't available to everyone. These accounts can only, however, be accessed by those who work for an employer that sponsors them.
By: Nik Hoffman
Title: Tether's Audit Report Reveals Over $2.8 Billion in Bitcoin Holdings
Sourced From: bitcoinmagazine.com/business/tethers-audit-report-reveals-over-2-8-billion-in-bitcoin-holdings
Published Date: Wed, 31 Jan 2024 17:36:58 GMT