The Real Monsters of Halloween: Fiat Currency and Bitcoin

Ah, Halloween. The one night a year where we’re supposed to be scared of things that go bump in the night. You know, your classic cast of characters: Dracula, Frankenstein’s monster, your weird neighbor who leaves their Christmas lights up all year round. But here’s the thing—none of those guys actually scare us anymore, do they? I mean, a werewolf might give you a mild startle, but you know what’s really terrifying? The sound of a fiat currency money printer. That, my friends, is nightmare fuel for 2024.

The Evolution of Fear

Remember when Frankenstein’s monster was the height of terror? Big, lumbering, slightly awkward in a "do you even lift, bro?" kind of way. Sure, he was menacing back in his day, but now? Come on, Frankenstein’s just a misunderstood guy with a bad skin-care routine and no Wi-Fi. Dracula? The guy’s been outpaced by vegan diets and everyone’s obsession with garlic these days. Werewolves? Maybe once upon a time, but now we’ve got laser hair removal for that.

The Real Terror Unveiled

No, the real monsters of the past just don’t cut it anymore. Today, we’ve got something far scarier, lurking quietly in the background, slowly draining the life out of our savings accounts. Forget the undead—this beast prints its way into our nightmares. Enter: the fiat currency money printer. Terrifying, isn’t it?

The Nightmare of Inflation

Imagine this: you’re dressed up as a money printer for Halloween. You walk into the room, wearing a suit made entirely of dollar bills, making that eerie brrr noise. Suddenly, everyone’s blood runs cold. Forget vampires—this is the stuff of real terror. Because the truth is, inflation doesn’t just take your blood—it takes your hard-earned money and leaves you with less and less every day. Now that’s scary.

Bitcoin: The Hero We Need

Inflation is the ultimate modern-day monster. It sneaks up on you, slowly chipping away at the value of your currency, all while governments crank up those money printers like it’s a haunted house attraction they’re particularly proud of. Only this time, it’s not candy coming out—it’s debased, devalued paper that used to be worth something.

So yes, folks, this Halloween, the money printer is the real villain. It doesn’t wear a mask or haunt a castle; it lurks in central banks and government policies. Every time that printer goes brrr, your savings are silently screaming in terror.

The Role of Bitcoin in Financial Fear

But like every good horror story, there’s a hero. And in this tale of financial fear, that hero is Bitcoin. In a world where inflation runs rampant and fiat currency gets printed into oblivion, Bitcoin is the knight in shining blockchain. It’s here to protect you from the terrifying specter of currency debasement, offering a lifeline out of the inflationary horror show.

Picture this: while Timmy and Sally are out trick-or-treating, they stumble upon a house where, instead of handing out candy, they’re offering something much sweeter—financial sovereignty. No money printers here, just the decentralized beauty of Bitcoin. It’s the one thing that can stand up to inflation and say, "Not today, money monster."

Bitcoin: The Inflation-Proof Asset

With a fixed supply of 21 million coins, Bitcoin doesn’t play the "brrr" game. It’s like garlic to a vampire, or silver to a werewolf. Inflation can’t touch it. And as we all know, the scariest thing about monsters is when they can’t be stopped—but Bitcoin can stop this one.

Happy Halloween, and may your portfolio stay spook-free.

Frequently Asked Questions

What precious metals will be allowed in an IRA account?

The most common precious metallic used in IRA accounts, is gold. Investments in gold bullion coins or bars can be made as well.

Precious Metals are safe investments since they don’t lose value over the long-term. They're also considered a great way to diversify an investment portfolio.

Precious Metals include palladium, silver, and platinum. These three metals are similar in their properties. Each has its own purpose.

For example, platinum is used in making jewelry. The catalysts are made from palladium. It is used for producing coins.

You should consider the amount you will spend on your gold before you decide which precious metal. It may be more cost-effective to purchase gold at lower prices per ounce.

You also need to think about whether your investment is private. Palladium is the best option if you want to keep your investment private.

Palladium has a higher value than gold. It is also more rare. It is likely you will need to pay more.

Storage fees are another important consideration when choosing between silver and gold. Gold is stored by weight. So you'll pay a higher fee for storing larger amounts of gold.

Silver can be stored by volume. You'll be charged less for smaller amounts.

If you decide to store your precious metals in an IRA, follow all IRS rules regarding gold and silver. This includes keeping track of transactions and reporting them to the IRS.

Should you open a Precious Metal IRA

It all depends on your investment goals and risk tolerance.

If you plan to use the money for retirement, you should open an account now.

This is because precious metals are more likely to appreciate in the future. You also get diversification benefits.

The prices of silver and gold tend to be linked. This makes them a better choice when investing in both assets.

Precious metal IRAs are not recommended for anyone who isn't planning to use their money for retirement and doesn't want any risk.

How much of your portfolio should you hold in precious metals

Protect yourself against inflation by investing in physical gold. You can invest in precious metals to buy into their future value, and not just the current price. You can expect your investment to increase in value with the rise of metal prices.

Any gains you make from investments that you hold onto for at least five year will be tax-free. If you decide to sell your investments after that period, you will be subject to capital gains tax. You can learn more about gold coins by visiting our website.

Can I add gold to my IRA?

The answer is yes You can include gold in your retirement plan. Gold is a great investment as it doesn't lose money over time. It also protects against inflation. You don't even have to pay taxes.

You need to understand that gold is not like other investments before you invest in it. You cannot purchase shares of gold companies like bonds and stocks. You cannot also sell them.

Instead, convert your precious metals to cash. This means that it will be necessary to dispose of the gold. You cannot keep it.

This makes gold different from other investments. Similar to other investments, gold can be sold at any time. With gold, this isn't true.

Even worse, gold cannot be used to secure loans. For example, if a mortgage is taken out, you may have to sell some of your gold in order for the loan to be paid.

What does that mean? It's not possible to keep your gold for ever. You will have to sell it at some point.

However, there is no need to panic about it. To open an IRA, all you need is to create one. You can then invest in gold.

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.

You should also find a broker who offers the best service for your account type.

You have many options, including Roth IRAs as well as standard IRAs.

A rollover is also an option for those who already own stocks and bonds.

Can I store my gold IRA in my home?

An online brokerage account can be a great way to save your money. You'll have access to all the same investment options as if you were working with a traditional broker, but you don't need special licenses or qualifications. You don't have to pay any fees for investing.

A lot of online brokers offer tools for managing your portfolio. Online brokers will allow you to download charts so that you can see the performance of your investments.

Statistics

Silver must be 99.9% pure • (forbes.com)
You can only purchase gold bars of at least 99.5% purity. (forbes.com)
The IRS also allows American Eagle coins, even though they do not meet gold's 99.5% purity standard. (forbes.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

How To

How to Buy Gold To Your Gold IRA

The term precious metal refers to gold, silver, palladium and rhodium. It's any element naturally occurring with atomic numbers 79 to 110 (excluding helium), that is valued for its rarity or beauty. The most common precious metals are gold and silver. Precious metals can be used to make money, jewelry, industrial products, and art objects.

Supply and demand affect the gold price daily. As investors seek safety from unstable economies, there has been an increase in demand for precious metals in the last decade. The increased demand has led to a significant rise in prices. But, investors in precious metals are becoming more cautious due to rising production costs.

Gold is a good investment because it's rare and durable. Gold never loses its value, unlike other investments. You can also sell or buy gold without paying any taxes. You have two options to invest in gold. You can purchase gold coins and bars or invest in gold futures contracts.

Instant liquidity is provided by physical gold coins and bars. They're easy to trade and store. They do not offer any protection against inflation. You can protect yourself against rising prices by purchasing gold bullion. Bullion, also known as physical gold and available in different sizes, is physical. One-ounce pieces are available for billions, while larger quantities such as kilobars and tens of thousands can be purchased. Bullion is stored in vaults that are protected against theft and fire.

You might prefer to own shares of gold than actual gold. If so, then you should look into buying futures gold. Futures let you speculate about how gold's price might change. You can expose yourself to the price of gold by buying gold futures without having to own the physical commodity.

For example, if I wanted to speculate on whether the price of gold would go up or down, I could purchase a gold contract. My position after the contract expires will be either “long” (or “short”) A long contract is one in which I believe that the price of gold will rise. I'm willing now to pay someone else money, but I promise I'll get more money at the end. A short contract, on the other hand, means I believe the price of gold is going to drop. I'm happy to accept the money right now in exchange of the promise that I'll make more money later.

I'll be paid the amount of gold and interest specified in the contract when it expires. I am now exposed to the price of gold, without actually holding it.

Precious metals are a great investment as they are hard to counterfeit. While paper currencies can be easily counterfeited by printing new bills, precious metals cannot. Precious metals have held their value over the years because of this.

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By: Mark Mason
Title: The Real Monsters of Halloween: Fiat Currency and Bitcoin
Sourced From: bitcoinmagazine.com/takes/forget-vampires-and-werewolves-the-scariest-costume-this-halloween-is-a-money-printer
Published Date: Thu, 31 Oct 2024 05:00:00 GMT