Tether’s Audit Report Reveals $2.8 Billion in Bitcoin Holdings

Introduction

Tether, the leading stablecoin issuer, has recently released its audit report, which highlights its significant Bitcoin holdings valued at over $2.8 billion. Conducted by BDO, a reputable auditing firm, the report provides a detailed analysis of Tether's financial position, shedding light on its success in the cryptocurrency market.

Tether's Influence in the Cryptocurrency Market

Tether has established itself as a prominent player in the cryptocurrency market, offering its stablecoin, known as USDT. This stablecoin has been instrumental in facilitating seamless transactions and maintaining a stable peg to the US Dollar.

Expanding Horizons: Tether's Vision for 2024

Tether CEO, Paolo Ardoino, expresses great enthusiasm for the future, stating that 2024 holds exciting prospects for the company. While Tether is widely recognized for its USDT product, it has now diversified its interests and invested in various strategic sectors. These sectors include AI, P2P telecommunications, Bitcoin mining, and renewable energy production, positioning Tether as both an investor and infrastructure builder.

Impressive Financial Performance

In addition to its substantial Bitcoin holdings, Tether has also achieved remarkable financial success. In the last quarter alone, the company recorded a profit of $2.85 billion, with a significant portion attributed to its gold and Bitcoin holdings. Furthermore, Tether's annual profit for 2023 amounted to an impressive $6.2 billion.

Conclusion

Tether's audit report, conducted by BDO, has brought to light the company's substantial Bitcoin holdings valued at over $2.8 billion. As a key player in the cryptocurrency market, Tether continues to expand its vision and achieve remarkable financial success.

Frequently Asked Questions

Who holds the gold in a gold IRA?

The IRS considers any individual who holds gold “a form of income” that is subject to taxation.

This tax-free status is only available to those who have owned at least $10,000 of gold and have kept it for at minimum five years.

Although gold can help to prevent inflation and price volatility, it's not sensible to have it if it's not going to be used.

If you plan to sell the gold one day, you will need to report its worth. This will affect how much capital gains tax you owe on cash you have invested.

To find out what options you have, consult an accountant or financial planner.

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 is the most popular method of investing in gold. There are other ways to invest gold. It is best to research all options and make informed decisions based on your goals.

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.

ETFs allow you to invest in exchange-traded funds. These funds give you exposure, but not actual gold, by investing in gold-related securities. These ETFs usually include stocks of precious metals refiners or gold miners.

What are the pros & cons of a Gold IRA?

An Individual Retirement account (IRA) is a better option than regular savings accounts in that interest earned is exempted from tax. This makes an IRA great for people who want to save money but don't want to pay tax on the interest they earn. However, there are also disadvantages to this type of investment.

To give an example, if your IRA is withdrawn too often, you can lose all your accumulated funds. The IRS may prevent you from taking out your IRA funds until you reach 59 1/2. You will likely have to pay a penalty fee if you withdraw funds from an IRA.

Another problem is the cost of managing your IRA. Many banks charge between 0.5% and 2.0% per year. Other providers may charge monthly management fees, ranging between $10 and $50.

If you prefer to keep your money outside a bank, you'll need to purchase 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 are considering a Gold IRA, you need to first decide how much of it you would like to use. You may be limited in the amount of gold you can have by some providers. Others allow you the freedom to choose your own weight.

Also, you will need to decide if you want to buy physical gold futures contracts or physical gold. Gold futures contracts are more expensive than physical gold. Futures contracts, however, allow for greater flexibility in buying gold. You can set up futures contracts with a fixed expiration date.

You will also have to decide which type of insurance coverage is best for you. The standard policy doesn’t provide theft protection or loss due fire, flood, or earthquake. It does provide coverage for damage from natural disasters, however. You might consider purchasing additional coverage if your area is at high risk.

Additional to your insurance, you will need to consider how much it costs to store your gold. Insurance won't cover storage costs. For safekeeping, banks typically charge $25-40 per month.

To open a IRA in gold, you will need to first speak with a qualified custodian. 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 have chosen the right type of IRA to suit your needs, it is time to fill out paperwork defining your goals. Your plan should include information about the investments you want to make, such as stocks, bonds, mutual funds, or real estate. It is also important to specify how much money you will invest each month.

You will need to fill out the forms and send them to your chosen provider together with a check for small deposits. After reviewing your application, the company will send you a confirmation mail.

Consider consulting a financial advisor when opening a golden IRA. A financial planner can help you decide the type of IRA that is right for your needs. They can also help you lower your expenses by finding cheaper alternatives to purchasing insurance.

How do I Withdraw from an IRA with Precious Metals?

First, determine if you would like to withdraw money directly from an IRA. After that, you need to decide if you want to withdraw funds from an IRA account. Next, make sure you have enough money in order for you pay any fees or penalties.

You should open a taxable brokerage account if you're willing to pay a penalty if you withdraw early. You will also have to account for taxes due on any amount you withdraw if you choose this option.

Next, determine how much money you plan to withdraw from your IRA. This calculation is affected by many factors, such as the age at which you withdraw the money, the amount of time the account has been owned, and whether your plans to continue contributing to your retirement fund.

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 permit you to withdraw your funds tax-free once you turn 59 1/2. Roth IRAs have income taxes upfront, but you can access the earnings later on without paying additional taxes.

Once these calculations have been completed you will need to open an account with a brokerage. Brokers often offer promotional offers and signup bonuses to encourage people into opening accounts. However, a debit card is better than a card. This will save you unnecessary fees.

You will need a safe place to store your coins when you are ready to withdraw from your precious metal IRA. While some storage facilities accept bullion bars and others require that you purchase individual coins, others will allow you to store your coins in their own safe. You will need to weigh each one before making a decision.

For example, storing bullion bars requires less space because you aren't dealing with individual coins. But, each coin must be counted separately. You can track their value by keeping individual coins.

Some people prefer to keep their coins in a vault. Others prefer to store them in a safe deposit box. Whatever method you choose to store your bullion, you should ensure it is safe and secure so you can enjoy its many benefits for many years.

What precious metal is best for investing?

This question is dependent on the amount of risk you are willing and able to accept as well as the type of return you desire. While gold is considered a safe investment option, it can also be a risky choice. Gold may not be right for you if you want quick profits. If patience and time are your priorities, silver is the best investment.

If you don’t want to be rich fast, gold might be the right choice. Silver might be a better investment option if steady returns are desired over a long period of time.

Statistics

• 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)
• You can only purchase gold bars at least 99.5% purity. (forbes.com)
• If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
• Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
• This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)

External Links

investopedia.com

• Do You Need a Gold IRA to Get Retirement?
  
• What are the Options? Types, Spreads. Example. And Risk Metrics
  

finance.yahoo.com

• Yahoo Finance: Barrick Gold Corporation (GOLD), Stock Price, News, Quote, & History
  

forbes.com

• Gold IRA: Add some sparkle to your retirement nest egg
  
• Understanding China's Evergrande Crisis – Forbes Advisor
  

cftc.gov

• Fraud Advisory: Precious Metals Fraud | CFTC
  

How To

Online buying gold and silver is the best way to purchase it.

Understanding how gold works is essential before you buy it. The precious metal gold is similar to platinum. It's rare and often used to make money due its resistance and durability to corrosion. It is difficult to use so people prefer to buy jewelry made from it to gold bars.

There are two types today of gold coins. One is legal tender while the other is bullion. Legal tender coins are those that are intended for circulation in a country. They typically have denominations of $1, $5 or $10.

Bullion coin are not intended for investment. However, their value will increase with inflation.

They cannot be used in currency exchanges. For example, if a person buys $100 worth of gold, he/she gets 100 grams of gold with a value of $100. For every dollar spent, the buyer gets 1 gram of Gold.

You should also know where to buy your gold. You have a few options to choose from if you are looking to buy gold directly through a dealer. First, go to your local coin shop. You might also consider going through a reputable online seller like eBay. Finally, you can look into purchasing gold through private sellers online.

Private sellers are individuals that offer gold at wholesale or retail prices. Private sellers will charge you a 10% to 15% commission for every transaction. Private sellers will typically get you less than a coin shop, eBay or other online retailers. This is a great option for gold investing because you have more control over the item’s price.

Another way to buy gold is by investing in physical gold. While physical gold is easier than paper certificates to store, you still need to make sure it is safe. Physical gold should be stored in an impenetrable container, such a vault and safety deposit box to ensure its safety.

If you are looking to purchase gold on your own, you have two options: a bank or an pawnshop. A bank can provide you with a loan to cover the amount you wish to invest in gold. Customers can borrow money from pawnshops to purchase items. Banks charge higher interest rates than those offered by pawn shops.

The final option is to ask someone to buy your gold! Selling gold is also easy. Contact a company such as GoldMoney.com, and you can set up a simple account and start receiving payments immediately.

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By: Nik Hoffman
Title: Tether's Audit Report Reveals $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

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