Rich Dad Poor Dad Author Expands His Bitcoin Holdings
Robert Kiyosaki, the author of the best-selling book Rich Dad Poor Dad, has announced that he has purchased additional bitcoin following the approval of 11 spot bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC). Kiyosaki, who is known for his concerns about the U.S. economy and the threat of hyperinflation, took to social media to share his thoughts and investment decisions.
Rich Dad Poor Dad: A Global Phenomenon
Rich Dad Poor Dad, co-authored by Robert Kiyosaki and Sharon Lechter, has been a global success since its release in 1997. The book has been on the New York Times Best Seller List for over six years and has sold more than 32 million copies worldwide. Translated into 51 languages and available in 109 countries, Rich Dad Poor Dad has become a quintessential guide for individuals seeking financial education and independence.
Kiyosaki's Concerns About Hyperinflation
Expressing his concerns about the U.S. economy, Robert Kiyosaki questioned the possibility of hyperinflation and the potential collapse of the U.S. dollar. He emphasized the importance of self-reliance and urged individuals to trust themselves rather than relying on leaders with "PhDs" who he referred to as "losers." In response to his concerns, Kiyosaki decided to increase his bitcoin holdings by purchasing an additional 5 bitcoins.
SEC Approval of Bitcoin ETFs
The U.S. Securities and Exchange Commission made history by approving 11 spot bitcoin ETFs, opening the doors for mainstream trading on major exchanges such as NYSE Arca, Nasdaq, and Cboe BZX Exchange. This move has provided investors with more opportunities to participate in the cryptocurrency market. Robert Kiyosaki, who has been a long-time advocate for alternative assets like gold, silver, and bitcoin, sees this approval as a positive development and reaffirms his optimistic outlook on bitcoin's future.
Kiyosaki's Bullish Predictions for Bitcoin
Robert Kiyosaki has consistently made bullish predictions about the price of bitcoin. In the past, he has projected bitcoin to reach $135,000 in the near future and even surpass $1 million in the event of a global economic meltdown. His recent investment in additional bitcoins demonstrates his confidence in the cryptocurrency's potential. Kiyosaki believes that bitcoin's price will soon reach $150,000.
The Best Protection Against Hyperinflation
As an advocate for protecting wealth against hyperinflation, Robert Kiyosaki has identified bitcoin as an excellent safeguard. He has previously recommended investments in gold, silver, and bitcoin as hedges against the potential devaluation of traditional currencies. Kiyosaki's ongoing support for bitcoin reflects his belief in its ability to preserve wealth and provide financial security in uncertain times.
Kiyosaki's Warnings and Recommendations
Robert Kiyosaki has been vocal about his concerns regarding the future of the U.S. economy. He has warned of hyperinflation, the demise of the U.S. dollar, and the need to take action to protect one's financial well-being. His advice to investors is to consider alternative assets like bitcoin and to act now before it's too late. Kiyosaki's insights and recommendations have resonated with individuals seeking to navigate the ever-evolving financial landscape.
What's Next for Bitcoin and Robert Kiyosaki?
Robert Kiyosaki's decision to purchase more bitcoin following the SEC's approval of bitcoin ETFs has sparked discussions among investors and enthusiasts. As the author of Rich Dad Poor Dad, Kiyosaki's actions carry weight and influence. His bullish stance on bitcoin and his belief in its ability to protect against hyperinflation have resonated with many. It remains to be seen how bitcoin's price will evolve and whether Kiyosaki's predictions will come to fruition.
What are your thoughts on Robert Kiyosaki's decision to buy more bitcoin after the SEC's approval of bitcoin ETFs? Share your opinions in the comments section below.
Frequently Asked Questions
How much is gold taxed under a Roth IRA
An investment account's tax rate is determined based upon its current value, rather than what you originally paid. Any gains made by you after investing $1,000 in a stock or mutual fund are subject to tax.
You don't pay tax if you have the money in a traditional IRA/401k. Taxes are only charged on capital gains or dividends earned, which only apply to investments longer than one calendar year.
Each state has its own rules regarding these accounts. Maryland requires that you withdraw funds within 60 business days after reaching the age of 59 1/2. In Massachusetts, you can wait until April 1st. And in New York, you have until age 70 1/2 . To avoid penalties, plan ahead so you can take distributions at the right time.
How much should your IRA include precious metals
It's important to understand that precious metals aren't only for wealthy people. They don't require you to be wealthy to invest in them. There are many methods to make money off of silver and gold investments.
You might also be interested in buying physical coins, such bullion rounds or bars. Stocks in companies that produce precious materials could be purchased. Or, you might want to take advantage of an IRA rollover program offered by your retirement plan provider.
You'll still get the benefit of precious metals no matter which country you live in. Although they aren’t stocks, they offer the possibility for long-term gains.
Their prices are more volatile than traditional investments. If you decide to sell your investment, you will likely make more than with traditional investments.
What is a Precious Metal IRA?
A precious metal IRA allows for you to diversify your retirement savings in gold, silver, palladium and iridium. These precious metals are extremely rare and valuable. These are good investments for your cash and will help you protect yourself from economic instability and inflation.
Bullion can be purchased through many channels including online retailers and large coin dealers as well as some grocery stores.
You can invest directly in bullion with a precious metal IRA instead of buying shares of stock. You'll get dividends each year.
Precious metal IRAs do not require paperwork nor annual fees, unlike regular IRAs. You pay only a small percentage of your gains tax. You also have unlimited access to your funds whenever and wherever you wish.
Are gold investments a good idea for an IRA?
Any person looking to save money is well-served by gold. It is also an excellent way to diversify you portfolio. There is much more to gold than meets your eye.
It's been used throughout history as a currency, and even today, it remains a popular form of payment. It is often called “the oldest currency in the world.”
Gold, unlike other paper currencies created by governments is mined directly from the earth. This makes it highly valuable as it is hard and rare to produce.
The supply-demand relationship determines the gold price. When the economy is strong, people tend to spend more money, which means fewer people mine gold. This results in gold prices rising.
On the flip side, when the economy slows down, people hoard cash instead of spending it. This causes more gold to be produced, which lowers its value.
This is why gold investment makes sense for both individuals and businesses. You will benefit from economic growth if you invest in gold.
You'll also earn interest on your investments, which helps you grow your wealth. Plus, you won't lose money if the value of gold drops.
What is the tax on gold in 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's not considered income. If you decide to make a sale of it, you'll be entitled to a taxable loss if the value goes up.
You can use gold as collateral to secure loans. Lenders will seek the highest return on your assets when you borrow against them. For gold, this means selling it. The lender might not do this. They might keep it. Or, they may decide to resell the item themselves. In either case, you risk losing potential profits.
If you plan on using your gold as collateral, then you shouldn't lend against it. It is better to leave it alone.
- If you accidentally make an improper transaction, the IRS will disallow it and count it as a withdrawal, so 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)
- Indeed, several financial advisers interviewed for this article suggest you invest 5 to 15 percent of your portfolio in gold, just in case. (aarp.org)
- 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)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
- Gold IRA: Add some sparkle to your retirement nest egg
- Understanding China's Evergrande Crisis – Forbes Advisor
Gold IRAs are a growing trend
As investors look for ways to diversify their portfolios and protect themselves against inflation, the gold IRA trend is on the rise.
The gold IRA allows owners to invest in physical gold bullion and bars. It is a tax-free investment that can be used to grow wealth and offers an alternative investment option to those who are concerned about stocks or bonds.
Investors can have confidence in their investments and avoid market volatility with a gold IRA. They can use the gold IRA to protect themselves against inflation and other potential problems.
Physical gold is also a great investment option, as it has unique properties like durability, portability, divisibility, and portability.
The gold IRA also offers many other benefits, such as the ability to quickly transfer the ownership of the gold to heirs, and the fact the IRS doesn't consider gold a currency.
All this means that the gold IRA is becoming increasingly popular among investors seeking a haven during financial uncertainty.
By: Kevin Helms
Title: Robert Kiyosaki Buys More Bitcoin Following SEC Approval of 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