Renowned Author Stands Firm on Bitcoin Price Prediction
Robert Kiyosaki, the author of the best-selling book Rich Dad Poor Dad, has once again reiterated his prediction that the price of bitcoin will reach $150,000 in the near future. Kiyosaki, who co-authored the book with Sharon Lechter in 1997, has enjoyed tremendous success with over 32 million copies sold in more than 109 countries and translated into 51 languages. The author firmly believes in the potential of bitcoin and has been recommending it as a valuable asset for years.
Kiyosaki Cites Recent Bitcoin ETF Approvals as a Positive Sign
Speaking about the recent approval of spot bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC), Kiyosaki expressed his satisfaction with his decision to invest in bitcoin early on. He believes that the price of bitcoin will skyrocket to $150,000 in the near future. In his own words, Kiyosaki 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."
Gold and Silver Predictions
In addition to his bitcoin prediction, Kiyosaki also shared his thoughts on the future of gold and silver. He believes that gold will continue to rise in value as central banks buy and hold onto it. On the other hand, he predicts that the price of silver will crash as silver stackers sell their holdings to cover their rising expenses caused by inflation. Kiyosaki sees this as an opportunity for silver stackers to buy more silver at a lower price. However, he criticizes those who save fiat U.S. dollars, referring to them as "losers" due to the inflationary nature of the currency.
Kiyosaki's Stance on Fiat Currencies
Kiyosaki has been a vocal critic of fiat currencies, which he considers to be "fake money." He argues that when the U.S. dollar was detached from the gold standard in 1971, it lost its connection to real money and became solely dependent on the "full faith and credit" of the United States. According to Kiyosaki, this is what makes fiat currencies unreliable and vulnerable to inflation.
Other Bullish Bitcoin Price Predictions
Kiyosaki is not the only prominent figure making bullish predictions about the future price of bitcoin. Venture capitalist Tim Draper believes that bitcoin will reach $250,000 by the end of this year. Similarly, financial institutions such as Standard Chartered and Alliance Bernstein anticipate the price of bitcoin to reach $200,000 by 2025. These predictions are fueled by the recent approval of bitcoin ETFs, which are expected to attract significant investment. Ark Invest CEO Cathie Wood also expects a substantial price increase following the launch of ETFs.
In conclusion, Robert Kiyosaki remains confident in his prediction that the price of bitcoin will reach $150,000 soon. As an accomplished author and investor, Kiyosaki's endorsement of bitcoin carries weight in the crypto community. It will be interesting to see how the market evolves in the coming months and whether Kiyosaki's prediction will come true. What are your thoughts on Kiyosaki's statements? Let us know in the comments below.
Frequently Asked Questions
What are the benefits to having a gold IRA
An Individual Retirement Account (IRA) is the best way to put money towards retirement. It is tax-deferred until it's withdrawn. You control how much you take each year. There are many types of IRAs. Some are better suited for people who want to save for college expenses. Others are intended for investors seeking higher returns. For example, Roth IRAs allow individuals to contribute after age 59 1/2 and pay taxes on any earnings at retirement. However, once they begin withdrawing funds, these earnings are not taxed again. This type of account might be a good choice if your goal is to retire early.
Because you can invest money in many asset classes, a gold IRA works similarly to other IRAs. Unlike a regular IRA you don't need to worry about taxes while you wait for your gains to be available. This makes gold IRA accounts a great choice for those who want their money to be invested, not spent.
You can also enjoy automatic withdrawals, which is another benefit of owning your gold through an IRA. This means that you don't need to worry about making monthly deposits. You could also set up direct debits to never miss a payment.
Finally, the gold investment is among the most reliable. Because it isn't tied to any particular country its value tends be steady. Even in times of economic turmoil, gold prices tend not to fluctuate. This makes it a great investment option to protect your savings from inflation.
How much of your portfolio should be in precious metals?
To answer this question, we must first understand what precious metals are. Precious elements are those elements which have a high price relative to other commodities. This makes them highly valuable for both investment and trading. Today, gold is the most commonly traded precious metal.
But, there are other types of precious metals available, including platinum and silver. The price of gold tends to fluctuate but generally stays at a reasonably stable level during periods of economic turmoil. It also remains relatively unaffected by inflation and deflation.
The general trend is for precious metals to increase in price with the overall market. But they don't always move in tandem with one another. If the economy is struggling, the gold price tends to rise, while the prices for other precious metals tends to fall. Investors are more likely to expect lower interest rates making bonds less attractive investments.
The opposite effect happens when the economy is strong. Investors favor safe assets like Treasury Bonds, and less precious metals. They become less expensive and have a lower value because they are limited.
Diversifying across precious metals is a great way to maximize your investment returns. Furthermore, because the price of precious Metals fluctuates, it is best not to focus on just one type of precious Metals.
How much money should my Roth IRA be funded?
Roth IRAs can be used to save taxes on your retirement funds. You can't withdraw money from these accounts before you reach the age of 59 1/2. There are some rules that you need to keep in mind if you want to withdraw funds from these accounts before you reach 59 1/2. First, you can't touch your principal (the initial amount that was deposited). This means that no matter how much you contribute, you can never take out more than what was initially contributed to this account. If you take out more than the initial contribution, you must pay tax.
You cannot withhold your earnings from income taxes. Withdrawing your earnings will result in you paying taxes. Let's suppose that you contribute $5,000 annually to your Roth IRA. Let's further assume you earn $10,000 annually after contributing. You would owe $3,500 in federal income taxes on the earnings. This leaves you with $6,500 remaining. Because you can only withdraw what you have initially contributed, this is all you can take out.
You would still owe tax on $1,500 if you took out $4,000 of your earnings. You'd also lose half the earnings that you took out, as they would be subject to a second 50% tax (half of 40%). So, even though you ended up with $7,000 in your Roth IRA, you only got back $4,000.
There are two types if Roth IRAs, Roth and Traditional. Traditional IRAs allow you to deduct pretax contributions from your taxable income. You can withdraw your contributions plus interest from your traditional IRA when you retire. You have the option to withdraw any amount from a traditional IRA.
Roth IRAs don't allow you deduct contributions. After you have retired, the full amount of your contributions and accrued interest can be withdrawn. There is no minimum withdrawal required, unlike a traditional IRA. Your contribution can be withdrawn at any age, not just when you reach 70 1/2.
How much tax is gold subject to 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 pay taxes when you buy gold. It's not considered income. If you sell it after the purchase, you will get a tax-deductible gain if you increase the price.
For loans, gold can be used to collateral. Lenders try to maximize the return on loans that you take against your assets. For gold, this means selling it. This is not always possible. They might just hold onto it. Or they might decide to resell it themselves. Either way you will lose potential profit.
In order to avoid losing your money, only lend against your precious metal if you plan to use it to secure other collateral. It's better to keep it alone.
How to Open a Precious Metal IRA
First, you must decide if your Individual Retirement Account (IRA) is what you want. You must complete Form 8606 to open an account. You will then need to complete Form 5204 in order to determine which type IRA you are eligible. This form should not be completed more than 60 days after the account is opened. After this, you are ready to start investing. You may also choose to contribute directly from your paycheck using payroll deduction.
You must complete Form 8903 if you choose a Roth IRA. Otherwise, the process will be identical to an ordinary IRA.
You'll need to meet specific requirements to qualify for a precious metals IRA. The IRS says you must be 18 years old and have earned income. For any tax year, your earnings must not exceed $110,000 ($220,000 for married filing jointly). Contributions must be made regularly. These rules apply regardless of whether you are contributing directly to your paychecks or through your employer.
A precious metals IRA can be used to invest in palladium or platinum, gold, silver, palladium or rhodium. But, you'll only be able to purchase physical bullion. This means that you will not be allowed to trade shares or bonds.
To invest directly in precious metals companies, you can also use precious metals IRA. This option may be offered by some IRA providers.
An IRA is a great way to invest in precious metals. However, there are two important drawbacks. First, they don't have the same liquidity as stocks or bonds. They are therefore more difficult to sell when necessary. Second, they are not able to generate dividends as stocks and bonds. You'll lose your money over time, rather than making it.
- 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 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)
- Contribution limits$6,000 (49 and under) $7,000 (50 and up)$6,000 (49 and under) $7,000 (50 and up)$58,000 or 25% of your annual compensation (whichever is smaller) (lendedu.com)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
- 7 U.S. Code SS7 – Designation Boards of Trade as Contract Markets
- 26 U.S. Code SS 408 – Individual retirement plans
Tips for Investing in Gold
Investing in Gold has become a very popular investment strategy. Because investing in gold has many benefits. There are many options for investing in gold. Some people buy physical gold coins, while others prefer investing in gold ETFs (Exchange Traded Funds).
Before buying any kind of gold, you need to consider these things.
- First, make sure you check if your country allows you own gold. If your country allows you to own gold, then you are allowed to proceed. Or, you might consider buying gold overseas.
- You should also know the type of gold coin that you desire. You have options: you can choose from yellow gold, white or rose gold.
- The third factor to consider is the price for gold. It is better to start small, and then work your way up. It is important to diversify your portfolio whenever you purchase gold. Diversify your investments in stocks, bonds or real estate.
- Lastly, you should never forget that gold prices change frequently. Be aware of the current trends.
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