Tether's Growth and Market Cap
Tether CEO Paolo Ardoino recently reflected on the growth of the company and celebrated its current standing. Tether's USDT stablecoin has achieved a remarkable $91.5 billion market cap across multiple blockchains. Additionally, the company holds $4 billion in excess reserves and has made strategic investments in mining, energy, and artificial intelligence (AI) ventures.
Paolo Ardoino Highlights Tether's Evolution
Paolo Ardoino, the CEO of Tether, expressed his appreciation for the company's evolution and emphasized its significance for millions of people, particularly in emerging markets and developing countries. He acknowledged the challenges faced by the company but highlighted the team's unwavering focus and determination to overcome obstacles.
Ardoino proudly announced that USDT has reached a market cap of $95.4 billion, solidifying its position as the largest stablecoin in the cryptocurrency market. He also mentioned that Tether holds $4 billion in excess reserves, which are separate from the actual reserves backing the USDT available on the market.
Tether's Expansion into Various Industries
Tether hasn't been idle with its earnings. The company has strategically invested in various sectors, including mining, energy renewables, development platforms, and artificial intelligence (AI). Ardoino specifically mentioned the initiatives Holepunch, Synonim, Northern Data, and Tether Energy, highlighting Tether's commitment to diversifying its business and promoting growth.
Commitment to Compliance and Collaboration
Tether has recently placed great emphasis on compliance and has established strong partnerships with U.S. government agencies such as the Secret Service and the Federal Bureau of Investigation (FBI). This commitment to compliance ensures that Tether operates within regulatory frameworks and maintains the highest standards of integrity.
Future Plans and Innovations
Ardoino revealed that Tether has ambitious plans to develop new products in 2024 and enhance its existing offerings. He teased that these upcoming products will be "mind-blowing," leaving the audience eagerly anticipating the company's future innovations.
What are your thoughts on Tether's performance in 2023? Share your opinions in the comments section below.
Frequently Asked Questions
How does a Gold IRA account work?
Individuals who want to invest with precious metals may use the Gold Ira accounts, which are tax-free.
You can purchase physical bullion gold coins at any point in time. To invest in gold, you don’t need to wait for retirement.
An IRA lets you keep your gold for life. Your gold holdings won’t be subject to taxes when you pass away.
Your heirs can inherit your gold and avoid capital gains taxes. And because your gold remains outside of the estate, you aren’t required to include it in your final estate report.
To open a IRA for gold, you must first create an individual retirement plan (IRA). Once you’ve done that, you’ll receive an IRA custody. This company acts as a mediator between you, the IRS.
Your gold IRA custodian will handle the paperwork and submit the necessary forms to the IRS. This includes filing annual reports.
Once you’ve established your gold IRA, you’ll be able to purchase gold bullion coins. The minimum deposit required for gold bullion coins purchase is $1,000 If you make more, however, you will get a higher interest rate.
You will pay taxes when you withdraw your gold from your IRA. You will be liable for income taxes and penalties if you take the entire amount.
If you only take out a very small percentage of your income, you may not need to pay tax. However, there are some exceptions. For example, taking out 30% or more of your total IRA assets, you’ll owe federal income taxes plus a 20 percent penalty.
You should avoid taking out more than 50% of your total IRA assets yearly. You could end up with severe financial consequences.
Can the government take your gold
Because you have it, the government can’t take it. It is yours because you worked hard for it. It belongs entirely to you. But, this rule is not universal. For example, if you were convicted of a crime involving fraud against the federal government, you can lose your gold. If you owe taxes, your precious metals could be taken away. However, even if taxes are not paid, gold is still your property.
Should You Invest in Gold for Retirement?
The answer depends on how much money you have saved and whether gold was an investment option available when you started saving. If you are unsure which option to choose, consider investing in both options.
Gold is a safe investment and can also offer potential returns. Retirement investors will find gold a worthy investment.
While many investments promise fixed returns, gold is subject to fluctuations. Its value fluctuates over time.
This does not mean you shouldn’t invest in gold. This just means you need to account for fluctuations in your overall portfolio.
Another benefit to gold? It’s a tangible asset. Gold is more convenient than bonds or stocks because it can be stored easily. It can also be transported.
You can always access your gold as long as it is kept safe. Physical gold is not subject to storage fees.
Investing in gold can help protect against inflation. Because gold prices tend to rise along with other commodities, it’s a good way to hedge against rising costs.
Additionally, it will be a benefit to have some of your savings invested into something that won’t lose value. Gold usually rises when stocks fall.
Investing in gold has another advantage: you can sell it anytime you want. Just like stocks, you can liquidate your position whenever you need cash. It doesn’t matter if you are retiring.
If you do decide to invest in gold, make sure to diversify your holdings. Don’t put all of your eggs in one basket.
You shouldn’t buy too little at once. Begin by buying a few grams. Add more as you’re able.
Don’t expect to be rich overnight. Instead, the goal here is to build enough wealth to not need to rely upon Social Security benefits.
While gold may not be the best investment, it can be a great addition to any retirement plan.
Statistics
- 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)
- 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)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
External Links
forbes.com
- Gold IRA: Add Some Sparkle To Your Retirement Nest Egg
- Understanding China’s Evergrande Crisis – Forbes Advisor
irs.gov
law.cornell.edu
- 7 U.S. Code SS7 – Designation of boards for trade as contract markets
- 26 U.S. Code SS 408 – Individual retirement accounts
bbb.org
How To
The best place online to buy silver and gold
Understanding how gold works is essential before you buy it. It is a precious metal that is very similar to platinum. It’s very rare, and it is often used as money for its durability and resistance. It’s hard to use, so most people prefer buying jewelry made out of it to actual bars of gold.
There are two types currently available: legal tender and bullion. Legal tender coins are minted for circulation in a country and usually include denominations like $1, $5, $10, etc.
Bullion coins can only be used as investment currency. They increase in value due to inflation.
They can’t be exchanged in currency exchange systems. For example, if a person buys $100 worth of gold, he/she gets 100 grams of gold with a value of $100. Each dollar spent earns the buyer 1 gram gold.
The next thing you should know when looking to buy gold is where to do it from. There are a few options if you wish to buy gold directly from a dealer. You can start by visiting your local coin shop. You might also consider going through a reputable online seller like eBay. You can also look into buying gold online from private sellers.
Private sellers are individuals who offer gold for sale, either at wholesale prices or retail prices. Private sellers charge a 10% to 15% commission per transaction. You would receive less money from a private buyer than you would from a coin store or eBay. This is a great option for gold investing because you have more control over the item’s price.
Another option for buying gold is to invest 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.
You can either visit a bank, pawnshop or bank to buy gold. A bank will provide you with a loan that allows you to purchase the amount of gold you desire. Small establishments that allow customers to borrow money for items they have brought are called pawnshops. Banks often charge higher interest rates then pawnshops.
Finally, another way to buy gold is to simply ask someone else to do it! Selling gold is simple too. You can contact a company like GoldMoney.com to set up an account and receive payments right away.
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By: Sergio Goschenko
Title: Tether CEO Paolo Ardoino Celebrates USDT’s $91.5B Market Cap: ‘Tether Evolved’
Sourced From: news.bitcoin.com/tether-ceo-paolo-ardoino-celebrates-usdts-91-5b-market-cap-tether-evolved/
Published Date: Fri, 29 Dec 2023 09:30:00 +0000
