Binance CEO Reveals Abduction and Theft of Client Executives' Crypto Holdings
In a shocking turn of events, Changpeng Zhao (CZ), the CEO of Binance, one of the leading cryptocurrency exchanges, recently shared a disturbing incident involving the abduction and extortion of executives from a Binance client. These individuals were forcefully coerced into emptying their crypto wallets by the kidnappers. However, CZ revealed that Binance was able to track the transactions and successfully freeze more than 94% of the stolen funds. This incident highlights the importance of security measures in the crypto industry and the need for exchanges to prioritize protecting their users' assets.
Blackrock Advocates for Approval of Ethereum Exchange-Traded Funds
Blackrock, the world's largest asset manager, has made a compelling case for the U.S. Securities and Exchange Commission (SEC) to approve spot Ethereum exchange-traded funds (ETFs). Nasdaq, which has filed a request with the SEC to list and trade shares of Blackrock's spot ether ETF, believes that granting approval for such ETFs would greatly benefit the protection of U.S. investors in the crypto space. Blackrock's endorsement adds weight to the growing demand for regulated investment products that provide exposure to cryptocurrencies like Ethereum.
Spot Bitcoin ETF Approval in the U.S. Could Take Another Year and a Half, Says Shark Tank Investor
Kevin O'Leary, popularly known as Mr. Wonderful from the TV show Shark Tank, has cautioned that it may take as long as another year and a half for the U.S. Securities and Exchange Commission (SEC) to approve a spot bitcoin exchange-traded fund (ETF). O'Leary emphasized that the SEC's approval is contingent on the existence of a compliant crypto exchange in the U.S. This highlights the regulatory challenges faced by the crypto industry and the need for exchanges to adhere to strict regulations to pave the way for mainstream adoption.
Hive Digital Strengthens Mining Power with Acquisition of Bitmain S19k Antminer Rigs
Vancouver-based bitcoin mining company Hive Digital has announced its acquisition of 4,800 Bitmain S19k Antminer mining rigs. This strategic move aims to enhance the company's mining capabilities and position it favorably for the anticipated reward halving. By expanding its mining power, Hive Digital is effectively increasing its potential to earn more bitcoin rewards, further solidifying its presence in the competitive cryptocurrency mining sector.
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Frequently Asked Questions
Should You Invest Gold in Retirement?
It depends on how much you have saved and if gold was available at the time you started saving. You can invest in both options if you aren't sure which option is best for you.
You can earn potential returns on your investment of gold. Retirement investors will find gold a worthy investment.
Most investments have fixed returns, but gold's volatility is what makes it unique. Because of this, gold's value can fluctuate over time.
But this doesn't mean you shouldn't invest in gold. This just means you need to account for fluctuations in your overall portfolio.
Another benefit of gold is that it's a tangible asset. Gold can be stored more easily than stocks and bonds. It is also easily portable.
As long as you keep your gold in a secure location, you can always access it. Additionally, physical gold does not require storage fees.
Investing in gold can help protect against inflation. Gold prices are likely to rise with other commodities so it is a good way of protecting against rising costs.
It's also a good idea to have a portion your savings invested in something which isn't losing value. Gold usually rises when the stock market falls.
Another benefit to investing in gold? You can always sell it. You can also liquidate your gold position at any time you need cash, just like stocks. You don't even have to wait until you retire.
If you do decide to invest in gold, make sure to diversify your holdings. Don't put all of your eggs in one basket.
Do not buy too much at one time. Start with just a few drops. Next, add more as required.
Keep in mind that the goal is not to quickly become wealthy. Instead, the goal is to accumulate enough wealth that you don't have to rely on Social Security.
Gold may not be the most attractive investment, but it could be a great complement to any retirement strategy.
What should I pay into my Roth IRA
Roth IRAs allow you to deposit your money tax-free. These accounts cannot be withdrawn until you turn 59 1/2. If you decide to withdraw some of your contributions, you will need to follow certain rules. First, your principal (the deposit amount originally made) is not transferable. You cannot withdraw more than the original amount you contributed. If you decide to withdraw more money than what you contributed initially, you will need to pay taxes.
You cannot withhold your earnings from income taxes. Also, taxes will be due on any earnings you take. Let's suppose that you contribute $5,000 annually to your Roth IRA. In addition, let's assume you earn $10,000 per year after contributing. The federal income tax on your earnings would amount to $3,500. So you would only have $6,500 left. The amount you can withdraw is limited to the original contribution.
You would still owe tax on $1,500 if you took out $4,000 of your earnings. Additionally, half of your earnings would be lost because they will be taxed at 50% (half the 40%). So, even though you ended up with $7,000 in your Roth IRA, you only got back $4,000.
There are two types: Roth IRAs that are traditional and Roth. Traditional IRAs allow pre-tax contributions to be deducted from your taxable tax income. You can withdraw your contributions plus interest from your traditional IRA when you retire. There is no limit on how much you can withdraw from a traditional IRA.
A Roth IRA doesn't allow you to deduct your contributions. After you have retired, the full amount of your contributions and accrued interest can be withdrawn. There is no minimum withdrawal limit, unlike traditional IRAs. Your contribution can be withdrawn at any age, not just when you reach 70 1/2.
How does a gold IRA account work?
Physical gold bullion coin can be purchased at any time. To invest in gold, you don't need to wait for retirement.
An IRA allows you to keep your gold forever. Your gold holdings will not be subject to tax when you are gone.
Your heirs inherit your gold without paying capital gains taxes. Your gold is not part of your estate and you don't have to include it in the final estate report.
To open a IRA for gold, you must first create an individual retirement plan (IRA). After you do this, you will be granted an IRA custodian. This company acts like a middleman between the IRS and you.
Your gold IRA custodian will handle the paperwork and submit the necessary forms to the IRS. This includes filing annual reporting.
You'll have to pay taxes if you take your gold out of your IRA. If you are withdrawing your entire balance, you will owe income tax plus a 10% penalty.
However, if you only take out a small percentage, you may not have to pay taxes. There are some exceptions, though. You'll owe federal income tax and a 20% penalty if you take out more than 30% of your total IRA assets.
Avoid taking out more that 50% of your total IRA assets each year. You'll be facing severe financial consequences if you do.
How can I withdraw from a Precious metal IRA?
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.
If you are willing to pay a penalty for early withdrawal, you should consider opening a taxable brokerage account instead of an IRA. This option is also available if you are willing to pay taxes on the amount you withdraw.
Next, you'll need to figure out how much money you will take out of your IRA. This calculation is dependent on several factors like your age when you take the money out, how long you have had the account, and whether or not your plan to continue contributing.
Once you know how much of your total savings to convert to cash, it's time to choose the type of IRA that you want. Traditional IRAs allow for you to withdraw funds without tax when you turn 59 1/2. Roth IRAs, on the other hand, charge income taxes upfront but you can access your earnings later and pay no 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.
When it comes time to withdraw your precious metal IRA funds, you will need a safe location where you can keep your coins. Some storage facilities will accept bullion bars, others require you to buy individual coins. Either way, you'll need to weigh the pros and cons of each before choosing one.
Bullion bars, for example, require less space as you're not dealing with individual coins. But, each coin must be counted separately. On the flip side, storing individual coins allows you to easily track their value.
Some prefer to store their coins in a vault. Others prefer to place them in safe deposit boxes. Regardless of the method you prefer, ensure that your bullion is safe so that you can continue to enjoy its benefits for many years.
- (Basically, if your GDP grows by 2%, you need miners to dig 2% more gold out of the ground every year to keep prices steady.) (smartasset.com)
- 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)
- 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)
- Yahoo Finance provides information about Barrick Gold Corporation's (GOLD) stock price, news, quote, and history.
- Gold IRA – Add Sparkle to Your Retirement Nest Egg
- Understanding China's Evergrande Crisis – Forbes Advisor
- 7 U.S. Code SS7 – Designation Boards of Trade as Contract Markets
- 26 U.S. Code SS 408 – Individual retirement plans
Investing In Gold vs. Investing In Stocks
This might make it seem very risky to invest gold as an investment tool. This is because many people believe that gold investment is no longer profitable. This belief is based on the fact that gold prices are being driven down by global economic conditions. They believe they would lose their money if they invested gold. There are many benefits to investing in gold. Below are some of them.
One of the oldest forms known of currency is gold. Its use can be traced back to thousands of years ago. It was used by many people around the globe as a currency store. It is still used as a payment method by South Africa and other countries.
When deciding whether to invest in gold, the first thing you need to do is to decide what price per gram you are willing to pay. You must determine how much gold bullion you can afford per gram before you consider buying it. If you don’t know the current market rate for gold bullion, you can always consult a local jeweler to get their opinion.
It is also worth noting that although gold prices have declined recently, the cost of producing gold has increased. Although gold's price has fallen, its production costs have not.
It is important to keep in mind the amount you plan to purchase of gold when you're weighing whether or not it is worth your time. It makes sense to save any gold you don't need to purchase if your goal is to use it for wedding rings. It is worth considering if you intend to use it for long-term investment. If you sell your gold for more than you paid, you can make a profit.
We hope you have gained a better understanding about gold as an investment tool. We strongly recommend that you research all available options before making any decisions. Only then can you make informed decisions.
Title: Binance Client Executives Kidnapped and Forced to Empty Crypto Wallets, Blackrock Advocates for Ethereum ETF: Weekly News Roundup
Sourced From: news.bitcoin.com/cz-reveals-client-execs-kidnapped-hive-increases-mining-power-blackrock-on-eth-etfs-week-in-review/
Published Date: Sun, 19 Nov 2023 14:00:24 +0000