Bitcoin Advocate Nayib Bukele Gets Reelected With 85% of the Popular Vote
President Nayib Bukele, a pioneer in introducing the law that made bitcoin legal tender in El Salvador, has been reelected as the president of the country in the ballot completed on Sunday. The Latam leader, who will reportedly continue implementing bitcoin-related policies, won by a landslide, scoring 85% of the popular vote.
Nayib Bukele, the current president of El Salvador, won the presidential election on Sunday by a landslide, an outcome that was predicted by almost all local polls and reports. The leader, who has been vocal about his support for Bitcoin and introduced the disputed idea of establishing bitcoin as legal tender in a country for the first time, garnered the support of the majority of the Salvadoran society, scoring at least 85% of the popular vote.
Celebrating his victory, Bukele stated:
"We have won the presidential election with more than 85% of the votes and a minimum of 58 out of 60 deputies in the Assembly. A record in the entire democratic history of the world."
Furthermore, Bukele invited the Salvadoran people to celebrate the victory in the National Palace.
Felix Ulloa, vice-president of El Salvador, had declared that if Bukele won the presidential ballot by a landslide, he would further implement bitcoin policies, such as the program of granting passports to bitcoin entrepreneurs and the issuance of the Volcano bonds. The Volcano bonds would provide part of the funding for the construction of Bitcoin City, a planned tax haven for crypto companies.
Even with the popular vote on his side, Bukele's reelection is surrounded by controversy, as he took a leave of absence in 2023 to be able to participate in these elections as a candidate. A Bukele-controlled national tribunal established this as a requirement for reelection back in 2021, a decision that was deemed unconstitutional by his critics.
Nonetheless, Stacy Herbert, director of the National Bitcoin Office (ONBTC) of El Salvador, highlighted the historic nature of the victory for global democracy. She informed that the previous all-time widest margin for a democratic election was 56.2% in Portugal in 1991.
What are your thoughts on the victory of Bitcoin-friendly President Nayib Bukele in El Salvador? Let us know in the comments section below.
Frequently Asked Questions
Who holds the gold in a gold IRA?
The IRS considers gold owned by an individual to be “a type of money” and is subject taxation.
To be eligible for the tax-free status, you must possess at least $10,000 gold and have had it stored for at least five consecutive years.
While gold may be a great investment to help prevent inflation and volatility in the market, it's not wise to keep it if you won't use it.
If you plan to eventually sell the gold, you'll need a report on its value. This could impact the amount of capital gains taxes your owe if you cash in your investments.
It is a good idea to consult an accountant or financial planner to learn more about your options.
How Much of Your IRA Should Be Made Up Of Precious Metals
You should remember that precious metals are not only for the wealthy. You don't have to be rich to invest in them. You can actually make money without spending a lot on gold or silver investments.
You might also be interested in buying physical coins, such bullion rounds or bars. You could also buy shares in companies that produce precious metals. You might also want to use an IRA rollover program offered through your retirement plan provider.
You'll still get the benefit of precious metals no matter which country you live in. These metals are not stocks, but they can still provide long-term growth.
Their prices rise with time, which is a different to traditional investments. This means that if you decide on selling your investment later, you'll likely get more profit than you would with traditional investing.
What Does Gold Do as an Investment Option?
Gold's price fluctuates depending on the supply and demand. Interest rates are also a factor.
Due to their limited supply, gold prices fluctuate. You must also store physical gold somewhere to avoid the risk of it becoming stale.
What is the tax on gold in Roth IRAs?
A tax assessment for an investment account will be based on the current market value, and not what you paid initially. If you invest $1,000 into a mutual fund, stock, or other investment account, then any gains are subjected tax.
But if you put the money into a traditional IRA or 401(k), there's no tax when you withdraw the money. You pay taxes only on earnings from dividends and capital gains — which apply only to investments held longer than one year.
These accounts are subject to different rules depending on where you live. Maryland requires that you withdraw funds within 60 business days after reaching the age of 59 1/2. You can delay until April 1st in Massachusetts. New York allows you to wait until age 70 1/2. To avoid penalties, you should plan ahead and take distributions as soon as possible.
What is the best way to hold physical gold?
Gold is money and not just paper currency. People have been using gold for thousands of years to store their wealth and protect it from economic instability and inflation. Gold is a part of a diversified portfolio that investors can use to protect their wealth from financial uncertainty.
Many Americans are now more inclined to invest in precious metals like gold and silver than stocks or bonds. While owning gold doesn't guarantee you'll make money investing in gold, there are several reasons why it may make sense to consider adding gold to your retirement portfolio.
One reason is that gold has historically performed better than other assets during periods of financial panic. Between August 2011 and early 2013 gold prices soared nearly 100 percent, while the S&P 500 plunged 21 percent. Gold was one asset that outperformed stocks in turbulent market conditions.
Another benefit to investing in gold? It has virtually zero counterparty exposure. Even if your stock portfolio is down, your shares are still yours. But if you own gold, its value will increase even if the company you invested in defaults on its debt.
Finally, gold offers liquidity. This allows you to sell your gold whenever you want, unlike many other investments. It makes sense to buy small quantities of gold, as it is more liquid than other investments. This allows you take advantage of the short-term fluctuations that occur in the gold markets.
Is gold a good choice for an investment IRA?
Anyone who is looking to save money can make gold an excellent investment. You can also diversify your portfolio by investing in gold. There's more to gold that meets the eye.
It has been used throughout history as currency and it is still a very popular method of payment. It is sometimes called the “oldest currency in the world”.
But gold, unlike paper currency, which is created by governments, is mined out from the ground. It's hard to find and very rare, making it extremely valuable.
The supply and demand factors determine how much gold is worth. The strength of the economy means people spend more, and so, there is less demand for gold. Gold's value rises as a result.
On the flip side, people save cash for emergencies and don't spend it. This increases the production of gold, which in turn drives down its value.
This is why it makes sense to invest in gold for individuals and companies. You'll reap the benefits of investing in gold when the economy grows.
In addition to earning interest on your investments, this will allow you to grow your wealth. You won't lose your money if gold prices drop.
Is gold buying a good retirement option?
Although buying gold as an investment might not sound appealing at first, when you look at the average annual gold consumption worldwide, it is worth looking into.
Physical bullion bar is the best way to invest in precious metals. There are other ways to invest gold. It's best to thoroughly research all options before you make a decision.
For example, purchasing shares of companies that extract gold or mining equipment might be a better option if you aren't looking for a safe place to store your wealth. If you are looking for cash flow from your investment, buying gold stocks will work well.
You can also put your money in exchange traded funds (ETFs). These funds allow you to be exposed to the price and value of gold by holding gold related securities. These ETFs usually include stocks of precious metals refiners or gold miners.
Statistics
- 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)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
- 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)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
External Links
bbb.org
cftc.gov
irs.gov
finance.yahoo.com
How To
How to hold physical gold in an IRA
The best way to invest in Gold is by purchasing shares of companies that produce it. However, there are risks associated with this strategy. It isn't always possible for these companies to survive. Even if they survive, there's always the risk that they will lose money due fluctuations in gold prices.
The alternative is to buy physical gold. You'll need to open a bank account, buy gold online from a trusted seller, or open an online bullion trading account. This option offers the advantages of being able to purchase gold at low prices and easy access (you don’t need to deal directly with stock exchanges). It is easier to view how much gold has been stored. You will receive a receipt detailing exactly what you paid. You have less risk of theft when investing in stocks.
There are also some drawbacks. For example, you won't benefit from banks' interest rates or investment funds. Also, you won't be able to diversify your holdings – you're stuck with whatever you bought. Finally, the tax man might ask questions about where you've put your gold!
Visit BullionVault.com to find out more about gold buying in an IRA.
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By: Sergio Goschenko
Title: Bitcoin Pioneer Nayib Bukele Reelected in El Salvador by a Landslide
Sourced From: news.bitcoin.com/bitcoin-pioneer-nayib-bukele-reelected-in-el-salvador-by-a-landslide/
Published Date: Mon, 05 Feb 2024 03:40:34 +0000
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