Bithumb's Potential IPO Strategy
Local reports indicate that Bithumb, one of South Korea's leading cryptocurrency exchanges, is contemplating a public listing on the Kosdaq exchange by 2025. The exchange is reportedly aiming to surpass Upbit's dominance in the country's cryptocurrency trading market. Bithumb is also considering a future transition to the Korea Exchange (KOSPI) platform.
Samsung Securities Selected as Fund Manager
Bithumb has appointed Samsung Securities as its fund manager for the potential IPO. The exchange has already begun preparations for the listing on Kosdaq. However, Bithumb has chosen not to comment on these developments.
Bithumb's Financial Status
As of the second quarter of this year, Bithumb's assets are valued at 400 billion won, which is approximately $303.56 million. The exchange recorded a spot trading volume of $658.58 million in the past 24 hours on November 12, 2023. In comparison, Upbit's trading volume during the same period was six times higher at $3.98 billion.
The Implications of Bithumb's IPO
If Bithumb goes public on Kosdaq, it will set a precedent in the nation's cryptocurrency industry. Lee Jung-hoon, a major stakeholder on Bithumb's board, is expected to play a crucial role in ensuring a successful IPO and streamlining the company's operations. Bithumb's IPO strategy is seen as an ambitious effort to challenge Upbit's market supremacy in South Korea.
Spot BTC prices at Upbit and Bithumb recently exhibited a 'kimchi premium,' with South Korea's BTC pricing exceeding global rates by over $350. This indicates the strong demand for cryptocurrencies in the country.
What are your thoughts on Bithumb's potential listing on Kosdaq? Share your opinions in the comments section below.
Frequently Asked Questions
Is gold a good choice for an investment IRA?
Gold is an excellent investment for any person who wants to save money. It is also an excellent way to diversify you portfolio. But gold is not all that it seems.
It has been used throughout history as currency and it is still a very popular method of payment. It's sometimes called “the world's oldest money”.
Gold is not created by governments, but it is extracted from the earth. That makes it very valuable because it's rare and hard to create.
The supply and demand factors determine how much gold is worth. The economy that is strong tends to be more affluent, which means there are less gold miners. The result is that gold's value increases.
On the flip side, people save cash for emergencies and don't spend it. This causes more gold to be produced, which lowers its value.
This is why investing in gold makes sense for individuals and businesses. You will benefit from economic growth if you invest in gold.
Your investments will also generate interest, which can help you increase your wealth. In addition, you won’t lose any money if gold falls in value.
Is physical gold allowed in an IRA.
Gold is money. 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. Today, investors invest in gold as part a diversified portfolio. This is because gold tends do better in financial turmoil.
Many Americans are now more inclined to invest in precious metals like gold and silver than stocks or bonds. Even though owning gold is not a guarantee of making money, there are many reasons why you might want to add gold to your retirement savings portfolio.
Another reason is the fact that gold historically has performed better than other assets in times of financial panic. The S&P 500 declined 21 percent during the same period. Gold prices increased nearly 100 per cent between August 2011 – early 2013. During these turbulent market times, gold was among few assets that outperformed the stocks.
Gold is one of the few assets that has virtually no counterparty risks. Your stock portfolio can fall, but you will still own your shares. You can still own your gold even if the company where you invested fails to pay its debt.
Gold provides liquidity. This means that you can sell gold anytime, regardless of whether or not another buyer is available. It makes sense to buy small quantities of gold, as it is more liquid than other investments. This allows you to take advantage of short-term fluctuations in the gold market.
What is the value of a gold IRA
There are many benefits to a gold IRA. It is an investment vehicle that can diversify your portfolio. You decide how much money you want to put into each account, and when you want it to be withdrawn.
You also have the option to roll over funds from other retirement accounts into a gold IRA. This is a great way to make a smooth transition if you want to retire earlier.
The best part is that you don't need special skills to invest in gold IRAs. They're readily available at almost all banks and brokerage firms. You don't have to worry about penalties or fees when withdrawing money.
But there are downsides. Gold has historically been volatile. So it's essential to understand why you're investing in gold. Are you looking for growth or safety? Do you want to use it as an insurance strategy or for long-term growth? Only once you know, that will you be able to make an informed decision.
You might want to buy more gold if you intend to keep your gold IRA for a long time. A single ounce will not be sufficient to meet all your requirements. Depending on the purpose of your gold, you might need more than one ounce.
If you're planning to sell off your gold, you don't necessarily need a large amount. Even one ounce is enough. These funds won't allow you to purchase anything else.
- (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)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (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)
- 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
Tips for Investing with Gold
One of the most sought-after investment strategies is investing in gold. Because investing in gold has many benefits. There are many ways to invest gold. Some people buy physical gold coins, while others prefer investing in gold ETFs (Exchange Traded Funds).
Before buying any type gold, it is important to think about these things.
- First, verify that your country permits gold ownership. If you have permission to possess gold in your country, you can then proceed. Or, you might consider buying gold overseas.
- Secondly, you should know what kind of gold coin you want. You can choose between yellow gold and white gold as well as rose gold.
- You should also consider the price of gold. Start small and move up. When purchasing gold, diversify your portfolio. Diversifying your portfolio includes stocks, bonds, mutual funds, real estate, commodities, and mutual funds.
- You should also remember that gold prices can change often. Keep an eye on current trends.
By: Jamie Redman
Title: Bithumb Considers Public Listing on Kosdaq in 2025
Sourced From: news.bitcoin.com/south-korean-crypto-exchange-bithumb-eyes-ipo-in-move-to-challenge-upbits-market-dominance/
Published Date: Sun, 12 Nov 2023 23:00:19 +0000
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