Well, my dear Bitcoiners, it appears that we have achieved the unthinkable. Bitcoin has surpassed $100,000, marking a significant milestone. However, as the excitement settles, the question arises: What's next for the cryptocurrency?
A Flashback to the Laser Eyes Phenomenon
Before we delve into the latest developments, let's reminisce about the #LaserEyesTill100K campaign. Originating in 2021, this campaign involved adding laser beams to Twitter avatars to symbolize the financial revolution associated with Bitcoin's growth towards $100K. The movement gained traction, attracting participation from politicians, celebrities, and even the general public.
The New Mission: Flipping Gold
Now that Bitcoin has crossed the six-figure mark, the focus shifts to a new goal—flipping gold's market cap. With Bitcoin's market cap at $2.018 trillion, which is approximately 11.36% of gold's $17.765 trillion market cap, the aim is to surpass gold and reach $1 million per coin.
Introducing #PicFlipTillGoldFlip
Following the success of the laser eyes campaign, a new initiative called #PicFlipTillGoldFlip has been launched. The concept is simple: users are encouraged to flip their profile pictures upside down to symbolize Bitcoin's position below gold's market cap. This campaign aims to gather support, raise awareness, and highlight Bitcoin's potential to outperform traditional assets.
Social media campaigns like #PicFlipTillGoldFlip not only foster community engagement but also showcase Bitcoin's growing influence and market dominance. As Bitcoin continues to gain momentum, the possibility of surpassing gold's market cap becomes increasingly feasible.
So, will you join the movement and flip your pic for Bitcoin? Share your thoughts and ideas with the Bitcoin community as we embark on this exciting journey towards $1 million.
Remember, the future of Bitcoin is in our hands, and together, we can make history. Cheers to the upside-down revolution!
Frequently Asked Questions
What are the fees associated with an IRA for gold?
A monthly fee of $6 for an Individual Retirement Account is charged. This includes the account maintenance fees and any investment costs associated with your chosen investments.
If you want to diversify, you may be required to pay extra fees. The type of IRA you choose will determine the fees. Some companies offer free check accounts, but charge monthly fee for IRA accounts.
In addition, most providers charge annual management fees. These fees range from 0% to 1%. The average rate is.25% annually. These rates can often be waived if a broker, such as TD Ameritrade, is involved.
How Do You Make a Withdrawal from a Precious Metal IRA?
First, decide if it is possible to withdraw funds from an IRA. Next, ensure you have enough cash on hand to pay any penalties or fees that could be associated with withdrawing funds.
Consider opening a taxable brokerage instead of an IRA if it is possible to pay a penalty if your withdrawal is made before the deadline. If you choose this option, you'll also need to consider taxes owed on the amount withdrawn.
Next, you'll need to figure out how much money you will take out of your IRA. This calculation will depend on many factors including your age at the time of withdrawal, how long the account has been in your possession, and whether you plan to continue contributing towards your retirement plan.
Once you have an idea of the amount of your total savings you wish to convert into cash you will need to decide what type of IRA you want. Traditional IRAs allow you to withdraw funds tax-free when you turn 59 1/2 while Roth IRAs charge income taxes upfront but let you access those earnings later without paying additional taxes.
After these calculations have been completed, you will need to open a brokerage bank account. Brokers often offer promotional offers and signup bonuses to encourage people into opening accounts. It is better to open an account with a debit than a creditcard in order to avoid any unnecessary fees.
When it's time to make withdrawals from your precious-metal IRA, you'll need a place to keep your coins safe. Some storage facilities can accept bullion bar, while others require you buy individual coins. You will need to weigh each one before making a decision.
Because you don't have to store individual coins, bullion bars take up less space than other items. You will need to count each coin individually. However, you can easily track the value of individual coins by storing them in separate containers.
Some prefer to keep their money in a vault. Others prefer to store them in a safe deposit box. Regardless of the method you prefer, ensure that your bullion is safe so that you can continue to enjoy its benefits for many years.
How does a gold IRA work?
For people who are looking to invest in precious materials, Gold Ira account accounts provide tax-free investments.
You can purchase physical gold bullion coins anytime. To invest in gold, you don't need to wait for retirement.
Owning gold as an IRA has the advantage of allowing you to keep it forever. When you die, your gold assets won't be subjected to taxes.
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.
You'll first have to set up an individual retirement account (IRA) to open a gold IRA. After you do this, you will be granted an IRA custodian. This company acts in the role of a middleman between your IRS agent and you.
Your gold IRA custodian is responsible for handling all paperwork and submitting the required 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 is $1,000. However, you'll receive a higher interest rate if you put in more.
Taxes will be charged on gold you have withdrawn from an IRA. You'll have to pay income taxes and a 10% penalty if you withdraw the entire amount.
Even if your contribution is small, you might not have to pay any taxes. There are some exceptions, though. If you take out 30% of your total IRA assets or more, you will owe federal income taxes and a 20 percent penalty.
Avoid taking out more that 50% of your total IRA assets each year. A violation of this rule can lead to severe financial consequences.
Should You Open a Precious Metal IRA?
The most important thing you should know before opening an IRA account is that precious metals are not covered by insurance. There are no ways to recover the money you lost in an investment. This includes any loss of investments from theft, fire, flood or other circumstances.
Investing in physical gold and silver coins is the best way to protect yourself from this type of loss. These coins have been around for thousands and represent a real asset that can never be lost. They are likely to fetch more today than the price you paid for them in their original form.
You should choose a reputable firm that offers competitive rates. It's also wise to consider using a third-party custodian who will keep your assets safe while giving you access to them anytime.
Do not open an account unless you're ready to retire. Remember the future.
What are the pros & cons of a Gold IRA?
The main advantage of an Individual Retirement Account (IRA) over a regular savings account is that you don't have to pay taxes on any interest earned. An IRA is a good choice for those who want a way to save some money but don’t want the tax. There are some disadvantages to this investment.
You could lose all of your accumulated money if you take out too much from your IRA. The IRS may prevent you from taking out your IRA funds until you reach 59 1/2. If you do withdraw funds from your IRA you will most likely be required to pay a penalty.
A disadvantage to managing your IRA is the fact that fees must be paid. Many banks charge between 0.5%-2.0% per year. Other providers charge monthly management costs ranging from $10-50.
Insurance will be required if you would like to keep your cash out of banks. In order to make a claim, most insurers will require that you have a minimum amount in gold. Some insurers may require you to have insurance that covers losses up $500,000.
You will need to decide how much gold you wish to use if you opt for a gold IRA. Some providers limit how many ounces you can keep. Others let you pick your weight.
It's also important to decide whether or not to buy gold futures contracts. Physical gold is more costly than gold futures. Futures contracts allow you to buy gold with more flexibility. They allow you to set up a contract with a specific expiration date.
You will also have to decide which type of insurance coverage is best for you. The standard policy doesn't include theft protection or loss due to fire, flood, or earthquake. It does include coverage for damage due to natural disasters. You may consider adding additional coverage if you live in an area at high risk.
You should also consider the cost of storage for your gold. Insurance doesn't cover storage costs. Banks charge between $25 and $40 per month for safekeeping.
To open a IRA in gold, you will need to first speak with a qualified custodian. A custodian maintains track of all your investments and ensures you are in compliance with federal regulations. Custodians are not allowed to sell your assets. Instead, they must maintain them for as long a time as you request.
After you've determined which type of IRA is best for you, fill out the paperwork indicating your goals. You should also include information about your desired investments, such as stocks or bonds, mutual funds, real estate, and mutual funds. The plan should also include information about how much you are willing to invest each month.
After completing the forms, send them along with a check or a small deposit to your chosen provider. After reviewing your application, the company will send you a confirmation mail.
When opening a gold IRA, you should consider using a financial planner. A financial planner can help you decide the type of IRA that is right for your needs. They can also help you lower your expenses by finding cheaper alternatives to purchasing insurance.
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)
- 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)
External Links
forbes.com
- Gold IRA – Add Sparkle to Your Retirement Nest Egg
- Understanding China's Evergrande Crisis – Forbes Advisor
irs.gov
cftc.gov
bbb.org
How To
Guidelines for Gold Roth IRA
The best way to invest for retirement is by starting early. Start saving as soon as possible, usually at age 50. You can continue to save throughout your career. It is important to invest enough money each and every year to ensure you get adequate growth.
You also want to take advantage of tax-free opportunities such as a traditional 401(k), SEP IRA, or SIMPLE IRA. These savings vehicles let you make contributions and not pay taxes until the earnings are withdrawn. These savings vehicles are great for those who don't have access or can't get employer matching funds.
The key is to save regularly and consistently over time. You will lose any potential tax advantages if you don't contribute enough.
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By: Mark Mason
Title: From Laser Eyes to Upside-Down Pics: The New Bitcoin Campaign to Flip Gold
Sourced From: bitcoinmagazine.com/culture/from-laser-eyes-to-upside-down-pics-the-new-bitcoin-campaign-to-flip-gold
Published Date: Tue, 07 Jan 2025 15:13:33 GMT
