Introduction
The renowned author of "Rich Dad Poor Dad," Robert Kiyosaki, has recently disclosed that he has acquired additional bitcoin following the U.S. Securities and Exchange Commission's (SEC) approval of spot bitcoin exchange-traded funds (ETFs). Kiyosaki, who is deeply concerned about the U.S. economy and the looming threat of hyperinflation, decided to increase his bitcoin holdings.
Robert Kiyosaki's Bitcoin Investment
Robert Kiyosaki, the co-author of the immensely popular book "Rich Dad Poor Dad," has announced that he purchased more bitcoin after the SEC gave the green light to 11 spot bitcoin exchange-traded funds (ETFs). "Rich Dad Poor Dad," co-authored by Kiyosaki and Sharon Lechter, has remained on the New York Times Best Seller List for over six years. The book has been sold in excess of 32 million copies, translated into 51 languages, and distributed across 109 countries.
Kiyosaki expressed his concerns about the U.S. economy, particularly the possibility of hyperinflation, on the social media platform X. He pondered the consequences if the White House, the Treasury, and the Federal Reserve mishandle the economy and lead it into hyperinflation. Consequently, Kiyosaki decided to diversify his portfolio by purchasing an additional 5 bitcoins.
In an apparent lack of trust in the nation's leaders, Kiyosaki encouraged individuals to rely on themselves rather than the authorities. He referred to them as "losers with PhDs."
SEC Approval of Spot Bitcoin ETFs
In a groundbreaking development, the U.S. Securities and Exchange Commission approved 11 spot bitcoin ETFs, enabling mainstream trading on prominent exchanges such as NYSE Arca, Nasdaq, and Cboe BZX Exchange. These funds began trading on Thursday, following the approval. Kiyosaki expressed his satisfaction with his decision to invest in bitcoin years ago, solidifying his optimistic outlook on the cryptocurrency and considering further investments. He firmly believes that the price of bitcoin will soon reach $150,000.
Kiyosaki's Advocacy for Bitcoin
Robert Kiyosaki has long been an advocate for alternative assets such as gold, silver, and bitcoin. He has recently declared bitcoin as the ultimate protection against hyperinflation. The author has consistently made bullish predictions about bitcoin, ranging from a near-future value of $135,000 to an astonishing $1 million in the event of a global economic collapse.
In February of last year, Kiyosaki projected that bitcoin would reach $500,000 by 2025, with gold hitting $5,000 and silver reaching $500 in the process. These bold forecasts reflect Kiyosaki's profound concerns about the financial future of the United States. In April of the same year, he warned of a deteriorating America, predicting hyperinflation and the demise of the U.S. dollar. In November, Kiyosaki urged investors to enter the bitcoin market before it becomes too late.
Conclusion
Robert Kiyosaki, the acclaimed author of "Rich Dad Poor Dad," has recently increased his bitcoin holdings after the SEC's approval of spot bitcoin ETFs. Kiyosaki's decision is driven by his apprehensions about the U.S. economy, particularly the possibility of hyperinflation. With his bullish stance on bitcoin and his faith in its potential, Kiyosaki continues to advocate for the cryptocurrency as a hedge against financial uncertainties.
What are your thoughts on Robert Kiyosaki's decision to acquire more bitcoin following the SEC's approval of spot bitcoin ETFs? Share your opinions in the comments section below.
Frequently Asked Questions
Is it a good idea to open a Precious Metal IRA
You should be aware that precious metals cannot be covered by insurance. There is no way to recover money that you have invested in precious metals. All your investments can be lost due to theft, fire or flood.
This type of loss can be avoided by investing in physical silver and gold coins. These coins have been around for thousands and represent a real asset that can never be lost. If you were to offer them for sale today, they would likely fetch you more than you paid when you bought them.
You should choose a reputable firm that offers competitive rates. Consider using a third-party custody company to keep your assets safe and allow you to access them at any time.
You won't get any returns until you retire if you open an account. Remember the future.
What are the pros and disadvantages of a gold IRA
An Individual Retirement Plan (IRA) has a major advantage over regular savings accounts. It doesn't tax any interest earned. An IRA is a great option for those who want to save money, but don't want tax on any interest earned. This type of investment has its downsides.
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. You will likely have to pay a penalty fee if you withdraw funds from an IRA.
Another problem is the cost of managing your IRA. Many banks charge between 0.5% and 2.0% per year. Other providers charge monthly management costs ranging from $10-50.
If you prefer to keep your money outside a bank, you'll need to purchase insurance. Insurance companies will usually require that you have at least $500,000. You may be required by some insurers to purchase insurance that covers losses as high as $500,000.
You will need to decide how much gold you wish to use if you opt for a gold IRA. You may be limited in the amount of gold you can have by some providers. Others let you choose your weight.
It's also important to decide whether or not to buy gold futures contracts. Physical gold is more expensive than gold futures contracts. Futures contracts allow you to buy gold with more flexibility. You can set up futures contracts with a fixed expiration date.
It is also important to choose the type of insurance coverage that you need. Standard policies don't cover theft protection, loss due to fire, flood or earthquake. The policy does not cover natural disasters. If you live near a high-risk region, you might want to consider additional coverage.
Additional to your insurance, you will need to consider how much it costs to store your gold. Storage costs are not covered by insurance. Additionally, safekeeping is usually charged by banks at around $25-$40 per monthly.
If you decide to open a gold IRA, you must first contact a qualified custodian. A custodian keeps track of your investments and ensures that you comply with federal regulations. Custodians aren't allowed to sell your assets. Instead, they must hold them as long as you request.
Once you've decided which type of IRA best suits your needs, you'll need to fill out paperwork specifying your goals. Your plan should include information about the investments you want to make, such as stocks, bonds, mutual funds, or real estate. Your monthly investment goal should be stated.
After filling out the forms, you'll need to send them to your chosen provider along with a check for a small deposit. The company will review your application and send you a confirmation letter.
If you are thinking of opening a gold IRA for retirement, a financial professional is a great idea. Financial planners are experts at investing and can help you determine which type of IRA is best for you. They can also help you lower your expenses by finding cheaper alternatives to purchasing insurance.
What is the Performance of Gold as an Investment?
The supply and demand for gold affect the price of gold. It is also affected negatively by interest rates.
Because of their limited supply, gold prices can fluctuate. In addition, there is a risk associated with owning physical gold because you have to store it somewhere.
What precious metals can you invest in for retirement?
These precious metals are among the most attractive investments. Both are easy to sell and can be bought easily. If you want to diversify your portfolio, you should consider adding them to your list.
Gold: This is the oldest form of currency that man has ever known. It is also extremely safe and stable. Because of this, it's considered a good way to preserve wealth during times of uncertainty.
Silver: Silver has been a favorite among investors for years. This is a great choice for people who want to avoid volatility. Unlike gold, silver tends to go up instead of down.
Platinium: Another form of precious metal is platinum, which is becoming more popular. It's resistant to corrosion and durable, similar to gold and silver. It's however much more costly than any of its counterparts.
Rhodium: The catalytic converters use Rhodium. It is also used in jewelry-making. It is also very affordable in comparison to other types.
Palladium: Palladium, which is a form of platinum, is less common than platinum. It's also more affordable. Investors looking to add precious and rare metals to their portfolios love it for these reasons.
Statistics
- (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)
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
External Links
forbes.com
- Gold IRA, Add Sparkle to Your Retirement Nest egg
- Understanding China's Evergrande Crisis – Forbes Advisor
bbb.org
cftc.gov
wsj.com
- Saddam Hussein's InvasionHelped Uncage a Bear in 1990 – WSJ
- Do you want to keep your IRA gold at home? It's Not Exactly Legal – WSJ
How To
The growing trend of gold IRAs
Investors seek diversification and protection against inflation by using gold IRAs.
The gold IRA allows owners to invest in physical gold bullion and bars. This IRA can be used to grow your wealth tax-free and is an alternative option to stocks and bonds.
A gold IRA allows investors the freedom to manage their wealth without worrying about volatility in the markets. They can use the gold IRA to protect themselves against inflation and other potential problems.
Investors also benefit from physical gold's unique properties, such as durability and portability.
Additionally, the gold IRA has many benefits. It allows you to quickly transfer your gold ownership to your heirs. The IRS doesn't consider gold a commodity or currency.
This is why the gold IRA has become increasingly popular with investors looking to provide financial security during times of financial uncertainty.
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By: Kevin Helms
Title: Robert Kiyosaki Boosts Bitcoin Holdings After SEC Approval of Spot Bitcoin ETFs
Sourced From: news.bitcoin.com/robert-kiyosaki-increases-btc-holdings-after-sec-approval-of-spot-bitcoin-etfs/
Published Date: Fri, 12 Jan 2024 02:00:12 +0000
