The U.S. Securities and Exchange Commission (SEC) has given the green light to 11 spot bitcoin exchange-traded funds (ETFs) for listing and trading on U.S. stock exchanges. This approval comes after years of anticipation and regulatory hurdles. The newly approved spot bitcoin ETFs are set to start trading on Thursday on NYSE Arca, Nasdaq, and Cboe BZX Exchange.
Mass Approvals: SEC Green-Lights 11 Spot Bitcoin ETFs
The U.S. Securities and Exchange Commission (SEC) has approved 11 spot bitcoin exchange-traded funds (ETFs) for listing and trading on U.S. stock exchanges. In a historic move after years of anticipation and regulatory hurdles, the approved spot bitcoin ETFs are expected to start trading Thursday on NYSE Arca, Nasdaq, and Cboe BZX Exchange.
Ethereum Steals the Spotlight — SEC's Approval of 11 Bitcoin ETFs Meets Tepid Market Reaction
In the 24 hours following the historic announcement of spot bitcoin ETF approvals, the price of bitcoin witnessed stale action. In striking contrast, ethereum rallied, marking a 9.1% rise on Wednesday, overshadowing bitcoin's underperformance.
Mystery Transfer — Unidentified Wallet Sends $1.19 Million in Bitcoin to Satoshi Nakamoto's Genesis Address
Two days after Bitcoin's 15th anniversary, an unidentified wallet transferred roughly 26.917 bitcoin, valued at $1.19 million, into Satoshi Nakamoto's Genesis wallet. Originating on Jan. 3, 2009, this wallet has primarily accumulated nominal dust transactions.
US Spot Bitcoin ETFs Rack up $4.6 Billion in Trading Volume on Day 1 — Blackrock Debuts With $1 Billion
U.S. spot bitcoin exchange-traded funds (ETFs) racked up $4.6 billion in total trading volume on their first day of trading. Blackrock, the world's largest asset manager, debuted with more than $1 billion in trading volume for its Ishares Bitcoin Trust. Grayscale's spot bitcoin ETF, which converted from the Grayscale Bitcoin Trust, registered a total trading volume of $2.3 billion. This is "easily the biggest Day One splash in ETF history," said an ETF analyst.
Robert Kiyosaki Increases BTC Holdings After SEC Approval of Spot Bitcoin ETFs
Rich Dad Poor Dad author Robert Kiyosaki has revealed that he bought additional bitcoin following the approval of spot bitcoin ETFs by the SEC.
Frequently Asked Questions
Can the government take your gold?
Because you have it, the government can't take it. You worked hard to earn it. It belongs entirely to you. There may be exceptions to this rule. Your gold could be taken away if your crime was fraud against federal government. You can also lose precious metals if you owe taxes. You can keep your gold even if your taxes are not paid.
What is the tax on gold in an IRA
The fair market value of gold sold is the basis for tax. You don't have tax to pay when you buy or sell gold. It's not considered income. If you sell it later, you'll have a taxable gain if the price goes up.
You can use gold as collateral to secure loans. Lenders will seek the highest return on your assets when you borrow against them. For gold, this means selling it. The lender might not do this. They might keep it. They might decide to sell it. You lose potential profits in either case.
If you plan on using your gold as collateral, then you shouldn't lend against it. If you don't plan to use it as collateral, it is better to let it be.
What are the benefits of having a gold IRA?
An Individual Retirement Account (IRA) is the best way to put money towards retirement. It's not subject to tax until you withdraw it. You have complete control over how much you take out each year. There are many types of IRAs. Some are better for those who want to save money for college. Some are better suited for investors who want higher returns. Roth IRAs let individuals contribute after age 591/2 and pay tax on any earnings at retirement. The earnings earned after they withdraw the funds aren't subject to any tax. This account is a good option if you plan to retire early.
Because it allows you money to be invested in multiple asset classes, a ‘gold IRA' is similar to any other IRAs. Unlike a regular IRA which requires taxes to be paid on gains as you wait to withdraw them, a IRA with gold allows you to invest in multiple asset classes. For people who would rather invest than spend their money, gold IRA accounts are a good option.
Another advantage to owning gold via an IRA is the ease of automatic withdraws. That means you won't have to think about making deposits every month. Direct debits could be set up to ensure you don't miss a single payment.
Finally, the gold investment is among the most reliable. Because it isn't tied to any particular country its value tends be steady. Even during economic turmoil, gold prices tend to stay relatively stable. As a result, it's often considered a good choice when protecting your savings from inflation.
How much gold do you need in your portfolio?
The amount of capital required will affect the amount you make. A small investment of $5k-10k would be a great option if you are looking to start small. As your business grows, you might consider renting out office space or desks. So you don't have all the hassle of paying rent. You just pay per month.
Consider what type of business your company will be running. In my case, we charge clients between $1000-2000/month, depending on what they order. Consider how much you expect to make from each client, if you decide to do this kinda thing.
As freelance work requires you to be paid freelancers, your monthly salary won't be as high as mine. You may get paid just once every 6 months.
So you need to decide what kind of income you want to generate before you know how much gold you will need.
I would recommend that you start with $1k-2k worth of gold and then increase your wealth.
Who has the gold in a IRA gold?
The IRS considers an individual who owns gold as holding “a form of money” subject to 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.
Although gold can help to prevent inflation and price volatility, it's not sensible to have it if it's not going to be used.
If you plan on selling the gold someday, you'll need to report its value, which could affect how much capital gains taxes you owe when you cash in your investments.
Consult a financial advisor or accountant to determine your options.
Statistics
- 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)
- 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)
- 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)
External Links
wsj.com
- Saddam Hussein's InvasionHelped Uncage a Bear In 90 – WSJ
- You want to keep gold in your IRA at home? It's not legal – WSJ
irs.gov
law.cornell.edu
- 7 U.S. Code SS7 – Designation of boards for trade as contract markets
- 26 U.S. Code SS 408 – Individual retirement accounts
forbes.com
How To
A rising trend in gold IRAs
As investors seek to diversify their portfolios while protecting themselves from inflation, the trend towards gold IRAs is on the rise.
Owners can invest in gold bars and bullion with the gold IRA. 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 also use the gold IRA as a protection against potential problems like inflation.
Investors also enjoy the benefits of owning physical gold, which includes its unique properties such as durability, portability, and divisibility.
Additional benefits of the gold IRA include the ability to quickly pass ownership to heirs. Additionally, the IRS does not consider gold a money or a commodity.
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: Bitcoin.com
Title: Spot Bitcoin ETF Approvals, Ethereum’s Outperformance, BTC Mystery Transfer, and More — Week in Review
Sourced From: news.bitcoin.com/spot-bitcoin-etf-approvals-ethereums-outperformance-btc-mystery-transfer-and-more-week-in-review/
Published Date: Sun, 14 Jan 2024 12:30:59 +0000
