Tether's Remarkable Journey
In a recent post, Tether CEO Paolo Ardoino took a moment to reflect on the remarkable growth of the company since its inception. With its USDT stablecoin achieving a market cap of $91.5 billion on multiple blockchains, holding $4 billion in excess reserves, and diversifying its portfolio with investments in mining, energy, and artificial intelligence (AI), Tether has firmly established itself as a significant player in the crypto space.
Impacting Millions of People
Ardoino emphasized the impact Tether has had on millions of individuals, particularly in emerging markets and developing countries. The company's growth and success have provided crucial financial stability and opportunities for those who may have otherwise been excluded from traditional banking systems.
A Journey of Evolution and Improvement
Ardoino acknowledged that Tether's journey has been one of continuous evolution and improvement. The company actively listens to its community, learns from feedback, and strives to enhance its offerings. Challenges are an inevitable part of any business, but Tether's team remains focused and determined to overcome obstacles and provide the best possible solutions.
Leading the Stablecoin Market
Tether's USDT stablecoin has risen to become the largest stablecoin in the cryptocurrency market, boasting a market cap of $95.4 billion. The company holds $4 billion in excess reserves, which are segregated from the actual reserves that back the USDT available on the market. This commitment to maintaining financial stability further solidifies Tether's position as a trusted and reliable player in the crypto industry.
Diversifying Investments for Future Growth
Tether has not been complacent with its success. The company has strategically invested in various initiatives, including mining, renewable energy, development platforms, and AI. Ardoino highlighted projects such as Holepunch, Synonim, Northern Data, and Tether Energy as examples of Tether's expansion into different sectors. This diversification allows Tether to continue growing and exploring new opportunities.
Commitment to Compliance
Tether has also demonstrated its commitment to compliance by establishing strong partnerships and collaborations with US government agencies like the Secret Service and the Federal Bureau of Investigation (FBI). This proactive approach ensures that Tether operates within regulatory frameworks and maintains the highest standards of transparency and accountability.
Exciting Plans for the Future
Ardoino concluded by teasing Tether's plans to develop new products in 2024 and further consolidate its existing offerings. He confidently stated that these upcoming developments would be nothing short of mind-blowing. Tether's dedication to innovation and its ability to anticipate the evolving needs of the market position it as a trailblazer in the crypto industry.
What are your thoughts on Tether's performance in 2023? Share your opinions in the comments section below.
Frequently Asked Questions
How does gold perform as an investment?
The supply and the demand for gold determine how much gold is worth. Interest rates are also a factor.
Due to limited supplies, gold prices are subject to volatility. In addition, there is a risk associated with owning physical gold because you have to store it somewhere.
Who owns 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 take advantage of this tax-free status, you must own at least $10,000 worth of gold and have been storing it for at least five 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.
It is a good idea to consult an accountant or financial planner to learn more about your options.
Should You Purchase Gold?
In the past, gold was considered a haven for investors during economic turmoil. Many people are shifting away from traditional investments like bonds or stocks to instead look toward precious metals such gold.
The gold price has been in an upward trend for the past few years, but it remains relatively low compared with other commodities like silver or oil.
This could be changing, according to some experts. Experts believe that gold prices could skyrocket in the face of another global financial crisis.
They also mention that gold is becoming more popular due to its perceived worth and potential return.
These are some things you should consider when considering gold investing.
- Consider first whether you will need the money to save for retirement. You can save for retirement and not invest your savings in gold. However, when you retire at age 65, gold can provide additional protection.
- Second, you need to be clear about what you are buying before you decide to buy gold. Each offer varying degrees of security and flexibility.
- Finally, remember that gold doesn't offer the same level of safety as a bank account. It is possible to lose your gold coins.
So, if you're thinking about buying gold, make sure you do your research first. If you already have gold, make sure you protect it.
What are the pros & cons 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. However, there are also disadvantages to this type of investment.
You may lose all your accumulated savings if you take too much out of your IRA. Also, the IRS may not allow you to make withdrawals from your IRA until you're 59 1/2 years old. 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%-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. Most insurers require you to own a minimum amount of gold before making a claim. It is possible that you will be required to purchase insurance that covers losses of up to $500,000.
If you are considering a Gold IRA, you need to first decide how much of it you would like to use. Some providers restrict the amount you can own in gold. Others allow you to pick your weight.
You will also have to decide whether to purchase futures or physical gold. Futures contracts for gold are less expensive than physical gold. Futures contracts offer flexibility for buying gold. They enable you to establish a contract with an expiration date.
It is also important to choose the type of insurance coverage that you need. The standard policy does NOT include theft protection and loss due to fire or flood. It does offer coverage for natural disasters. You might consider purchasing additional coverage if your area is at high risk.
Additional to your insurance, you will need to consider how much it costs to store your gold. Storage costs are not covered by insurance. Safekeeping costs can be as high as $25-40 per month at most banks.
You must first contact a qualified custodian before you open a gold IRA. 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 retain them for as long and as you require.
Once you have chosen the right type of IRA to suit your needs, it is time to fill out paperwork defining 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. The company will then review your application and mail you a letter of confirmation.
If you are thinking of opening a gold IRA for retirement, a financial professional is a great idea. Financial planners have extensive knowledge in investing and can help determine the best type of IRA to suit your needs. You can also reduce your insurance costs by working with them to find lower-cost alternatives.
Can I buy or sell gold from my self-directed IRA
However, gold can only be purchased with your self-directed IRA. To do so, you must first open a brokerage account at TD Ameritrade. If you already have a retirement account, funds can be transferred to it.
The IRS allows individuals to contribute up to $5,500 annually ($6,500 if married and filing jointly) to a traditional IRA. Individuals are allowed to contribute $1,000 each ($2,000 if married or filing jointly) to a Roth IRA.
You might want to purchase physical bullion, rather than futures contracts if you are going to invest in gold. Futures contracts are financial instruments based on the price of gold. You can speculate on future prices, but not own the metal. But, physical bullion is real bars of gold or silver that you can hold in one's hand.
What precious metals do you have that you can invest in for your retirement?
Gold and silver are the best precious metal investments. They are both easy to trade and have been around for years. These are great options to diversify your portfolio.
Gold: This is the oldest form of currency that man has ever known. It is also extremely safe and stable. Because of this, it is considered a great way of preserving wealth during times when there are uncertainties.
Silver: Silver has been a favorite among investors for years. This is a great choice for people who want to avoid volatility. Silver tends to move up, not down, unlike gold.
Platinium: Another form of precious metal is platinum, which is becoming more popular. It's durable and resists corrosion, just like gold and silver. It is, however, more expensive than its competitors.
Rhodium. Rhodium is used as a catalyst. It is also used as a jewelry material. It's also relatively inexpensive compared to other precious metals.
Palladium: Palladium is similar to platinum, but it's less rare. It's also less expensive. It is a preferred choice among investors who are looking to add precious materials to their portfolios.
Should you open a Precious Metal IRA
You should be aware that precious metals cannot be covered by insurance. It is impossible to get back money if you lose your investment. This includes any loss of investments from theft, fire, flood or other circumstances.
It is best to invest in physical gold coins and silver coins to avoid this type loss. These items can be lost because they have real value and have been around for thousands years. They are likely to fetch more today than the price you paid for them in their original form.
Choose a reputable company with competitive rates and quality products if you are looking to open an IRA. A third-party custodian is a good option. They will protect your assets while giving you easy access whenever you need them.
Do not open an account unless you're ready to retire. Do not forget about the future!
Statistics
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
- 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)
- (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)
- The price of gold jumped 131 percent from late 2007 to September 2011, when it hit a high of $1,921 an ounce, according to the World Gold Council. (aarp.org)
External Links
cftc.gov
irs.gov
forbes.com
- Gold IRA – Add Sparkle to Your Retirement Nest Egg
- Understanding China's Evergrande Crisis – Forbes Advisor
law.cornell.edu
- 7 U.S. Code SS7 – Designation boards of trade as contract market authorities
- 26 U.S. Code SS 408 – Individual retirement accounts
How To
Tips for Investing Gold
Investing in Gold remains one of the most preferred investment strategies. This is because there are many benefits if you choose to invest in gold. There are several ways to invest in gold. Some people purchase physical gold coins. Others prefer to invest their money in gold ETFs.
You should consider some things before you decide to purchase any type of gold.
- First, verify that your country permits gold ownership. If the answer is yes, you can go ahead. Or, you might consider buying gold overseas.
- You should also know the type of gold coin that you desire. You have the option of choosing yellow, white, or rose gold.
- The third factor to consider is the price for gold. Start small and move up. When purchasing gold, diversify your portfolio. Diversifying assets should include stocks, bonds real estate mutual funds and commodities.
- Last but not least, remember that gold prices fluctuate frequently. Be aware of the current trends.
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By: Sergio Goschenko
Title: Tether CEO Paolo Ardoino Reflects on Company Growth and Future Plans
Sourced From: news.bitcoin.com/tether-ceo-paolo-ardoino-celebrates-usdts-91-5b-market-cap-tether-evolved/
Published Date: Fri, 29 Dec 2023 09:30:00 +0000
