Tether, the leading stablecoin issuer, has announced today the results of its audit, conducted by renowned auditing firm BDO. The audit report reveals that Tether holds over $2.8 billion worth of Bitcoin, solidifying its strong financial position in the market.
Audit Confirms Tether's Financial Standing
The recently published audit report provides a comprehensive analysis of Tether's financials, shedding light on its Bitcoin holdings. Tether, widely recognized for its stablecoin USDT, has played a significant role in the cryptocurrency market, facilitating seamless transactions and maintaining a stable peg to the US Dollar.
Tether CEO, Paolo Ardoino, expressed his excitement about the company's expansion plans, stating, "At Tether, we are looking forward to a prosperous 2024, with numerous projects and products ready to be launched. While Tether is primarily known for its flagship product, USDT, we are actively investing in various strategic sectors, ranging from AI to P2P telecommunications, and from Bitcoin mining to renewable energy production."
Impressive Profit Figures
In addition to its substantial Bitcoin holdings, Tether has reported a profit of $2.85 billion for the last quarter, with approximately $1.85 billion coming from its gold and bitcoin investments. The company's impressive financial performance continued throughout 2023, with a total profit of $6.2 billion for the year.
Tether's audit report not only highlights its significant Bitcoin holdings but also reinforces its position as a trailblazer in the cryptocurrency industry. With a robust balance sheet and a commitment to innovation, Tether remains a key player in the digital landscape.
Frequently Asked Questions
How does a Gold IRA account work?
Gold Ira accounts are tax-free investment vehicles for people who want to invest in precious metals.
You can purchase physical gold bullion coins anytime. To invest in gold, you don't need to wait for retirement.
The beauty of owning gold as an IRA is you can hold on to it forever. When you die, your gold assets won't be subjected to taxes.
Your gold will be passed on to your heirs, without you having to pay capital gains taxes. Your gold is not part of your estate and you don't have to include it in the final estate report.
First, an individual retirement account will be set up to allow you to open a golden IRA. Once you've completed this step, an IRA administrator will be appointed to your account. This company acts as a mediator between you, the IRS.
Your gold IRA custodian will handle the paperwork and submit the necessary forms to the IRS. This includes filing annual reporting.
After you have created your gold IRA, the only thing you need to do is purchase gold bullion. The minimum deposit required for gold bullion coins purchase is $1,000 A higher interest rate will be offered if you invest more.
You'll have to pay taxes if you take your gold out of your IRA. You'll have to pay income taxes and a 10% penalty if you withdraw the entire amount.
However, if you only take out a small percentage, you may not have to pay taxes. However, there are exceptions. For example, taking out 30% or more of your total IRA assets, you'll owe federal income taxes plus a 20 percent penalty.
It is best to not take out more than 50% annually of your total IRA assets. You could end up with severe financial consequences.
What are the fees associated with an IRA for gold?
Six dollars per month is the fee for an Individual Retirement Account (IRA). This includes account maintenance fees and investment costs for your chosen investments.
You may have to pay additional fees if you want to diversify your portfolio. These fees will vary depending upon the type of IRA chosen. Some companies offer checking accounts for free, while others charge monthly fees for IRA account.
Most providers also charge an annual management fee. These fees range from 0% to 1%. The average rate for a year is.25%. These rates are often waived if a broker like TD Ameritrade is used.
What is a Precious Metal IRA, and how can you get one?
You can diversify your retirement savings by investing in precious metal IRAs. This allows you to invest in gold, silver and platinum as well as iridium, osmium and other rare metals. These metals are known as “precious” because they are rare and extremely valuable. These metals are great investments and can help protect your financial future from economic instability and inflation.
Precious metals are often referred to as “bullion.” Bullion is the physical metal.
You can buy bullion through various channels, including online retailers, large coin dealers, and some grocery stores.
You can invest directly in bullion with a precious metal IRA instead of buying shares of stock. This ensures that you will receive dividends each and every year.
Precious metal IRAs are not like regular IRAs. They don't need paperwork and don't have to be renewed annually. Instead, you pay a small percentage tax on the gains. You can also access your funds whenever it suits you.
How Much of Your IRA Should Be Made Up Of Precious Metals
It's important to understand that precious metals aren't only for wealthy people. You don’t need to have a lot of money to invest. There are many ways to make money on silver and gold investments without spending too much.
You might also be interested in buying physical coins, such bullion rounds or bars. You could also buy shares in companies that produce precious metals. Another option is to make use of the IRA rollover programs offered by your retirement plan provider.
You can still get benefits from precious metals regardless of what choice you make. They offer the potential for long-term, sustainable growth even though they aren’t stocks.
And, unlike traditional investments, their prices tend to rise over time. You'll probably make more money if your investment is sold down the line than traditional investments.
Should You Buy Gold?
Gold was a safe investment option for those who were in financial turmoil. Many people are now turning their backs on traditional investments like stocks and bonds, and instead look to precious metals like Gold.
Although gold prices have shown an upward trend in recent years, they are still relatively low when compared to other commodities like oil and silver.
Some experts believe that this could change very soon. Experts predict that gold prices will rise sharply in the wake of another global financial collapse.
They also noted that gold is growing in popularity because of its perceived value as well as potential return.
Consider these things if you are thinking of investing in gold.
- Before you start saving money for retirement, think about whether you really need it. 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 one offers different levels security and flexibility.
- Keep in mind that gold may not be as secure as a bank deposit. You may lose your gold coins and never be able to recover them.
If you are thinking of buying gold, do your research. Make sure to protect any gold you already own.
Is the government allowed to take your gold
Your gold is yours, so the government cannot confiscate it. You have earned it by working hard for it. It belongs to you. There may be exceptions to this rule. For example, if you were convicted of a crime involving fraud against the federal government, you can lose your gold. If you owe taxes, your precious metals could be taken away. However, even if taxes are not paid, gold is still your property.
Statistics
- 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)
- 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)
- 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)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
External Links
irs.gov
wsj.com
- Saddam Hussein’s InvasionHelped Uncage a Bear In 1989 – WSJ
- How do you keep your IRA Gold at Home? It's Not Exactly Legal – WSJ
cftc.gov
law.cornell.edu
- 7 U.S. Code SS7 – Designation board of trade as contract marketplaces
- 26 U.S. Code SS 408 – Individual retirement funds
How To
How to keep physical gold in an IRA
The best way of investing in gold is to purchase shares from companies that produce gold. But, this approach comes with risks. These companies may not survive the next few years. If they survive, there's still the risk of losing money due to fluctuations in the price of gold.
Alternative options include buying physical gold. This means that you will need to open an account at a bank, bullion seller online, or purchase gold from a trusted seller. This option is convenient because you can access your gold when it's low and doesn't require you to deal with stock brokers. It is easier to view how much gold has been stored. The receipt will show exactly what you paid. You'll also know if taxes were not paid. There's also less chance of theft than investing in stocks.
However, there are disadvantages. For example, you won't benefit from banks' interest rates or investment funds. It won't allow you to diversify any of your holdings. Instead, you'll be stuck with what's been bought. Finally, the tax man might ask questions about where you've put your gold!
BullionVault.com offers more information on buying gold for an IRA.
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By: Nik Hoffman
Title: Tether's Audit Report Reveals Over $2.8 Billion in Bitcoin Holdings
Sourced From: bitcoinmagazine.com/business/tethers-audit-report-reveals-over-2-8-billion-in-bitcoin-holdings
Published Date: Wed, 31 Jan 2024 17:36:58 GMT
Did you miss our previous article…
https://altcoinirareview.com/federal-reserve-holds-rate-steady-aims-for-greater-confidence-in-inflation-control/
