Introduction
Economist Nouriel Roubini, known as 'Dr. Doom' for his skepticism towards cryptocurrency, is facing criticism as his company, Atlas Capital, announces its venture into the crypto market. This move represents a significant shift from Roubini's previous disdain for crypto enthusiasts, whom he labeled as corrupt and criminals.
Dr. Doom Softens Stance
Roubini has long maintained a consistent stance against crypto assets. However, Atlas Capital, under his leadership, has now introduced a climate-focused crypto token called atlas (ACT). This token aims to combat climate change and offers everyday investors a low-cost and liquid climate investment strategy.
ACT Token Features
The ACT token is backed by tangible assets such as gold, bonds, commodities, and climate-resilient real estate investment trusts (REITs). The project incorporates the latest technologies, including artificial intelligence (AI), machine learning (ML), and blockchain, to enhance its climate-focused initiatives.
Mockery and Criticism
Roubini's pivot towards a crypto asset project has resulted in widespread mockery and criticism. Binance CEO Changpenz Zhao called him shameless for including the Binance logo on their website without permission. Social media users have also joined in, ridiculing Roubini for using trendy buzzwords and accusing him of hypocrisy.
Atlas Capital Token Team
The team behind the ACT token includes notable industry figures such as Reza Bundy, co-founder of Iron Planet; Paschalis Bouchoris, former chief in the Middle East for Blackrock; Puneet Agarwal, former Goldman Sachs executive; and Mayur Kamat, former head of product at Binance.
Conclusion
Despite the backlash, Roubini has remained silent and focused on other issues, such as the conflict between Israel and Hamas and the climate crisis. The introduction of Atlas Capital's climate-focused crypto token raises questions about Roubini's previous criticisms and the authenticity of his current venture.
What are your thoughts on Dr. Doom or Nouriel Roubini's climate crypto token? Do you believe it exhibits sheer hypocrisy? Share your opinions in the comments section below.
Frequently Asked Questions
How much should your IRA include precious metals
When investing in precious metals, the most important thing to know is that they aren't just for wealthy people. You don’t need to have a lot of money to invest. There are many methods to make money off of silver and gold investments.
You might consider purchasing physical coins, such as bullion bars and rounds. You could also buy shares in companies that produce precious metals. You may also be interested in an IRA transfer program offered by your retirement provider.
You will still reap the benefits of owning precious metals, regardless of which option you choose. They offer the potential for long-term, sustainable growth even though they aren’t stocks.
Their prices are more volatile than traditional investments. If you decide to make a sale of your investment in the future, you will likely realize more profit than with traditional investments.
How Do You Make a Withdrawal from a Precious Metal IRA?
You first need to decide if you want to withdraw money from an IRA account. After that, you need to decide if you want to withdraw funds from an IRA account. Next, make sure you have enough money in order for you pay any fees or penalties.
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. You will also have to account for taxes due on any amount you withdraw if you choose this option.
Next, figure out how much money will be taken out of your IRA. This calculation depends on several factors, including the age when you withdraw the money, how long you've owned the account, and whether you intend to continue contributing to your retirement plan.
Once you know how much of your total savings to convert to cash, it's time to choose the type of IRA that you want. Traditional IRAs permit you to withdraw your funds tax-free once you turn 59 1/2. Roth IRAs have income taxes upfront, but you can access the earnings later on without paying additional taxes.
Once these calculations have been completed you will need to open an account with a brokerage. 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 comes time to withdraw your precious metal IRA funds, you will need a safe location where you can keep your coins. Some storage facilities will take bullion bars while others require you only to purchase individual coins. You'll have to weigh the pros of each option before you make a decision.
Bullion bars require less space, as they don't contain individual coins. However, each coin will need to be counted individually. However, keeping individual coins in a separate place allows you to easily track their values.
Some prefer to keep their money in a vault. Some people prefer to store their coins safely in a vault. No matter what method you use, it is important to keep your bullion safe so that you can reap its benefits for many more years.
What is the tax on gold in Roth IRAs?
An investment account's tax is calculated based on the current value of the account, and not on what you paid originally. If you invest $1,000 in mutual funds or stocks and then later sell them, all gains are subjected to taxes.
However, if the money is deposited into a traditional IRA/401(k), the tax on the withdrawal of the money is not applicable. Only earnings from capital gains and dividends are subject to tax. These taxes do not apply to investments that have been held for more than one year.
These accounts are subject to different rules depending on where you live. Maryland is an example of this. You must withdraw your funds within 60 calendar days of turning 59 1/2. You can delay until April 1st in Massachusetts. New York has a maximum age limit of 70 1/2. To avoid penalties, you should plan ahead and take distributions as soon as possible.
How much tax is gold subject to in an IRA
The fair market value at the time of sale is what determines how much tax you pay on gold sales. You don't have tax to pay when you buy or sell gold. It is not considered income. If you decide to make a sale of it, you'll be entitled to a taxable loss if the value goes up.
Loans can be secured with gold. Lenders try to maximize the return on loans that you take against your assets. In the case of gold, this usually means selling it. The lender might not do this. They may keep it. They might decide that they want to resell it. Either way you will lose potential profit.
In order to avoid losing your money, only lend against your precious metal if you plan to use it to secure other collateral. Otherwise, it's better to leave it alone.
What precious metal is best for investing?
This question is dependent on the amount of risk you are willing and able to accept as well as the type of return you desire. Although gold has traditionally been considered a safe investment choice, it may not be the most profitable. Gold may not be right for you if you want quick profits. You should invest in silver if you have the patience and time.
If you don't care about getting rich quickly, gold is probably the way to go. If you want to invest in long-term, steady returns, silver is a better choice.
Is the government allowed to take your gold
The government cannot take your gold because you own it. You have earned it by working hard for it. It belongs entirely to you. But, this rule is not universal. You can lose your gold if you have been convicted for fraud against the federal governments. Your precious metals can also be lost if you owe tax to the IRS. However, even if taxes are not paid, gold is still your property.
Statistics
- 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)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
- 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)
External Links
forbes.com
- Gold IRA: Add some sparkle to your retirement nest egg
- Understanding China's Evergrande Crisis – Forbes Advisor
irs.gov
cftc.gov
bbb.org
How To
How to hold physical gold in an IRA
The most obvious way to invest in gold is by buying shares from companies producing gold. However, there are risks associated with this strategy. It isn't always possible for these companies to survive. Even if the company survives, they still face the risk of losing their investment due to fluctuations in gold's price.
The alternative is to buy physical gold. You'll need to open a bank account, buy gold online from a trusted seller, or open an online bullion trading account. 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's also easier to see how much gold you've got stored. So you can see exactly what you have paid and if you missed any taxes, you will get a receipt. You have less risk of theft when investing in stocks.
However, there are some disadvantages too. 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 taxman may ask you about where you have put your gold.
Visit BullionVault.com to find out more about gold buying in an IRA.
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By: Jamie Redman
Title: Economist Nouriel Roubini's Firm Reveals Climate-Focused Crypto Token
Sourced From: news.bitcoin.com/dr-doom-embraces-what-he-once-scorned-nouriel-roubinis-firm-rolls-out-crypto-amidst-criticism/
Published Date: Thu, 09 Nov 2023 00:30:36 +0000
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