Introduction
In an exclusive interview with CNBC, Tom Farley, the former President of the New York Stock Exchange (NYSE) and current CEO of Bullish, shared his positive outlook on the future of cryptocurrency, specifically Bitcoin. Farley believes that the potential approval of a Bitcoin spot exchange-traded fund (ETF) by the Securities and Exchange Commission (SEC) will lead to a significant increase in institutional investment in the Bitcoin market.
The Significance of a Spot ETF Approval
During the interview, Farley emphasized the importance of a spot ETF approval for Bitcoin. He explained that a spot ETF would allow investors to directly invest in the underlying asset, unlike the currently available futures-based ETFs. Farley believes that this accessibility will attract a large influx of money into the industry, as people have faith in Bitcoin's value as a store of wealth.
Bullish Outlook on Bitcoin
Farley, who recently oversaw Bullish's acquisition of CoinDesk, expressed confidence in Bitcoin's long-term potential. He predicts that once a spot ETF receives regulatory approval, there will be a substantial increase in capital flowing into the market. Institutional investors and the wider financial community are showing growing interest in accessing Bitcoin through traditional investment vehicles, and Farley sees this as a positive indicator for the future of the cryptocurrency.
Credibility and Confidence
Farley's background as the former head of the NYSE lends credibility to his optimistic stance on Bitcoin and crypto. Joe Kernen, co-anchor of CNBC's Squawk Box, acknowledges Farley's expertise and sees it as a validation for the asset class.
Awaiting the SEC's Decision
As the industry eagerly awaits the SEC's decision on the Bitcoin spot ETF, Farley's bullish sentiment aligns with the growing confidence in Bitcoin's future trajectory. If approved, a spot ETF has the potential to bring a significant amount of capital into the Bitcoin market.
In conclusion, Tom Farley, the former President of the NYSE and current CEO of Bullish, believes that the approval of a Bitcoin spot ETF by the SEC will lead to a surge in institutional investment in the Bitcoin market. He highlights the accessibility and appeal of a spot ETF, as it allows investors to directly invest in Bitcoin. Farley's positive outlook on Bitcoin's future is supported by the increasing interest from institutional investors. The industry eagerly awaits the SEC's decision, which has the potential to unlock substantial capital for the Bitcoin market.
Frequently Asked Questions
What is the tax on gold in an IRA
The fair market value of gold sold is the basis for tax. When you purchase gold, you don't have to pay any taxes. It's not considered income. If you sell it later you will have a taxable profit if the price goes down.
As collateral for loans, gold is possible. Lenders try to maximize the return on loans that you take against your assets. In the case of gold, this usually means selling it. This is not always possible. They may hold on to it. They might decide to sell it. Either way, you lose potential profit.
To avoid losing money, only lend against gold if you intend to use it for collateral. If you don't plan to use it as collateral, it is better to let it be.
Who is the owner of the gold in a gold IRA
The IRS considers any individual who holds gold “a form of income” that is subject to taxation.
You must have gold at least $10,000 and it must be stored for at the least five years in order to take advantage of this tax-free status.
While gold may be a great investment to help prevent inflation and volatility in the market, it's not wise to keep it if you won't use it.
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.
What precious metal is best for investing?
This question depends on how risky you are willing to take, and what return you want. While gold is considered a safe investment option, it can also be a risky choice. For example, if your goal is to make quick money, gold may not suit you. Silver is a better investment if you have patience and the time to do it.
If you don't care about getting rich quickly, gold is probably the way to go. However, silver might be a better option if you're looking for an investment that provides steady returns over long periods.
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)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
- Contribution limits$6,000 (49 and under) $7,000 (50 and up)$6,000 (49 and under) $7,000 (50 and up)$58,000 or 25% of your annual compensation (whichever is smaller) (lendedu.com)
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
External Links
investopedia.com
wsj.com
- Saddam Hussein's Invasion Helped Uncage a Bear In 1990 – WSJ
- Want to Keep Gold in Your IRA at Home? It's not legal – WSJ
finance.yahoo.com
bbb.org
How To
How to hold physical gold in an IRA
The easiest way to invest is to buy shares in companies that make gold. But, this approach comes with risks. These companies may not survive the next few years. Even if the company survives, they still face the risk of losing their investment due to fluctuations in gold's price.
An alternative option would be to buy physical gold itself. You'll need to open a bank account, buy gold online from a trusted seller, or open an online bullion trading account. The advantages of this option include the ease of access (you don't need to deal with stock exchanges) and the ability to make purchases when prices are low. 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. There's also less chance of theft than investing in stocks.
There are also some drawbacks. You won't get the bank's interest rates or investment money. Also, you won't be able to diversify your holdings – you're stuck with whatever you bought. Finally, the taxman might want to know where your gold has been placed!
BullionVault.com has more information about how to buy gold in an IRA.
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By: Nik Hoffman
Title: Former NYSE President Optimistic About Bitcoin's Future with Spot ETF Approval
Sourced From: bitcoinmagazine.com/markets/former-nyse-president-says-money-will-flood-into-bitcoin-upon-spot-etf-approval
Published Date: Wed, 22 Nov 2023 21:01:07 GMT
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