Nayib Bukele, the current president of El Salvador, has secured his reelection in a resounding victory, receiving 85% of the popular vote. Bukele, known for his groundbreaking decision to make bitcoin legal tender in the country, will continue to implement pro-bitcoin policies during his second term.
Bitcoin Advocate Nayib Bukele Emerges Victorious with 85% of the Popular Vote
Nayib Bukele, the incumbent president of El Salvador, has been reelected in a landslide victory, as predicted by local polls and reports. Bukele, a staunch supporter of Bitcoin, made history by introducing legislation to establish bitcoin as legal tender in the country. His bold move garnered widespread support from the Salvadoran society, resulting in an overwhelming 85% of the popular vote.
Celebrating his triumph, Bukele exclaimed:
"We have emerged victorious in the presidential election with over 85% of the votes and a minimum of 58 out of 60 seats in the Assembly. A remarkable achievement in the entire history of democracy."
Bukele extended an invitation to the Salvadoran people to join in the celebration at the National Palace, marking this significant moment in their nation's history.
Felix Ulloa, the vice-president of El Salvador, had previously stated that if Bukele won the election by a wide margin, he would further expand the implementation of bitcoin-related policies. This includes initiatives such as granting passports to bitcoin entrepreneurs and issuing Volcano bonds to fund the construction of Bitcoin City, a planned tax haven for cryptocurrency companies.
Despite his overwhelming victory in the popular vote, Bukele's reelection is not without controversy. He was granted a leave of absence in 2023 to participate in these elections as a candidate, a decision that has been deemed unconstitutional by his critics. The national tribunal, under Bukele's control, had established this requirement for reelection back in 2021.
Nonetheless, Stacy Herbert, the director of the National Bitcoin Office (ONBTC) of El Salvador, hailed this historic victory as a triumph for democracy worldwide. She highlighted that the previous record for the widest margin in a democratic election was 56.2% in Portugal in 1991.
What are your thoughts on the reelection of President Nayib Bukele, who is known for his support of Bitcoin, in El Salvador? Share your opinions in the comments section below.
Frequently Asked Questions
Should You Buy Gold?
Gold was a safe investment option for those who were in financial turmoil. Many people today are moving away from stocks and bonds to look at precious metals, such as gold, as a way to diversify their investments.
The trend for gold prices has been upward in recent years but they still remain low relative to other commodities like silver and 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 important things to remember if your goal is to invest in gold.
- The first thing to do is assess whether you actually need the money you're putting aside for retirement. It is possible to save enough money to retire without investing in gold. However, when you retire at age 65, gold can provide additional protection.
- Second, ensure you fully understand the risks involved in buying gold. Each type offers varying levels and levels of security.
- Don't forget that gold does not offer the same safety level as a bank accounts. Your gold coins may be lost and you might never get them back.
You should do your research before buying gold. Protect your gold if you already have it.
What's the advantage of a Gold IRA?
A gold IRA has many benefits. You can diversify your portfolio with this investment vehicle. You can control how much money is deposited into each account as well as when it's withdrawn.
You also have the option to transfer funds from other retirement plans into a IRA. This makes for an easy transition if you decide to retire early.
The best thing is that investing in gold IRAs doesn't require any special skills. They're available at most banks and brokerage firms. Withdrawals can be made instantly without the need to pay fees or penalties.
But there are downsides. Gold has always been volatile. Understanding why you invest in gold is crucial. Are you looking for growth or safety? Do you want to use it as an insurance strategy or for long-term growth? Only when you are clear about the facts will you be able take an informed decision.
If you plan on keeping your gold IRA alive for a while, you may want to consider purchasing more than 1 ounce of pure gold. One ounce doesn't suffice to cover all your needs. Depending on your plans for using your gold, you may need multiple ounces.
You don’t necessarily need a lot if you’re looking to sell your gold. You can even get by with less than one ounce. However, you will not be able buy any other items with those funds.
How much should precious metals make up your portfolio?
This question can only be answered if we first know what precious metals are. Precious metals refer to elements with a very high value relative other commodities. This makes them highly valuable for both investment and trading. The most traded precious metal is gold.
But, there are other types of precious metals available, including platinum and silver. The price of gold fluctuates, but it generally remains stable during times of economic turmoil. It also remains relatively unaffected by inflation and deflation.
In general, prices for precious metals tend increase with the overall marketplace. But they don't always move in tandem with one another. When the economy is in trouble, for example, gold prices tend to rise while other precious metals fall. Investors expect lower interest rates which makes bonds less appealing investments.
However, when an economy is strong, the reverse effect occurs. Investors want safe assets such Treasury Bonds and are less inclined to demand precious metals. These precious metals are rare and become more costly.
To maximize your profits when investing in precious metals, diversify across different precious metals. You should also diversify because precious metal prices can fluctuate and it is better to invest in multiple types of precious metals than in one.
How Do You Make a Withdrawal from a Precious Metal IRA?
First, you must decide if you wish to withdraw money from your 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.
A taxable brokerage account is a better option than an IRA if you are prepared to pay a penalty for early withdrawals. If you decide to go with this option, you will need to take into account the taxes due on the amount you withdraw.
Next, you need to determine how much money is going to be taken out from your IRA. This calculation is dependent on several factors like your age when you take the money out, how long you have had the account, and whether or not your plan to continue contributing.
Once you have determined the percentage of your total savings that you would like to convert to cash, you can then decide which type of IRA to use. Traditional IRAs let you withdraw money tax-free after you turn 59 1/2, while Roth IRAs require you to pay income taxes upfront but allow you access the earnings later without paying any additional taxes.
Once these calculations have been completed you will need to open an account with a brokerage. A majority of brokers offer free signup bonuses, as well as other promotions, to get people to open accounts. However, a debit card is better than a card. This will save you unnecessary fees.
When you finally get around to making withdrawals from your precious metal IRA, you'll need a safe place where you can store your coins. Some storage facilities will accept bullion bars, others require you to buy individual coins. You will need to weigh each one before making a decision.
Bullion bars, for example, require less space as you're not dealing with individual coins. However, you'll need to count every coin 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. Others prefer to place them in safe deposit boxes. You can still enjoy the benefits of bullion for many years, regardless of which method you choose.
Is physical gold allowed in an IRA.
Gold is money and not just paper currency. People have been using gold for thousands of years to store their wealth and protect it from economic instability and inflation. Today, investors use gold as part of a diversified portfolio because gold tends to do better during financial turmoil.
Many Americans now invest in precious metals. It's not guaranteed that you'll make any money investing gold, but there are several reasons it might be worthwhile to add gold to retirement funds.
Gold has historically performed better during financial panics than other assets. Gold prices rose nearly 100 percent between August 2011 and early 2013, while the S&P 500 fell 21 percent over the same period. Gold was one of the few assets that performed better than stocks during turbulent market conditions.
One of the best things about investing in gold is its virtually zero counterparty risk. You still have your shares even if your stock portfolio falls. However, if you have gold, your value will rise even if the company that you invested in defaults on its loans.
Gold provides liquidity. This means that, unlike most other investments, you can sell your gold anytime without worrying about finding another buyer. Gold is liquid and therefore it makes sense to purchase small amounts. This allows you to profit from short-term fluctuations on the gold market.
What are some of the benefits of a gold IRA
The best way to save money for retirement is to place it in an Individual Retirement Account. It will be tax-deferred up until the time you withdraw it. You are in complete control of how much you take out each fiscal year. There are many types of IRAs. Some are better suited for college students. Others are designed for investors looking for higher returns. Roth IRAs, for example, allow people to contribute after they turn 59 1/2. They also pay taxes on any earnings when they retire. However, once they begin withdrawing funds, these earnings are not taxed again. This type account may make sense if it is your intention to retire early.
Because you can invest money in many asset classes, a gold IRA works similarly to other IRAs. Unlike a regular IRA you don't need to worry about taxes while you wait for your gains to be available. This makes gold IRA accounts a great choice for those who want their money to be invested, not spent.
You can also enjoy automatic withdrawals, which is another benefit of owning your gold through an IRA. This eliminates the need to constantly make deposits. Direct debits could be set up to ensure you don't miss a single payment.
Gold is one of today's most safest investments. Its value is stable because it's not tied with any one country. Even in economic turmoil, gold prices tends to remain relatively stable. Therefore, gold is often considered a good investment to protect your savings against inflation.
Statistics
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.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)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (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
forbes.com
- Gold IRA: Add some sparkle to your retirement nest egg
- Understanding China's Evergrande Crisis – Forbes Advisor
cftc.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
wsj.com
- Saddam Hussein’s InvasionHelped Uncage a Bear In 1989 – WSJ
- Want to Keep Gold in Your IRA at Home? It's not exactly legal – WSJ
How To
Gold Roth IRA guidelines
The best way to invest for retirement is by starting early. As soon as you become eligible, which is usually around age 50, start saving and keep it up throughout your career. To ensure sufficient growth, it is vital that you contribute enough each year.
You may also wish to take advantage of tax-free investments such as a SIMPLE IRA, SEP IRA, and traditional 401(k). These savings vehicles allow you to make contributions without paying taxes on earnings until they are withdrawn from the account. They are a great option for those who do not have access to employer matching money.
Savings should be done consistently and regularly over time. You'll miss out on any potential tax benefits if you're not contributing the maximum amount allowed.
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By: Sergio Goschenko
Title: Bitcoin Pioneer Nayib Bukele Reelected in El Salvador by a Landslide
Sourced From: news.bitcoin.com/bitcoin-pioneer-nayib-bukele-reelected-in-el-salvador-by-a-landslide/
Published Date: Mon, 05 Feb 2024 03:40:34 +0000
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