Renowned whistleblower Edward Snowden has made a bold prediction on X today, suggesting that a national government will enter the Bitcoin market this year by purchasing BTC.
Snowden's Prediction on Government Acquisition of Bitcoin
Snowden stated, "Prediction: A national government will be revealed this year to have been buying Bitcoin—the modern replacement for monetary gold—without having disclosed that fact publicly."
Snowden's prediction comes amid increasing institutional, retail, and nation-state interest in Bitcoin, with several major corporations and investment firms allocating significant resources to the asset.
El Salvador's Influence on Bitcoin Adoption
Earlier today, El Salvador President Nayib Bukele commented on Bitcoin's recent price increase, highlighting the country's success with Bitcoin adoption. Bukele mentioned how their investment in BTC has yielded a profit of over 40% and has attracted tourism and investment opportunities.
El Salvador's positive experience with Bitcoin may serve as a model for other nations considering embracing the cryptocurrency to stimulate economic growth.
Global Recognition of Bitcoin's Impact
As Snowden's prediction gains traction, it reflects the increasing mainstream acceptance of Bitcoin's significance in the global economy. The potential for Bitcoin to revolutionize traditional financial systems is becoming more apparent.
Overall, the growing interest from governments and institutions in Bitcoin signals a shift towards recognizing the digital currency's role in shaping the future of finance on a global scale.
Frequently Asked Questions
Is buying gold a good retirement plan?
Although gold investment may not seem appealing at first glance due to the high average global gold consumption, it's worth considering.
Physical bullion bar is the best way to invest in precious metals. You can also invest in gold in other ways. It's best to thoroughly research all options before you make a decision.
If you don’t need a safe place for your wealth, then buying shares of mining companies or companies that extract it might be a better alternative. Owning gold stocks should work well if you need cash flow from your investment.
You also can put your money into exchange-traded funds (ETFs), which essentially give you exposure to the price of gold by holding gold-related securities instead of actual gold. These ETFs can include stocks of precious metals refiners and gold miners.
What precious metal should I invest in?
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. Gold is a traditional haven investment. However, it is not always the most profitable. For example, if you need a quick profit, gold may not be for you. You should invest in silver if you have the patience and time.
If you don’t want to be rich fast, gold might be the right choice. However, silver might be a better option if you're looking for an investment that provides steady returns over long periods.
What precious metals can you invest in for retirement?
Gold and silver are the best precious metal investments. Both are easy to sell and can be bought easily. They are a great way to diversify your portfolio.
Gold: Gold is one of man's oldest forms of currency. It is stable and very secure. Because of this, it's considered a good way to preserve wealth during times of uncertainty.
Silver: Silver has been a favorite among investors for years. It's an ideal choice for those who prefer to avoid volatility. Silver tends to move up, not down, unlike gold.
Platinum: A new form of precious metal, platinum is growing in popularity. Like gold and silver, it's very durable and resistant to corrosion. It is however more expensive than its counterparts.
Rhodium. Rhodium is used as a catalyst. It is also used for jewelry making. And, it's relatively cheap compared to other types of precious metals.
Palladium – Palladium is an alternative to platinum that's more common but less scarce. It's also more accessible. For these reasons, it's become a favorite among investors looking to add precious metals to their portfolios.
Who owns the gold in a Gold IRA?
An individual who has gold is considered to be a “form of money” by the IRS and subject to taxation.
To be eligible for the tax-free status, you must possess at least $10,000 gold and have had it stored for at least five consecutive years.
Gold can be used to protect against inflation and price volatility. However, it is not a good idea to own gold if you don't intend to use it.
If you plan to sell the gold one day, you will need to report its worth. This will affect how much capital gains tax you owe on cash you have invested.
It is a good idea to consult an accountant or financial planner to learn more about your options.
Statistics
- You can only purchase gold bars at least 99.5% purity. (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)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
- (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)
External Links
investopedia.com
- Are You a Good Candidate for a Gold IRA
- What are the Options? Types, Spreads, Example and Risk Metrics
finance.yahoo.com
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 Lawful – WSJ
bbb.org
How To
Investing in gold or stocks
Gold investing as an investment vehicle can seem extremely risky these days. Many people believe that investing in gold is not profitable. This belief is based on the fact that gold prices are being driven down by global economic conditions. They fear that investing in gold will result in a loss of money. However, investing in gold can still provide significant benefits. Let's take a look at some of the benefits.
Gold is the oldest known form of currency. It has been in use for thousands of year. It is a valuable store of value that has been used by many people throughout the world. It's still used by countries like South Africa as a method of payment.
Consider the price per gram when you decide whether you should invest in or not. When looking into buying gold bullion, you must decide how much you are willing to spend per gram. If you don’t know the current market rate for gold bullion, you can always consult a local jeweler to get their opinion.
It's also important to note that, although gold prices are down in recent months, the costs of producing it have risen. So while the price of gold has declined, production costs haven't changed.
Another thing to remember when thinking about whether or not you should buy gold is the amount of gold you plan on purchasing. If you intend to only purchase enough gold to cover your wedding rings it may be a smart decision to not buy any gold. If you plan to do so as long-term investments, it is worth looking into. If you sell your gold for more than you paid, you can make a profit.
We hope our article has given you a better understanding of gold as an investment tool. We recommend that you investigate all options before making any major decisions. Only then will you be able to make an informed decision.
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By: Nik Hoffman
Title: Edward Snowden Predicts Government Purchase of Bitcoin in 2024
Sourced From: bitcoinmagazine.com/markets/edward-snowden-anticipates-government-acquisition-of-bitcoin-in-2024
Published Date: Wed, 28 Feb 2024 20:11:50 GMT
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