Revolutionizing the Industry
FIOR Digital GmbH, the company behind 21bitcoin, one of Europe's leading Bitcoin platforms, has recently secured a €2.1 million financing round. The funding comes from Volksbank Raiffeisenbank Bayern Mitte eG, one of Germany's most established banks. This significant investment highlights the potential of 21bitcoin to revolutionize the industry and become a market leader, according to a press release from Bitcoin Magazine.
Attracting a New Generation of Customers
Andreas Streb, board member and managing director of Volksbank Raiffeisenbank Bayern Mitte, expressed confidence in the company's potential, stating, "21bitcoin has succeeded in attracting a generation of customers in Europe with a platform for Bitcoin that is significantly different from the incumbents' offerings – simpler, more humane, and with a user experience that gives customers the experience they want."
Expanding Market Presence
The additional capital injection of €2.1 million will be used to expand 21bitcoin's market presence, diversify its product range, and grow its team. One notable goal for the company is to become the first Bitcoin company to obtain the European MiCAR license. This license will standardize the regulatory framework for cryptocurrency services across the European Union, providing uniform access to a market of 447 million people starting in late 2024.
Complementing the Bitcoin Strategy
Richard Riedmaier, Chairman of the Board of Volksbank Raiffeisenbank Bayern Mitte, emphasized the strategic importance of the investment, stating, "The participation in 21bitcoin is the consistent further development of our Bitcoin strategy and complements our own offering. 21bitcoin has created a compelling range of products for Bitcoin. The company has assembled an incredible team that is passionate about being the first Bitcoin company to receive a MiCAR license. We are excited to be part of their journey."
Impressive Growth and Expansion
According to the press release, 21bitcoin is currently experiencing its most significant period of growth since its inception three years ago. Over the past 12 months, the company has witnessed a staggering 2,832% increase in revenue. This growth reflects the growing interest of Europeans in Bitcoin as a savings and investment vehicle.
Driving Financial Change
Co-founder and CEO of 21bitcoin, Daniel Winklhammer, highlighted the transformative nature of the financial services industry and the company's role in driving change in Europe. He stated, "Our continued growth and the participation of an established bank as a lead investor prove that 21bitcoin is at the forefront of this change. Thousands of customers use 21bitcoin to diversify their portfolio into Bitcoin, spread the word about Bitcoin, and improve their overall financial lives. This investment will fuel our growth and enable us to provide easy and secure access to Bitcoin for tens of thousands more people, regardless of their background or location."
Frequently Asked Questions
How to Open a Precious Metal IRA
The first step is to decide if you want an Individual Retirement Account (IRA). To open the account, complete Form 8606. For you to determine the type and eligibility for which IRA, you need Form 5204. This form should be filled within 60 calendar days of opening the account. Once this is done, you can start investing. You can also choose to pay your salary directly by making a payroll deduction.
You must complete Form 8903 if you choose a Roth IRA. Otherwise, the process will be identical to an ordinary IRA.
To be eligible for a precious metals IRA, you will need to meet certain requirements. The IRS says you must be 18 years old and have earned income. You can't earn more than $110,000 per annum ($220,000 in married filing jointly) for any given tax year. Contributions must be made regularly. These rules apply to contributions made directly or through employer sponsorship.
A precious metals IRA can be used to invest in palladium or platinum, gold, silver, palladium or rhodium. However, you won't be able purchase physical bullion. This means you won’t be able to trade stocks and bonds.
You can also use your precious metallics IRA to invest in companies that deal with precious metals. This option is available from some IRA providers.
However, investing in precious metals via an IRA has two serious drawbacks. First, they don't have the same liquidity as stocks or bonds. It's also more difficult to sell them when they are needed. They don't yield dividends like bonds and stocks. Therefore, you will lose money over time and not gain it.
What are the benefits of a gold IRA
There are many advantages to a gold IRA. It is an investment vehicle that can diversify your portfolio. You decide how much money you want to put into each account, and when you want it to be withdrawn.
You have the option of rolling over funds from other retirement account into a gold IRA. This will allow you to transition easily if it is your decision to retire early.
The best part? You don’t need to have any special skills to invest into gold IRAs. These IRAs are available at all banks and brokerage houses. You do not need to worry about fees and penalties when you withdraw money.
That said, there are drawbacks too. Gold has historically been volatile. So it's essential to understand why you're investing in gold. Are you looking for safety or growth? Is it for security or long-term planning? Only after you have this information will you make 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 the purpose of your gold, you might need more than one ounce.
You don't have to buy a lot of gold if your goal is to sell it. Even a single ounce can suffice. However, you will not be able buy any other items with those funds.
What is the Performance of Gold as an Investment?
The price of gold fluctuates based on supply and demand. Interest rates can also affect the gold price.
Because of their limited supply, gold prices can fluctuate. Additionally, physical gold can be volatile because it must be stored somewhere.
Is physical gold allowed in an IRA.
Not just paper money or coins, gold is money. People have used gold as a currency for thousands of centuries to preserve their wealth and keep it safe from inflation. Gold is a part of a diversified portfolio that investors can use to protect their wealth from financial uncertainty.
Many Americans now invest in precious metals. Although owning gold does not guarantee that you will make money investing in it, there are many reasons to consider adding gold into your retirement portfolio.
One reason is that gold historically performs better than other assets during financial panics. The S&P 500 declined 21 percent during the same period. Gold prices increased nearly 100 per cent between August 2011 – early 2013. During turbulent market conditions gold was one of few assets that outperformed stock prices.
Gold is one of the few assets that has virtually no counterparty risks. Even if your stock portfolio is down, your shares are still yours. If you have gold, it will still be worth your shares even if the company in which you invested defaults on its debt.
Finally, gold is liquid. 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 for you to benefit from the short-term fluctuations of the gold market.
Should You Open a Precious Metal IRA?
You should be aware that precious metals cannot be covered by insurance. You cannot recover any money you have invested. This includes losing all your investments due to theft, fire, flood, etc.
It is best to invest in physical gold coins and silver coins to avoid this type loss. These items have been around for thousands of years and represent real value that cannot be lost. If you were to offer them for sale today, they would likely fetch you more than you paid when you bought them.
Consider a reputable business that offers low rates and good products when opening an IRA. A third-party custodian is a good option. They will protect your assets while giving you easy access whenever you need them.
Remember that you will not see any returns unless you are retired if you open an Account. Keep your eyes open for the future.
Statistics
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.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)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
External Links
irs.gov
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 Exactly Lawful – WSJ
investopedia.com
law.cornell.edu
- 7 U.S. Code SS7 – Designation boards of trade as contract market authorities
- 26 U.S. Code SS 408 – Individual retirement account
How To
The History of Gold as an Asset
Gold was a currency from ancient times until the early 20th century. It was widely accepted around the world and enjoyed its purity, divisibility and uniformity. Aside from its inherent value, it could be traded internationally. Different weights and measurements existed around the world, however, because there were not international standards to measure gold. One pound sterling, for example, was equivalent in England to 24 carats, and one livre tournois, in France, to 25 carats. A mark, on the other hand, was equivalent in Germany to 28 carats.
In the 1860s, the United States began issuing American coins made up of 90% copper, 10% zinc, and 0.942 fine gold. This led to a decline in demand for foreign currencies, which caused their price to increase. The price of gold dropped because the United States began to mint large quantities of gold coins. The U.S. government was unable to pay its debts due to too much money being in circulation. They decided to return some of the gold they had left to Europe.
Many European countries didn't trust the U.S. dollars and started to accept gold for payment. However, many European nations stopped using gold to pay after World War I and started using paper currency instead. The price of gold rose significantly over the years. Today, although the price fluctuates, gold remains one of the safest investments you can make.
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By: Nik Hoffman
Title: German Banking Titan Backs Bitcoin Financial Service with €2.1 Million
Sourced From: bitcoinmagazine.com/business/german-banking-titan-backs-bitcoin-financial-service-with-2-1-million
Published Date: Mon, 06 Nov 2023 07:00:00 GMT
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