The Bitcoin Price Prediction
The author of Rich Dad Poor Dad, Robert Kiyosaki, has insisted that the price of bitcoin will hit $150,000 soon. Kiyosaki, well-known for his financial expertise, co-authored the book Rich Dad Poor Dad in 1997, which has remained on the New York Times Best Seller List for over six years. With over 32 million copies sold in more than 109 countries and translated into 51 languages, Kiyosaki's predictions carry weight.
Bitcoin ETF Approval
Kiyosaki's prediction comes as the U.S. Securities and Exchange Commission (SEC) approved spot bitcoin exchange-traded funds (ETFs). Commenting on this development, Kiyosaki expressed his satisfaction with his decision to buy bitcoin years ago. He confidently stated that the price of bitcoin will soon reach $150,000. In his own words, Kiyosaki said, "Bitcoin ETF. Yay. Glad I bought years ago. Bitcoin to $150K soon … I will be buying more gold, silver, and bitcoin with fake dollars."
Why Kiyosaki Recommends Bitcoin, Gold, and Silver
Known for his unconventional financial views, Kiyosaki often refers to fiat currencies as fake money. He believes that when President Richard Nixon detached the U.S. dollar from the gold standard in 1971, the dollar lost its value. Kiyosaki argues that the U.S. dollar is no longer backed by real money, such as gold, but by the "full faith and credit" of the United States. As a result, he sees gold, silver, and bitcoin as the best protection against hyperinflation.
Additional Price Predictions
Robert Kiyosaki is not the only prominent figure to make bullish predictions about the price of bitcoin. Venture capitalist Tim Draper forecasts the crypto hitting $250,000 this year, while Standard Chartered and Alliance Bernstein both expect it to reach $200,000 by 2025, buoyed by the recent spot bitcoin ETF approvals. Furthermore, Ark Invest CEO Cathie Wood anticipates a significant price increase following the launch of the ETFs.
Conclusion
The prediction of Robert Kiyosaki, the renowned author of Rich Dad Poor Dad, that the price of bitcoin will hit $150,000 soon has caught the attention of many. With his strong track record and financial expertise, Kiyosaki's forecast carries weight in the crypto community. As the market eagerly awaits the outcome, it remains to be seen whether his prediction will come true.
What are your thoughts on Robert Kiyosaki's statements? Let us know in the comments section below.
Frequently Asked Questions
How much should precious metals make up your portfolio?
To answer this question we need to first define precious metals. Precious metals have elements with an extremely high worth relative to other commodity. This makes them very valuable in terms of trading and investment. Gold is today the most popular precious metal.
There are also many other precious metals such as platinum and silver. The price of gold fluctuates, but it generally remains stable during times of economic turmoil. It is also relatively unaffected both by inflation and deflation.
As a general rule, the prices for all precious metals tend to increase with the overall market. That said, they do not always move in lockstep with each other. The price of gold tends to rise when the economy is not doing well, but the prices of the other precious metals tends downwards. Investors expect lower interest rates which makes bonds less appealing investments.
Contrary to this, when the economy performs well, the opposite happens. Investors prefer safe assets such as Treasury Bonds and demand fewer 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. Because precious metals prices are subject to fluctuations, it is best to invest across multiple precious metal types, rather than focusing on one.
Should you Invest In Gold For Retirement?
The answer depends on how much money you have saved and whether gold was an investment option available when you started saving. Consider investing in both.
Gold is a safe investment and can also offer potential returns. Retirees will find it an attractive investment.
While most investments offer fixed rates of return, gold tends to fluctuate. Because of this, gold's value can fluctuate over time.
But this doesn't mean you shouldn't invest in gold. Instead, it just means you should factor the fluctuations into your overall portfolio.
Another advantage of gold is its tangible nature. Gold is much easier to store than bonds and stocks. It can also be transported.
As long as you keep your gold in a secure location, you can always access it. Additionally, physical gold does not require storage fees.
Investing in gold can help protect against inflation. Because gold prices tend to rise along with other commodities, it's a good way to hedge against rising costs.
You'll also benefit from having a portion of your savings invested in something that isn't going down in value. Gold tends to rise when the stock markets fall.
Investing in gold has another advantage: you can sell it anytime you want. You can also liquidate your gold position at any time you need cash, just like stocks. You don't even have to wait until you retire.
If you do decide to invest in gold, make sure to diversify your holdings. You shouldn't try to put all of your eggs into one basket.
You shouldn't buy too little at once. Begin by buying a few grams. Add more as you're able.
It's not about getting rich fast. It's not to get rich quickly, but to accumulate enough wealth to no longer need Social Security benefits.
While gold may not be the best investment, it can be a great addition to any retirement plan.
Can I buy gold with my self-directed IRA?
Your self-directed IRA can be used to purchase gold, but first you need to open an account with a brokerage firm such as TD Ameritrade. Transfer funds from an existing retirement account are also possible.
The IRS allows individuals to contribute up to $5,500 annually ($6,500 if married and filing jointly) to a traditional IRA. Individuals can contribute up $1,000 per annum ($2,000 if they are married and jointly) directly to a Roth IRA.
You should consider buying physical gold bullion if you decide to invest in it. Futures contracts, which are financial instruments based upon the price of gold, are financial instruments. You can speculate on future prices, but not own the metal. But, physical bullion is real bars of gold or silver that you can hold in one's hand.
Can I have a gold ETF in a Roth IRA
This option may not be available in a 401(k), but you should look into other options such as an Individual Retirement account (IRA).
An IRA traditional allows both employees and employers to contribute. You can also invest in publicly traded businesses by creating an Employee Stock Ownership Plan (ESOP).
An ESOP offers tax benefits because employees can share in the company stock and any profits that it generates. The money invested in the ESOP is then taxed at lower rates than if it were held directly in the hands of the employee.
You can also get an Individual Retirement Annuity, or IRA. An IRA allows you to make regular payments throughout your life and earn income in retirement. Contributions to IRAs can be made without tax.
Is it a good idea to open a Precious Metal IRA
It is essential to be aware of the fact that precious metals do not have insurance coverage before opening an IRA. There is no way to recover money that you have invested in precious metals. This includes any loss of investments from theft, fire, flood or other circumstances.
This type of loss can be avoided by investing in physical silver and gold coins. These items have been around thousands of years and are irreplaceable. 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. You should also consider using a third party custodian to protect your assets and give you access at any time.
If you decide to open an account, remember that you won't see any returns until after you retire. Keep your eyes open for the future.
Statistics
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
- 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)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (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
law.cornell.edu
- 7 U.S. Code SS7 – Designation boards of trade as contract market authorities
- 26 U.S. Code SS 408 – Individual retirement accounts
wsj.com
- Saddam Hussein's InvasionHelped Uncage a Bear In 1991 – WSJ
- You want to keep gold in your IRA at home? It's Not Exactly Legal – WSJ
investopedia.com
forbes.com
How To
3 Ways to Invest Gold for Retirement
It's important to understand how gold fits in with your retirement plan. There are many ways to invest in gold if you have a 401k account at work. You might also consider investing in gold outside your workplace. For example, if you own an IRA (Individual Retirement Account), you could open a custodial account at a brokerage firm such as Fidelity Investments. If precious metals aren't your thing, you may be interested in buying them from a dealer.
If you do invest in gold, follow these three simple rules:
- You can buy gold with your cash – No need to use credit cards or borrow money for investment financing. Instead, cash in your accounts. This will help to keep your purchasing power high and protect you against inflation.
- Physical Gold Coins: You should own physical gold coins, not just a certificate. The reason is that it's much easier to sell physical gold coins than certificates. Physical gold coins don't require storage fees.
- Diversify your Portfolio. In other words, spread your wealth around by investing in different assets. This will reduce your risk and give you more flexibility in times of market volatility.
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By: Kevin Helms
Title: Robert Kiyosaki Predicts Bitcoin Price Will Hit $150,000 Soon
Sourced From: news.bitcoin.com/robert-kiyosaki-predicts-btc-will-soon-hit-150k-as-sec-approves-bitcoin-etfs-says-i-will-be-buying-more-bitcoin/
Published Date: Thu, 11 Jan 2024 02:30:39 +0000
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