Sandeep Biswas, managing director and CEO at Newcrest Mining, believes crypto investors should consider buying some gold to protect themselves against highly unstable prices of cryptos like Bitcoin ( BTC ).“If you’re into cryptos, you want to consider having some gold,” Biswas said on Bloomberg TV Thursday, stressing that gold is less volatile than crypto. The exec emphasized that gold is a different class of investment. “It’s a tangible asset: you can see it, you can touch it, you can feel it, you can mold it, you can make it into jewelry, whatever you want.”Biswas noted the scarce nature of gold, stating, “There’s only so much that will be found . whereas cryptocurrencies, we see them proliferating all over the place.“The mining exec  s aid that the overall trend of gold prices remains strong amid the global inflation and money printing triggered by government stimulus programs to tackle the COVID-19 pandemic. Biswas’ remarks come amid a slight spike in volatility on crypto markets. After breaking its new all-time high of over $48,000 on Feb. 9, Bitcoin subsequently saw a correction, with BTC price pulling back below $45,000  the next day. As reported by Cointelegraph, Bitcoin’s annualized volatility surged amid rallying prices recently, nearly touching the volatility levels recorded amid “Black Thursday,” when Bitcoin price plunged 40% in a matter of days from $9,000 to $5,200. Amid highly volatile moves on the crypto market, gold has been steadily inching up amid a weaker United States dollar triggered by hopes for a U. S. stimulus package. At the time of writing, spot gold is trading at $1,842 , slightly up around 0.1% over the past 24 hours. In December 2020, American investment bank Goldman Sachs suggested that Bitcoin’s parabolic surge in late 2020 should not hurt traditional assets like gold . “We do not see evidence that Bitcoin’s rally is cannibalizing gold’s bull market and believe the two can coexist,” the bank stated.

All data is taken from the source: https://cointelegraph.com/
Article Link: https://cointelegraph.com/news/crypto-investors-should-consider-buying-gold-newcrest-mining-ceo-says

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Crypto investors should consider buying gold, Newcrest Mining CEO says
https://crypto-pandemic.us/

Gold should help crypto investors hedge against the risks of highly unstable prices of cryptos like Bitcoin, the CEO of Newcrest Mining said. 7786 Total views 21 Total shares Sandeep Biswas, managing director and CEO at Newcrest Mining, believes crypto investors should consider buying some gold to protect themselves against highly unstable prices of cryptos like Bitcoin (BTC). “If you’re into cryptos, you want to consider having some gold,” Biswas said on Bloomberg TV Thursday, stressing that gold is less volatile than crypto. The exec emphasized that gold is a different class of investment. “It’s a tangible asset: you can…

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Crypto investors should consider buying gold, Newcrest Mining CEO says

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Tax law surrounding crypto assets is currently convoluted and confusing, even despite Congress demanding the IRS clarify the law, and the IRS taking steps to provide more clarity to crypto investors in the United States. However, given some recent comments from an IRS official regarding like-kind exchanges, crypto investors based in the US may want to consider going back and amending their tax returns to ensure they comply with the law. Ever since Facebook unveiled its Libra cryptocurrency, the United States government and its many branches of government office have taken notice of the young, wild-west-like crypto industry, and the assets traded within it. Related Reading | Confusing U. S. Tax Laws Lead to $5 Billion In Unrealized Crypto LossesConcerns over the disruption of the current monetary system, its use for illicit crimes like money laundering or terrorist funding, and more, have caused the US government to crack down on the crypto market. It’s also caused the IRS to suddenly take more interest in crypto assets, and have updated tax forms to include if a taxpayer owns crypto assets – to ensure they aren’t missed on tax returns. Confusion remains around uncommon aspects of the industry, such as airdrops, but the IRS has finally begun to clarify the law in important areas. According to a recent statement by IRS Associate Chief Counsel Suzanne Sinno, the office’s policy regarding like-kind exchanges never applied to cryptocurrencies. Wikipedia says that a “like-kind exchange under United States tax law, also known as a 1031 exchange, is a transaction or series of transactions that allows for the disposal of an asset and the acquisition of another replacement asset without generating a current tax liability from the sale of the first asset.”Like-kind exchanges that fall under a 1031 exchange include personal property such as vehicles, or even livestock. The law, however, is clear that it doesn’t include stocks, bonds, notes, or “other securities or evidences of indebtedness or interest.”Cryptocurrencies, according to Sinno, do not fall under the 1031 exchange tax code and would need to be reported on income taxes. Prior to 2018, the common belief across the cryptocurrency community was that like-kind exchanges didn’t need to be reported, and thus any trades of Bitcoin into another crypto asset like Ripple, for example, did not need to be specifically reported – only when crypto was traded for cash. The IRS claims it will be focusing its crackdown on individuals who haven’t reported their crypto taxes at all, and not those that have made mistakes in reporting. But because many crypto investors may not have reported like-kind exchanges, it could put them into the former category. Related Reading | Overwhelming Majority of Bitcoin and Crypto Investors Refuse to Report TaxesCrypto investors who failed to report like-kind exchanges prior to 2018 or at all, would be wise to speak to a tax attorney or accountant to understand their risk exposure, and if filing an amended tax return is suggested. Filing an amended tax return could result in a taxpayer owing back taxes on crypto trades, especially during the 2017 bull run, however, it is likely a small price to pay compared to the fines and potential jail time for failing to properly report income taxes.

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* I am not a financial adviser and this is not financial advice. You are responsible for your own money and investments

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