Place the trivet in the Instant Pot and pour in the water. Position the beets on the trivet.
Lock the lid and set to high pressure for 20 minutes. When the time is up, allow a natural pressure release for 10 minutes, then manually release the remaining pressure.
Remove the beets to a bowl to cool. Once cooled, remove the peel by rubbing the beets with your fingers.
Video
Notes
You can use a vegetable peeler to remove the beets' skin before putting them into the Instant Pot. But akin to carrots, you actually don't have to peel beets at all. They're perfectly safe to eat without peeling, and taking the skin off is a matter of personal preference and/or what you're using the beets for.
Beet juice will stain anything that it touches. While the yellow beets don't stain as badly as the red it is good to know going in. If you don't want red or yellow hands for a day or two try using food grade kitchen gloves while peeling.
While you can use either golden or red beets, it's important to choose the right one for your tastes and the recipe you're making with them. Golden beets aren't as sweet as red beets, and are overall more earthy and mellow. If you like beets for their distinct sweetness, stick with the red beets.
Scrub the beets well to remove dirt before cooking.
If your beets range in size they will not cook evenly. This cooking time is based on medium sized beets.