Status of SIP in Bitcoin After 6 Months
As you might already know I started SIP in Bitcoin, and it's been more than 170 days of daily investing in it for Rs 100 or approximately $1. I was quite irregular this time and should have invested more because Bitcoin was down. In the last few days, the Bitcoin price has gone up and thus my portfolio which was down 20% is now down only 1%. This happened mostly because I was doing the dollar cost averaging, and actually benefitted from the lows of Bitcoin. And this is where the SIP of bitcoin is beneficial where you get the dollar cost averaging. I do not have to pay any Tax in buying the Bitcoin from INR so I am getting the Bitcoin for the full $1.
As you can see from the above graph the straight line is my investment (you will see slight up and down because of my irregularities) whereas the blue line is the current value. The value has been decreasing but now in the last few days it has increased and thus the percentage down is quite less. My average buy price is $18,320.53 whereas the current market price is around the same.
I think this is the beauty of Dollar Cost Averaging as you can see for me, it was a big unrealized loss of more than 20% 2 months back but now the loss has been gone and hopefully, I will get a profit from now on. The problem was I could not get some additional amount to be invested when it was low but again it is not that bad because I will continue investing in it as a SIP and taking advantage of Dollar Cost Averaging.
It is not that I do not have any BTC in my portfolio, but I never started the SIP in bitcoin, so with this, I have started using the Bitdroplet to invest a small amount of my FIAT money in Bitcoin and see my overall portfolio gain when the Bull returns. Also, with this, I am actually buying the Bitcoin in a legal way so that when I sell I have to pay the 30% Tax on the profit. So I am hoping to get around 100% returns so that paying 30% on that will not make much difference to my income. Though it will take some time to get that 100% profit but I know I will surely get it.
Posted Using LeoFinance Beta
https://twitter.com/1460818780980973570/status/1613391120767000576
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"I am actually buying the Bitcoin in a legal way"
i am curious as to why.
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Still paying 30% is way too much on something that is not well defined in the law.
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