Status of SIP in Bitcoin After 1 Month
As you might already know I have Started SIP in Bitcoin, and it's been 31 days or 1 month of daily investing in it for Rs 100 or approximately $1. In the last few days, the Bitcoin price has increased thus my portfolio has increased by nearly the same percentage. This is good because then I am actually benefitting from the price rise or fall of the bitcoin every day as I am using the Dollar Cost Averaging to buy the Bitcoin using the SIP mode. Note that there are no TDS applicable in buying the Bitcoin if you buy using INR, so for me, all the money I am using is actually buying the Bitcoin without giving away 1% tax. Also, the tax for selling will be waived off by the BitDroplet.
I am using the Dollar Cost Averaging way to buy Bitcoin every day and this way I do not have to think about it going up or down I think this is the best way to buy your favorite coin. Anything can happen in the market, but again whatever the case we should have some money to buy at the bottom and since we do not know the bottom it's better to buy at regular intervals and that's what I am doing by buying it using the SIP.
PC: Bitdroplet.com
For me, it's not a big profit, but I am at 10% profit after investing for the last 1 month as the price of Bitcoin is going up. I have kept a target of Rs 50K so as of now completed 6% of my target. 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.
Posted Using LeoFinance Beta
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