Status of SIP in Bitcoin After 19 Days
In one of my last posts, I stated that I have Started SIP in Bitcoin, and it's been 19 days of daily investing in it Rs 100 or approximately $1. In the last 5 days, the Bitcoin price has increased by almost 6% and 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. Note that there is 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.
Whether Bitcoin is at $20K or $50K it is always better to buy Bitcoin at a small price that's what I have started doing currently. I remember that when Bitcoin touched $50K everyone was thinking about why they had not bought Bitcoin when it was just $20K. So why regret it again when it goes back to $50K, so start buying as I am doing. So that's why this time around I am not doing that mistake and have started buying Bitcoin every day so that even if goes down now I will be buying it regularly. And if goes up I will be on profit. Just like in the last 5 days I am in profit.
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. Anything can happen in the market a piece of positive news can take BTC again to $30K or it can come down to $10K too, 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.
PC: Bitdroplet.com
The graph is not updated in the above image, but the blue line is the current value vs the red line which is the amount invested.
For me, it's not a big profit, but I am at 5.83% profit after investing for the last 19 days as the price of Bitcoin is going up. Next, I will check after 30 days to see what is the status. I have kept a target of Rs 50K so as of now completed 4% 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.
If you want to Start the SIP in Bitcoin then you can use my Referral of BitDroplet.
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Bro I have mine in Vauld and as you know currently no deposits or withdrawals are made so all my funds are on Hold.
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DCA-ing is the best-proven method for investing in crypto, especially in btc. Just curious why should I use BitDroplet for buying instead of an exchange like Binance which currently lets you trade btc with no fees. Cheers!
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