The re-election of Donald Trump as the president of the US raised Bitcoin prices to historic high levels on November 6, effortlessly sailing past the earlier records. The price of Bitcoin, which is the most popular crypto asset in the world rallied by more than 7% and posted a level of $75,389 with Donald Trump, who vowed to turn the US into the “Bitcoin superpower” of the world, leaving it earlier record price of $73,803.25 far behind.
The prices of other cryptocurrencies also zoomed during the day. The cheer in the crypto markets was quite predictable since, during the run-up to the polls, Trump marketed himself as unambiguously pro-cryptocurrency, who swore to creating a legislation framework in the US which would be conducive to this emerging industry. “The future of crypto has never looked brighter than today,” CEO of exchange Crypto.com was quoted as saying in the media.
How to invest directly in cryptocurrency like Bitcoin
Though either the government of India or Reserve Bank of India encourages investing in cryptocurrency, one can easily invest in Bitcoin form India. In fact, one can invest in Bitcoin with as little as Rs 1,000 without breaking any legal provisions. Popular cryptocurrency exchanges in India include CoinDCX, Coinswitch, Zebpay, Mudrex, WazirX and Binance.
One can easily register at a crypto exchange and invest directly just as one can invest in shares and mutual funds. These consists of simple steps such as submitting standard KYC documents such as Aadhaar card and PAN card. Through these exchanges one can put orders to buy cryptocurrency such as Bitcoin directly.
How to transfer funds
To carry out the purchase, one needs to place the requisite amount of money from their bank accounts to the account of the crypto exchange. This can be done through the routine methods like RTGS or NEFT or other digital payment methods. No cash transaction is allowed though. These exchanges allow investment according to real time market rates of the assets. The crypto assets purchased have to be stored in crypto wallets for safekeeping. The price of a Bitcoin on November 6 was Rs 63,40,111.96. However, one can buy fractions of a Bitcoin even for Rs 1,000.
(This article is only meant to provide information. News9 does not recommend buying or selling shares or subscriptions of any IPO or mutual funds.)
Though the Centre and RBI do not encourage investment in crypto assets such as Bitcoin, the government earns taxes from their gains and one can invest without breaking the law. Biz News Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
