Status of SIP in Bitcoin After 140+ Days

in LeoFinance2 months ago

As you might already know I started SIP in Bitcoin, and it's been more than 140 days of daily investing in it for Rs 100 or approximately $1. In the last few days, the Bitcoin price has gone down too much and thus my portfolio has also gone done by a huge per cent. But I know with the dollar cost averaging like this, I am actually benefitting 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.

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As you can see from the above graph the straight line is my investment whereas the blue line is the current value. The value has been decreasing but at the end of the day and I am down by more than 17%. But I am hopeful that once Bitcoin goes up these returns will be positive.

As you can see for me, it's a big loss as of now and thus I am hoping to invest more now as an additional amount so that I can get more Bitcoin with the same amount of money. 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.

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