Bitcoin Surges to $90000: – The recent US presidential election saw Donald Trump emerge victorious and his win seemingly played a role in supporting the surge of Bitcoin. Post-election Bitcoin witnessed a record-breaking rally crossing the $80,000 mark. The upward momentum didn’t stop there the cryptocurrency continued its climb, reaching nearly $90,000.
According to media reports, Bitcoin has now become the eighth largest global asset. Following this surge, Bitcoin’s market capitalization surpassed $1.752 trillion. This growth has piqued the interest of investors worldwide, sparking questions about Bitcoin’s legality and how to invest in it.
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Can Bitcoin Be Purchased Legally in India?
One common question among Indian investors is whether Bitcoin and other cryptocurrencies can be legally purchased in the country. The answer is yes. Bitcoin can be bought legally through exchanges registered with the Indian government. However, it’s important to note that Bitcoin is not a digital currency in the traditional sense but rather an investment product.
Where to Buy Cryptocurrency?
If you’re planning to invest in cryptocurrency, choosing the right platform is crucial. Investors should always buy crypto from platforms registered with Financial Intelligence Unit (FIU) of India. FIU monitors financial transactions across the country to ensure compliance with regulations.
To purchase cryptocurrency, you’ll need to register on a platform, complete KYC (Know Your Customer) procedures, and link your PAN card and Aadhaar card.
Taxation on Cryptocurrency in India
The Indian government has clear tax regulations for cryptocurrency transactions. Any profit made from selling cryptocurrency is taxed at 30%. Additionally, a 1% TDS (Tax Deducted at Source) is levied on every transaction.
Investing Through SIP in Crypto
If buying a full Bitcoin seems out of reach, you can purchase a fraction of it. Several platforms also offer the option of Systematic Investment Plans (SIP) for Bitcoin and other cryptocurrencies. Through SIPs, investors can systematically invest smaller amounts in crypto over time, making it a flexible and accessible investment method.
Conclusion
Bitcoin’s unprecedented rally after the US presidential election has once again highlighted its potential as a lucrative investment asset. While its rising market cap and growing adoption make it an attractive option, investors must approach it with caution. It’s essential to understand the legalities, tax implications, and platform reliability before making a purchase.
By following these guidelines and adopting systematic investment methods like SIP, you can safely explore the world of cryptocurrency.