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Bitcoin on Thursday stormed past the $100,000 mark, marking a historic milestone fuelled by a mix of political and economic developments in the US.
Bitcoin has reached $102,639 — approximately Rs 88 lakh. That’s an astonishing 51% jump in just one month.
Bitcoin’s dramatic surge has left investors worldwide in awe, and Indian investors are no exception. On November 5, 2024, Bitcoin was priced at $67,800 (around Rs 58 lakh at Rs 85.7 per USD). Today, December 5, Bitcoin has reached $102,639 — approximately Rs 88 lakh. That’s an astonishing 51% jump in just one month.
Bitcoin on Thursday stormed past the $100,000 mark, marking a historic milestone fuelled by a mix of political and economic developments in the US.
What’s driving this rally? A key factor is Donald Trump’s recent victory in the US presidential election. Trump is widely seen as pro-crypto, and his win has sparked renewed confidence in the cryptocurrency market.
How Much Could You Have Made?
Let’s break down the potential profits. If you had invested Rs 1 lakh in Bitcoin on November 5:
– Bitcoin Purchased: Rs 1,00,000 ÷ Rs 58,00,000 = 0.001724 BTC
– Value of 0.001724 BTC on December 5:
– 0.001724 BTC × Rs 88,00,000 = ₹1,51,712
Profit in One Month: Rs 51,712 (a 51.7 per cent return!)
For larger investments:
– Rs 10 lakh investment: Profit = Rs 5,17,120
– Rs 50 lakh investment: Profit = Rs 25,85,600
Why Did Bitcoin Surge?
The crypto rally aligns closely with Trump’s election victory. Here’s why his presidency is seen as bullish for Bitcoin:
1. Trump’s Pro-Crypto Stance: Trump has previously hinted at a favourable regulatory framework for cryptocurrencies, which could foster innovation and adoption. His victory in the US presidential elections has boosted the cryptocurrency market.
2. Market Optimism: His administration is expected to be business-friendly, encouraging institutional investment in digital assets.
3. Reduced Regulatory Pressure: A pro-crypto government may ease concerns around stringent regulations, boosting market sentiment.
What This Means for Investors
With the growing global acceptance of cryptocurrencies, Indian investors are increasingly exploring Bitcoin. Platforms like WazirX and CoinSwitch have reported higher trading volumes amid the latest rally. However, regulatory uncertainty in India remains a concern.
Should You Invest Now?
Bitcoin’s rally has reignited interest, but here are some tips for prospective investors:
1. Understand the Risks: Bitcoin is highly volatile; prices can swing dramatically.
2. Diversify: Don’t put all your money into crypto. Maintain a balanced investment portfolio.
3. Stay Informed: Keep track of global trends and regulatory developments, especially in India.
Bitcoin’s leap from Rs 58 lakh to Rs 88 lakh in a month demonstrates its immense potential as a high-return investment. For Indian investors, this is both an opportunity and a risk. Trump’s victory may have set the stage for further growth, but it’s crucial to tread carefully in the volatile world of cryptocurrencies.
(Disclaimer: Cryptocurrency investments are highly speculative and carry significant risks. This article is for informational purposes only and does not constitute financial advice.)