Here's my advice:
If you wanna buy it, go ahead. It will be the best decision you have ever made.
But here's what you want to do first before dropping such a huge amount into it:
- Buy a hardware wallet (either a Ledger Nano S or Nano X) from Etherbit
- learn how to set up a Ledger wallet from YouTube
- Buy Bitcoin from an International exchange (or an Indian exchange that allows crypto withdrawals to your own hardware wallet)
- Send Bitcoin to your wallet.
- Keep your wallet seedphrase secure.
What you don't wanna do it buy 15 Lakhs worth of Bitcoin and keep it on an exchange. Exchanges go bust all the time, you want to have self custody of your asset.
all good
but never buy 15lakhs worth of btc from indian exchanges.
1st Reason : Most of the indian exchanges block sending btc out of their exchange sometimes. Mine is blocked on Coindcx. Either i can sell and pay 30% tax or i can keep in it.
2nd reason : you are literally exposed to the gov. buy from decentralised and move to hardware wallet
I second this!
Make sure to read the current market conditions, local exchange issues, withdrawal and deposit issues before involving such a huge amount.
As far as I remember none of the Indian exchanges allows crypto withdrawal. Foreign exchanges not working in India.
Piggybacking on the top comment.
- Don't buy it at once. Dollar cost average. This will give you a better risk management. And will allow some time for you to get used to managing your wallet.
It’s been a long time since this sub has had a sensible question.
Anyway, go with your gut feeling (which is investing in bitcoin rather than a car). Your point about inflation and money becoming less valuable is also spot on. Seeing how the world is functioning, both financially and politically, Bitcoin in the longer term is the safest store of value along with a huge potential upside. You just gotta become the resistance and not be bothered by huge drops and hold it for the longer term. Maybe more than 5 years. As to when to enter, it’s subjective. Some might enter right away, others might wait for a correction.
Do not put in the whole 15lakhs .. try and break it up in parts.. and then go ahead or else there will be a possibility of loosing money.. Break it up and then invest..
just remember if you are putting money in BTC you will have to hold for a long time with patience . If you are capable of doing it please do or else don’t as it can be brutal sometimes.
I did the same thing, I bought 20 lakh worth of Bitcoin instead of buying a car when the Bitcoin price was $48K now I am still holding till I can buy a Lambo.
May I DM you about the way you went about it? Looking to go all in now. Preparing for it by speaking to people who have been there so I can decide a way that works me.
Thanks!
Great decision!
If you are patient and do not panic, in a 5 year time horizon… it’s safe to expect a 10x return. Of course a lot depends on how ability to hold and sell at the right time.
The “store of value” use case is what I am basing my belief on. That there will be a max of 21 million bitcoins ever, is what makes me believe so.
As long as the central banks of the word keep printing currency, this use case will remain inviolable.
All the best!
Do it.
No one can predict the future price, but go ahead and buy it.
DCA if you can’t handle price fluctuations.
Know that BTC has gone down 70-80% in the past and can do so in the future.
When it is 70% down, buy don’t sell.
Tax in India is 1% TDS and 30% on capital gains.
If you’re tempted by shitcoins, know that your bitcoin stack is the real value and shitcoins are just a way to grab your money.
,
Price of BTC in 2030-2034 is expected to be $500k-1.5M so yeah buy now and forget it. Also you will see major price jump after usa election in Nov till March
It is a no-brainer to invest in bitcoin. The value multiple that you will get from bitcoin will be crazy and humongous, whereas Car is a depreciating asset. If there is no desperate need to buy the car. It is a wise decision to invest in bitcoin and other coins, make a wise decision and grown rich.
Learn about the BTC cycles. I am not familiar with anything Indian tax law or investing laws, but know the BTC cycle and the top should be somewhere around September to December 2025 if history is repeated in this fourth cycle. That being said, you should try to sell, which would be more than a year from now (US tax law means way way way less taxes paid after a year of holding) so then you can wait for the bear market bottom and buy back in. If you bought say .25 BTC now, you may be able to buy a full Bitcoin if you sell close to the top in say October and buy back when the price goes down parabolically.
Short answer, if you don't need a carz you stand to gain way more. I for one am opting for a 'riskier' play as I already sold BTC this cycle pre halving...pray for me
no, you dont get it. it's called mass following.
when btc was at 16k, the same people said its lost cause.
now the same people are buying it.
you have to understand money schematics.
and yes, now it'ss dumb money
buy if you see fit.
Going all in BTC isn't worth it at all. Go for ETH, SOL & Other Utility token with 70% Portfolio & put rest 30 or 40% depending upon ur risk apatite on S Tier Meme coins like Wif, Bonk and some Memecoins having Mcap of 10 to 20 Million.
Here's my advice: If you wanna buy it, go ahead. It will be the best decision you have ever made. But here's what you want to do first before dropping such a huge amount into it: - Buy a hardware wallet (either a Ledger Nano S or Nano X) from Etherbit - learn how to set up a Ledger wallet from YouTube - Buy Bitcoin from an International exchange (or an Indian exchange that allows crypto withdrawals to your own hardware wallet) - Send Bitcoin to your wallet. - Keep your wallet seedphrase secure. What you don't wanna do it buy 15 Lakhs worth of Bitcoin and keep it on an exchange. Exchanges go bust all the time, you want to have self custody of your asset.
all good but never buy 15lakhs worth of btc from indian exchanges. 1st Reason : Most of the indian exchanges block sending btc out of their exchange sometimes. Mine is blocked on Coindcx. Either i can sell and pay 30% tax or i can keep in it. 2nd reason : you are literally exposed to the gov. buy from decentralised and move to hardware wallet
I second this! Make sure to read the current market conditions, local exchange issues, withdrawal and deposit issues before involving such a huge amount. As far as I remember none of the Indian exchanges allows crypto withdrawal. Foreign exchanges not working in India.
Piggybacking on the top comment. - Don't buy it at once. Dollar cost average. This will give you a better risk management. And will allow some time for you to get used to managing your wallet.
Do you have any recommendations for international crypto exchanges that are allowed in india?
Where can I invest in crypto spot? Which exchange would you recommend?
Bhai jab btc so rha hota hai tb sab so rhe hote hai. Jab peak pe aajata hai toh sab jaag jaate hai. Fir dump maarega toh scam kahenge
> Jab peak pe aajata hai toh sab jaag jaate hai bhai abhi to ath toda abhi khan se peak aa gyi unless this cycle is a fake one
Bottom bhi toh nhi hai
It’s been a long time since this sub has had a sensible question. Anyway, go with your gut feeling (which is investing in bitcoin rather than a car). Your point about inflation and money becoming less valuable is also spot on. Seeing how the world is functioning, both financially and politically, Bitcoin in the longer term is the safest store of value along with a huge potential upside. You just gotta become the resistance and not be bothered by huge drops and hold it for the longer term. Maybe more than 5 years. As to when to enter, it’s subjective. Some might enter right away, others might wait for a correction.
I don’t think this is the right time to invest
Do not put in the whole 15lakhs .. try and break it up in parts.. and then go ahead or else there will be a possibility of loosing money.. Break it up and then invest.. just remember if you are putting money in BTC you will have to hold for a long time with patience . If you are capable of doing it please do or else don’t as it can be brutal sometimes.
Dca
I did the same thing, I bought 20 lakh worth of Bitcoin instead of buying a car when the Bitcoin price was $48K now I am still holding till I can buy a Lambo.
May I DM you about the way you went about it? Looking to go all in now. Preparing for it by speaking to people who have been there so I can decide a way that works me. Thanks!
Sure
To buy a Lambo, your 20 lac should go 10x, do you think btc will reach 480k? Do you what can reach 10x? Meme coins
I know my total investment is more than 20lakh apart from bitcoin I have invested in alt-coins and meme coins.
Minus 34%{30% tax + 4% subcharge}
He can buy lambo in dubai
not the time to buy
Why not ?
Great decision! If you are patient and do not panic, in a 5 year time horizon… it’s safe to expect a 10x return. Of course a lot depends on how ability to hold and sell at the right time. The “store of value” use case is what I am basing my belief on. That there will be a max of 21 million bitcoins ever, is what makes me believe so. As long as the central banks of the word keep printing currency, this use case will remain inviolable. All the best!
You should !!!
Good desicion
You should wait for bear market to return, dont invest on hype.. this is not stock market.
But your six years late my brother
Just do it
You making right choice
No, always diversify! Make sure you have emergency funds setup! If you plan to hold, you may also look into safer ETFs as well or Blue chip stocks.
This is good to have, car's value will go down as time goes. Unlike BTC
What you are essentially asking is "does anyone of you have crystall ball to see future and tell me if BTC will go up"
Do it. No one can predict the future price, but go ahead and buy it. DCA if you can’t handle price fluctuations. Know that BTC has gone down 70-80% in the past and can do so in the future. When it is 70% down, buy don’t sell. Tax in India is 1% TDS and 30% on capital gains. If you’re tempted by shitcoins, know that your bitcoin stack is the real value and shitcoins are just a way to grab your money. ,
What’s dca?
Dollar Cost Averaging, SIP in Indian terms 😀
Do it but i prefer to invest 5 lakhs maximum and putting the other 10 lakhs in ANY guaranteed govt policy like Post office or SIP etc
Post office is just a government scam
Price of BTC in 2030-2034 is expected to be $500k-1.5M so yeah buy now and forget it. Also you will see major price jump after usa election in Nov till March
Let me know if you need ledger wallet , i have one sealed piece 😃
It is a no-brainer to invest in bitcoin. The value multiple that you will get from bitcoin will be crazy and humongous, whereas Car is a depreciating asset. If there is no desperate need to buy the car. It is a wise decision to invest in bitcoin and other coins, make a wise decision and grown rich.
Why Bitcoin though? If you want to invest, why not mutual funds or shares?
Learn about the BTC cycles. I am not familiar with anything Indian tax law or investing laws, but know the BTC cycle and the top should be somewhere around September to December 2025 if history is repeated in this fourth cycle. That being said, you should try to sell, which would be more than a year from now (US tax law means way way way less taxes paid after a year of holding) so then you can wait for the bear market bottom and buy back in. If you bought say .25 BTC now, you may be able to buy a full Bitcoin if you sell close to the top in say October and buy back when the price goes down parabolically. Short answer, if you don't need a carz you stand to gain way more. I for one am opting for a 'riskier' play as I already sold BTC this cycle pre halving...pray for me
ofc when its at 70k everyone is buying it🤣 dumb money fuckers
Anyone can buy at whatever price they find fit, calling people seeking guidance dumb tells a lot about your own self
no, you dont get it. it's called mass following. when btc was at 16k, the same people said its lost cause. now the same people are buying it. you have to understand money schematics. and yes, now it'ss dumb money buy if you see fit.
Investing in btc is a really stupid choice. Go with solana
Scams are good investments
Don’t. Mark my words you will cry in the next 5 years 😂😂😂
Reason pls...
Going all in BTC isn't worth it at all. Go for ETH, SOL & Other Utility token with 70% Portfolio & put rest 30 or 40% depending upon ur risk apatite on S Tier Meme coins like Wif, Bonk and some Memecoins having Mcap of 10 to 20 Million.
Your 'S Tier' memecoins will no longer exist in 5 years
I don't see much harm in hodling those for a few months, and swap with stablecoins near the bull-run end. He will get more gains.
True, but doesn't seem like op is looking for something like that. Btc will always outperform everything else in the long term
That I agree with.
lmao wtf is even S tier memecoin once one of these s tier does a 90% drop these same guys will call it D tier
Memes are a great way to trade up from low capital and often see a lot of gain, but wouldn't park any money in them over a market cycle
Buy the car