Bitcoin, the world’s premier cryptocurrency, has been on a rollercoaster ride over the past few years. Recently, its price has seen significant fluctuations, capturing the attention of traders and investors worldwide.
The Investment: On April 5, 2018, the Reserve Bank of India (RBI) released a statement directing all regulated entities, including banks, to cease dealings with individuals and businesses involved in virtual currencies. This directive essentially banned banks from associating with entities trading in cryptocurrencies. RBI’s rationale was to shield regulated entities from the inherent risks of cryptocurrencies.
On that day, Bitcoin was valued at $6,933.82, which equated to approximately ₹4.51 lakh — taking into account an exchange value of $1=₹65.01 at the time. Your ₹10,000 investment would thereby get you approximately 0.0221 BTC.
Fast forward to today, August 10, 2023, Bitcoin’s value stands at a staggering $29,911.55 (approximately ₹24.82 lakh). Given the Indian rupee has depreciated in comparison to the US dollar over the past 5 years, an investment of ₹10,000 in Bitcoin on April 5, 2018, would have appreciated 440.62% and now be worth ₹54,062.
Background: X, previously known as Twitter and now under Elon Musk’s leadership, is contemplating the introduction of a trading hub within the app for cryptocurrencies, including Bitcoin and Dogecoin. Such developments underscore the increasing mainstream acceptance and potential of digital currencies.
Price Action: As of Thursday, Bitcoin’s price action remains a focal point for traders. With its value currently around the $29,911.55 (approximately ₹24.82 lakh) mark, it continues to be a significant player in the cryptocurrency market.
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Disclaimer: Benzinga India doesn’t give financial advice. The above article is for educational purposes alone.
Editor’s Note: Artificial intelligence was used as a secondary aid in the writing of this story.
Investing in cryptocurrencies like Bitcoin involves significant risk due to their volatile nature. Investors should carefully consider their risk tolerance and investment goals before investing in the crypto market.
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