Bitcoin’s value briefly crossed $93,000 due to an expectation that interest rates would be further cut down by the Fed and Trump’s pro-crypto stance.
Although Bitcoin rose nearly 6% to an all-time high of $93,462, the rise was not sustained as it dropped to $91,175 early on Thursday afternoon.
Largely, however, the crypto market stays volatile.
What Can 1 Bitcoin Buy You In India?
Bitcoin and any other cryptocurrency can typically be used to buy a range of products and services. Bitcoin rates have spiked recently, due to Trump’s support to over $93,000. This translates approximately to Rs 78,51,831.
The amount of Rs 79,00,000 approximately comes with quite a bit of purchasing power and can afford anything starting from luxury cars, luxury watches, real estate, art, antiques, collectibles, to higher education, stock market investments, safe haven metal investments, vacations and experiences etc.
However, the Union Budget 2022 mentions that income from cryptocurrency transactions is at a flat rate of 30%, with an additional 1% TDS on transactions exceeding Rs 50,000 annually. These are a few of the deductions that Indian cryptocurrency investors need to keep in mind while trading.
Why Is Trump Supporting Crypto?
United States President-elect Donald Trump has gone from having an anti-crypto stance to being pro-crypto. he has recently turned into an investor himself.
Additionally, since Trump’s victory Dogecoin – a currency backed by Elon Musk has surged 152%.
Elon Musk was also recently seen campaigning on behalf of Donald Trump.
An alternative for traditional money or currency, cryptocurrency has faced censure at the administrative and government level, earlier.
But recently, Trump has been more open to cryptocurrency during the presidential campaign and has ventured into trading. This has led to investors believing that the new administration, under Trump might be crypto-friendly.
While he was campaigning for the office of US President, Trump was open to accepting donations in the form of cryptocurrency.
At the Bitcoin conference earlier this year, Trump also addressed the Bitcoin community. He said he wanted to attend the conference to address the Bitcoin community in the US, adding, “If we don’t do it, China’s going to be doing it others are going to be doing it”. Therefore, supporting Bitcoin is part of his America first policy.
