Bitcoin crosses one lakh dollars for the first time

Bitcoin, the world's most popular cryptocurrency, has surged since Donald Trump's landslide victory in the US election and has now crossed the $100,000 mark. This achievement comes soon after Trump chose Paul Atkins as the next chairman of the Securities and Exchange Commission (SEC). Atkins was previously an SEC commissioner during George W. Bush's presidency. In the years since leaving the agency, Atkins has been very vocal against excessive regulation of the market.

Bitcoin climbed dramatically from $69,374 on cryptocurrency exchanges on the day of the US election to $101,512 on December 4. Two years ago, Bitcoin fell below $17,000. However, how long Bitcoin will stay above the $100,000 mark is uncertain as the crypto world is very volatile and it is impossible to predict the future. That is why experts continue to warn of investment risks.

Whatever the case, Bitcoin is now arguably the most successful investment product of the last 20 years. All the coins in circulation are worth $2 trillion, more than Mastercard, Walmart and JPMorgan Chase combined. A group of hackers and political radicals who adopted Bitcoin when it was created by an anonymous coder in 2008 have become millionaires. What's more, the invention of Bitcoin has spawned an entire industry, powered by exchanges like Coinbase. Today cryptocurrencies are openly promoted by celebrities, athletes and Elon Musk. Bitcoin reaching $100,000 shows that its presence in the global economic system can neither be denied nor ignored.

Is bitcoin legal in India?

Bitcoin as well as all other cryptocurrencies are legal in India, as the Supreme Court has ruled in favour of cryptocurrencies, thereby lifting the ban imposed earlier by the Reserve Bank of India. However, there are strict taxation laws here, including a 30% tax on profits from virtual digital assets and a 1% TDS on every transaction exceeding Rs 50,000 (or Rs 10,000 for certain categories). TDS is applicable on the total sale amount, whether profit is made or not and has to be filed in the income tax return to get a refund.

How to invest in bitcoin in India?

It is possible to invest in Bitcoin by choosing a certified crypto exchange, registering yourself with your Know Your Customer (KIC) details, and depositing funds via bank transfer. To sell cryptocurrencies, it is important to ensure that TDS deductions are accounted for, and any proceeds are transferred in full compliance with tax laws.