Bitcoin at $93,000 - What 1 Bitcoin Can Buy You In India?

Bitcoin's value briefly crossed $93,000 due to an expectation that interest rates would be furr cut down by Fed and Trump's pro-crypto stance.

Although Bitcoin rose nearly 6% to an all-time high of $93,462, rise was not sustained as it dropped to $91,175 early on Thursday afternoon.

Largely, however, crypto market stays volatile.

What Can 1 Bitcoin Buy You In India?

Bitcoin and any or 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.

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, Union Budget 2022 mentions that income from cryptocurrency transactions is at a flat rate of 30%, with an ditional 1% TDS on transactions exceeding Rs 50,000 annually. se are a few of deductions that Indian cryptocurrency investors need to keep in mind while tring.

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.

ditionally, 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 tritional money or currency, cryptocurrency has faced censure at ministrative and government level, earlier.

But recently, Trump has been more open to cryptocurrency during presidential campaign and has ventured into tring. This has led to investors believing that new ministration, under Trump might be crypto-friendly.

While he was campaigning for office of US President, Trump was open to accepting donations in form of cryptocurrency.

At Bitcoin conference earlier this year, Trump also dressed Bitcoin community. He said he wanted to attend conference to dress Bitcoin community in US, ding, "If we don't do it, China's going to be doing it ors are going to be doing it". refore, supporting Bitcoin is part of his America first policy.