Crypto Update – Sept 2020

The last time I disclosed my Blockfi account balance was almost two months ago. At that time I only had about $1.1k in the account. I started the account just to check the interest based account.

If you ask me if it’s worth having the account, considering all the transfer fees from bank account to WazirX to Blockfi, I’d say it’s worth it if you’re going long terms investments in crypto.

I’ve already upped my balance on Blockfi.

The reason for this blog is different though. Some of the top cryptos are currently in a downward trend. Bitcoin is already at ~$10.4k. I feel it’s a great opportunity to buy the dip as Bitcoins is not coming below $11k any time soon as per few industry experts. I have my own reasons to believe them.

Bitcoin specifically is not a fad anymore. Any currency holds the value of the traders who believe it holds value. Increasingly, people and governments across the globe are recognizing Bitcoin as a currency. Open up any crypto journal and you’ll notice news about its acceptance.

Just yesterday we heard that Switzerland’s canton of Zug, home to the so-called “Crypto Valley,” will start accepting bitcoin and ether for tax payments, as the popularity of crypto assets keeps on rising. In Singapore, Singapore Exchange (SGX) has started collaborating with UK-based cryptocurrency market data provider CryptoCompare to launch two cryptocurrencies indices, for bitcoin and ether. There are many such instances that only show acceptance for some coins. Bitcoin, being the King of coins, is here to stay. With the dollar moving down a lot of people going to feel the pinch. We’ll have to find an appreciating asset.

I’ll be buying more of $BTC, $ETH, $XRP, $BNB. I’m not spreading myself too thin with a lot of coins as it becomes difficult to track. But these I’ll put my faith in, except XRP which is a risky bet.

Just yesterday I topped up some $BTC and $ETH that I could afford. If I had more liquid funds available I would pour all in 😄 .

INR 11.3K is close to $161

Please note that none of this should be taken as advice to buy. You should contact your financial advisor for such decisions if you’re unsure of it. I’m only sharing my thought process on this blog.

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