How to use Bitcoin to diversify your wealth during Diwali

Synopsis

This can be seen in two ways: one, Diwali season has slowly become the de facto shopping fiesta for the country with incredible deals across online and offline platforms leading to crazy levels of shopping and two, we can see a fascinating array of religious activities that are geared towards building wealth creation.

Diwali is a time of celebration for the entire country. What also makes IT unique is that it is quite interestingly a time when the country’s material aspirations are most visible.

This can be seen in two ways: one, Diwali season has slowly become the de facto shopping fiesta for the country with incredible deals across online and offline platforms leading to crazy levels of shopping and two, we can see a fascinating array of religious activities that are geared towards building wealth creation.

One among them is Lakshmi Puja, a special ceremony to invite Goddess Lakshmi, the goddess of wealth and prosperity into their homes. This is done in the hopes that they will be blessed with prosperity.

This fascinating connection between Diwali and wealth has also seemed to be an auspicious time to acquire new assets and make new investments. And, what better asset for wealth creation during this auspicious time than the best-performing one over the last decade – Bitcoin?

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View Details »Traditionally, before Diwali, Indians have stuck to buying precious metals like gold. However, as times have changed and increasing crypto adoption across the world, a new generation of Indians has taken more interest in Bitcoin.

After all, for a generation of Indians that are growing up as natives in a digital-first world, Bitcoin is an obvious choice. Several see Bitcoin as digital gold, a superior store of value and investment than gold and thus, an ideal investment choice to fund the future during the auspicious time of Diwali.

Diversification is a wonderful way of building wealth in the long run, as it allows one to deal with the volatility of the market. What works in Bitcoin’s favour is its low correlation with most securities and assets in the market. This could significantly impact long-term returns.

With the price of Bitcoin now a long way from its all-time highs, this also represents a wonderful time to be investing in the asset – whether it is for the first time or to start a systematic investment plan where every week or month, a certain amount is invested into it. A lot of Indian crypto exchanges come up with interesting offers during the Diwali period to entice first-time investors.

Choosing the perfect Diwali gift can be a daunting task for many. Gifting Bitcoin is not only efficient and super convenient, but it is probably among the few gifts that have the potential to go up in value.

For newcomers into the space, this is an ideal time to buy or probably receive Bitcoin as a gift from their friends or relatives. They could then use this opportunity to learn about Bitcoin and its potential, before making large investments in the sector.

However, while investing in Bitcoin, especially for the first time, it is important not to be swept away by price speculation and greed. In fact, just like Indian households view gold as a long-term asset, Bitcoin too presents wonderful opportunities for wealth creation, but only if the investor is willing to adopt a long-term mindset and stay invested for the long term.

If you are looking to invite Goddess Lakshmi into your home this Diwali, think no further than adding Bitcoin to your portfolio and benefiting from diversification.

(Mohammed Roshan, CEO & Co-founder of GoSats)
(Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of www.economictimes.com.)

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Updated: 10/06/2022 — 14:00