How to use Bitcoin to diversify your wealth during Diwali
This can be seen in two ways, firstly, the Diwali season has slowly become the country’s de facto shopping festival, with incredible offers across online and offline platforms leading to insane levels of shopping, and secondly, we can look forward to an intriguing row religious activities that do are geared toward wealth building.
One of them is Lakshmi Puja, a special ceremony to invite Goddess Lakshmi, the goddess of wealth and prosperity, into her homes. This is in the hope that they will be blessed with prosperity.
This intriguing connection between Diwali and wealth also appeared 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 of the last decade – Bitcoin?
Traditionally, Indians have adhered to buying precious metals like gold before Diwali. However, as times have changed and crypto adoption has increased around the world, a new generation of Indians has shown more interest in Bitcoin.
Finally, for a generation of Native Americans growing up in a digital-first world, Bitcoin is an obvious choice. Some see Bitcoin as digital gold, a superior store of value and a better investment than gold and therefore an ideal investment choice to fund the future during the auspicious time of Diwali.
Diversification is a wonderful way to build wealth over the long term as it allows you to deal with the volatility of the market. What speaks in Bitcoin’s favor is its low correlation with most securities and assets on the market. This could significantly hurt long-term returns.
With Bitcoin’s price now a long way from its all-time highs, this also represents a wonderful time to invest in the asset — whether it’s for the first time or to start a systematic investing plan of adding a one-off every week or month certain amount is invested in it. Many Indian crypto exchanges are offering interesting deals during the Diwali period to attract first-time investors.
Choosing the perfect Diwali gift can be a daunting task for many. Not only is gifting bitcoin efficient and super convenient, but it’s probably one of the few gifts that has the potential to increase in value.
For newcomers to space, this is an ideal time to buy Bitcoin from their friends or relatives, or likely receive it as a gift. They could then use this opportunity to educate themselves about Bitcoin and its potential before making large investments in the sector.
However, when investing in Bitcoin, especially for the first time, it is important not to get carried away by price speculation and greed. Just as Indian households view gold as a long-term asset, Bitcoin also offers wonderful wealth-building opportunities, 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 to your home this Diwali, think no further than adding Bitcoin to your portfolio and reaping the benefits of diversification.
(Mohammed Roshan, CEO and co-founder of GoSats)