Should I Buy / Invest in Bitcoin?
Today value of one bitcoin is more than Rs. 1 Million!! Some experts says it may fall from 30% to 50% in next 6 to 8 months. Some says this bubble will never burst. However, many countries have already banned it. Some are planning. Simple Reason, No Govt will allow any activity in its country that is beyond its control. In India GoI and RBI have already warned people to trade at their own risk. On 5th December'2017, RBI said thru Press Release :
"Attention of members of public is drawn to the Press Release issued by the Reserve Bank of India (RBI) on December 24, 2013, cautioning users, holders and traders of Virtual Currencies (VCs) including Bitcoins regarding the potential economic, financial, operational, legal, customer protection and security related risks associated in dealing with such VCs."
Some Experts says, Indian Govt may ban it and declare illegal, but it seems, Govt may set some regulations and bring it into the net of GST and Income Tax (Capital Gain Tax).
Yesterday, 13-12-2017, the Income Tax Department raided premises of 9 bitcoin exchanges in the Capital and southern cities of Bengaluru, Hyderabad & Kochi. As per sources, no one was arrested, but several documents were seized to probe violation of Indian Laws and evasion of taxes.
So, to invest or not, if you can take high risk (high risk - high return) try your luck, if not, stay away and be contented with Govt Investment Schemes & Mutual Funds.
Credit: #GSTSathi Manoj Agarwal
I think cryptocurrencies are future.
Bitcoin is here to stay. Though governments may not ban it but start controlling it. As of now Bitcoin exchanges are like casinos and being raided because of huge return it has given.
IT department is interested in collection of taxes and tracking the profit makers to collect taxes.
Those who bought Bitcoin in early years are seating on huge profits.
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