Cryptocurrencies have evolved as the latest asset class that despite their volatility are being pocketed by even Indian investors. Like with Indian stocks some of which are the most expensive including the likes of Page Industries, Shree Cements etc., some of the cryptos are also expensive and hence there is an option to buy units in them. Given the inclination for them, SIP investment in cryptos have started in India. Notably, some of the most expensive cryptos listed herein may or may not be available for investment on Indian crypto exchanges.
1. Wrapped Bitcoin:
Launched lately in the year 2019, wrapped bitcoin (wBTC) has been modified for its use on the Ethereum ecosystem. The token enables users to communicate with several of the Ethereum's apss including the DeFI or decentralized finance ecosystem.
The use case for wBTC is as a collateral or a pledge for repayment of loan, when loan has been secured against the cryptocurrency on DeFi platforms.
As of writing this copy, Wrapped bitcoin quoted at a price of $34,761.99
These cryptocurrencies facilitate payments making use of the blockchain system and each of the BTC is mined through computational means. Bitcoin is the most traded cryptocurrency with the highest market cap. Though people even Indians have been raking in bitcoins in large number, one need not be diverting a huge fund into the asset class as they still lack the regulatory network around it. Nonetheless there is immense opportunity, with the crypto still trading higher by 18% on a YTD basis, after having run up 600 percent in the last six months. Other than that your risk potential and other such concerns need to be weighed in before betting on bitcoin.
Last the crypto traded higher at $34,742.8 per bitcoin.
3. Bitcoin BEP 2 (BTCB):
This is a BEP2 token supported cent percent by Bitcoin. The token facilitates near instant Bitcoin transactions. Nonetheless, not many services as of now support Bitcoin BEP2. The token is issued by Binance on the Binance Chain.
The cryptocurrency exchange Binance backs or supports each of the BTCB token with equivalent number of BTC in a reserve.
The primary purpose of the issuance of BTCB was to bring liquidity to the Binance Chains such that users are able to trade Binance Chain issued tokens against BTC
Last the crypto traded at a price of $28,651. 15.
Should You Invest In These Expensive Virtual Currencies?
We obviously have been vigilant to the huge retail participation in the Bitcoin, wherein both retail and institutional investor class are putting in money to capitalize on the current dip. Also, if despite the volatility, one wants to capitalize on the likely gains from these cryptos one can do by putting in small amounts not more than 2 percent of their overall financial portfolio or can stick in with their investments in them for a longer term.