Diwali 2022 Gold Coin or Bitcoin, which Should You Invest in This Year for Better Return? That Is the Question for Diwali 2022.
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Diwali, one of the holiest days in the Hindu calendar, is celebrated with great merriment all over India. This celebration serves as a reminder that virtue will ultimately win out over evil and that knowledge will eventually supersede foolishness. The purchase of gold during these celebrations has been viewed as a positive omen that will bring the buyer luck and prosperity for ages. Although this may be the case, should you invest in gold instead of something like Bitcoin?
Indications from the Past
To get a feel for how Bitcoin and gold might perform during the 2022 Hindu festival of lights (Diwali), this essay will examine their respective historical trends.
During Diwali in 2021, the value of bitcoin relative to the Indian rupee rose by nearly 15 percent. The price of one coin increased from 446,000 on November 6 to 5122,000 on November 11. But the global market’s reaction caused a bear market for Bitcoin, so the gain was temporary.
As an added bonus, the BTC price increased by 23% in the ten days leading up to Diwali 2020. The value of the asset increased from 117,500 Japanese yen on November 14th to 144,000 yen on November 24th. Also, the current upswing continued until it reached a peak of $300,000 in January of 2021.
Looking back to Diwali 2019 for context, the price of Bitcoin saw a sideways climb between October 27 and November 7. Coin prices fell in November, but they quickly rebounded in the months that followed.
Gold has historically underperformed throughout the festive season, with the exception of last year’s Diwali, when the price per ounce climbed by 6%, from 131300 to 139000.
The value of one troy ounce of gold in Indian rupees fell by 7%, from 141,500 to $131,000. This occurred during Diwali 2020.
On the Hindu holiday of Diwali 2019, gold’s value consolidated, falling from 107500 to 103600. This bear cycle ended in late December, though, and a new bull cycle began.
From November 7th to 30th, 2018, this asset lost 5.5% of its value, falling from 90,00 to 85,000 over the Diwali season.
Should You Invest in Gold or Bitcoin?
Historical analysis of these assets suggests that purchasing gold during Diwali is not the best investment strategy. This asset suffered a significant loss of 5 to 8 percent during the celebration. Bitcoin, on the other hand, has done unexpectedly well over this Indian holiday. The price of this cryptocurrency rose by 15-25% around Diwali.
Also, the current Bitcoin price is 1581837, which is a drop of around 70% from its all-time high of around 5120000. As a result, interest investors might benefit from the discounted asset.
Source: Google Trend