Investing or even believing in cryptocurrencies started with a very small group of people. They believed that money and state would be separate. They had a completely new outlook on money - decentralized and censorship resistant.
Their ethos reminds me of the Think Different Apple ad - “They are not fond of the rules, and they have no respect for the status quo”.
As a matter of philosophy, most crypto portfolio managers don’t have native support for fiat money management.
Fast forward to the end of 2017, following the historic rally of Bitcoin, investments in cryptocurrency have gone increasingly mainstream.
These days, many investors who deal with traditional assets like stocks, bonds, real estate, etc also hold cryptocurrency.
Typically, you would use one portfolio manager to track your traditional investments and a different one to track your crypto assets.
Until Kubera happened.
When you get the complete picture, you don’t make knee jerk reactions. Crypto is volatile. Double-digit %age drops in a single day are common-place. When that happens, your mind tricks you into thinking that everything is going to zero and there is a strong urge to get out. You log in to Kubera and realize that crypto is only a small part of your overall portfolio. You feel calm. You avoid a costly mistake.
In Kubera, you can track your crypto assets right next to your traditional assets, allowing you to track the latest value of all your assets in your native fiat currency.
For example, if your Portfolio Currency (currency set for your portfolio in Kubera) is US Dollars and if you have purchased 1 Bitcoin for $8000, simply enter 8000 in the cost field and BTC 1 in the value field and hit enter. BTC 1 will be instantly converted to the USD equivalent as of that day and will be kept up to date on any given date.
If you have some cryptocurrency (E.g. 20 Ethereum) that you received as a reward or a gift, just enter ‘ETH 20’ in the value field for it to convert and update automatically. You can skip the cost field.
Note: Currently Kubera doesn't support crypto in the cost field.
Places where trading crypto is banned
In some countries, there is no straightforward way to purchase cryptocurrency using the local currency. In such places, people generally procure US Dollars using the local currency and then use an international exchange to purchase crypto.
For example, if your Portfolio Currency is Indian Rupee (INR) using which you have procured $1500 to purchase 0.5 Bitcoins, you enter USD 1500 in the cost field and BTC 0.5 in the value field. Both these will be instantly converted into INR thus making it easy for you to keep an eye on how your investment is performing in your currency.
Cryptocurrencies are here to stay and they are increasingly becoming a part of a well diversified portfolio. With many countries embracing crypto and increasing awareness, this trend is only going to go up.
Do you have assets in other country? The only hurdle lies in tracking these assets in a familiar territory. Learn how Kubera has got your back there.
Kubera helps you protect your wealth by keeping track of your net worth and storing important documents. It also ensures safe transfer of this critical information to your beneficiary, if something unexpected happens to you. Read the story behind Kubera.
Sounds interesting? Please Sign Up (on your desktop) and take our 100 days trial. We want you to take your time to carefully organize your assets, set your beneficiary and track the updates.