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How to buy Bitcoin in Sweden
Is BTC a good investment in Sweden?
Bitcoin has been a popular name over the last decade. The growth in Bitcoin’s popularity has made it a globally acknowledged currency and a valuable asset. In July 2010, Bitcoin began trading at US$0.0008. By mid-April of 2021, Bitcoin prices reached new all-time highs of over $60,000 but by the summer of that same year prices were down by 50%. Bitcoin later reached its all-time high above $68,000 in November 2021. In 2022, Bitcoin's price continued to gradually decline but this is a natural process, as we have seen it happen before. You should keep in mind that in the world of cryptocurrencies, every high has a low and after every low, there will be a high sometime. So, it is important to get the timings right. Understanding the nature of the market and analyzing the movements of Bitcoin can be a guide for investors. That is why people’s attention and interest in Bitcoin remains high yet cautious, regardless of its price. As a result, some crypto market experts have even predicted that Bitcoin’s price could reach around $79,000 by the year 2025. In simple terms, it is hard to reach a definite answer when it comes to crypto investments. But if you have a good crypto market outlook to some extent and Bitcoin fits within your risk tolerance prospects, then it could be a satisfactory investment on the long-term perspective.
What is Bitcoin ?
Bitcoin is a digital currency or a form of digital asset, which is of high market value. It is ranked 1st in the crypto market. Bitcoin is a decentralized digital currency that no one controls and anyone can use it in order to transfer monetary units of the network. Bitcoin has made it possible to send money to any part of the world easily and regardless of geographical borders and banking networks.
A very important function of Bitcoin is to maintain value. Because as we know, governments and central banks have the power to print money indefinitely and thereby reduce the value of their national currencies. In the Bitcoin network, although everyone can participate in the creation of new currency units, the total number of coins that can be created can be a maximum of 21 million units. The limited number of Bitcoin coins and the impossibility of creating more Bitcoins than what miners are allowed to mine are from the rules of the Bitcoin network which protect its value. This is one of the reasons that distinguishes Bitcoin as a long-term investment.
Is Bitcoin legal to buy in Sweden
Yes. According to an overview of fintech and crypto-assets document by the Financial Stability
Department of Sweden, cryptocurrencies are digital assets which can be bought, sold,
transferred and held and used mainly as speculative investments; which means that they are
bought in the hope that they will gain value. According to the above-mentioned document,
legislation aimed at counteracting money laundering and terrorist financing is often applicable
also for crypto-assets and related operations.
Is Bitcoin taxed in Sweden
Yes. According to the declaration by the Supreme Administrative Court in Sweden,
cryptocurrencies are not considered similar to foreign currencies, shares, or equities from a tax
perspective. Instead, cryptocurrencies are viewed as other assets and are taxed according to
Chapter 52 of the Swedish Income Tax Act. According to the mentioned tax act, your
cryptocurrency activity may be subject to three different types of taxes: Capital Gains Tax,
Income tax and Interest Income Tax. As could be taken from the tax act, cryptocurrency sales
are subject to capital gain tax of 30% rate on the profits you make. If you have earned crypto for
some form of service or work, then you need to pay typical income tax, but if you decide to hold
the cryptocurrency that you received, then you will need to pay capital gains tax on the profits or
losses that can happen when you sell them. If you have received crypto in the form of loan
interest or staking rewards, then you will be subject to interest income tax at a rate of 30%. It is
highly recommended to consult a professional on the details of your taxations.
After you've bought Bitcoin in Sweden
Bitcoin is a kind of electronic money by which you can send money to any part of the world or sometimes use it to buy goods and services. Bitcoin's two main features of decentralization and freedom from printing more currency units are significant achievements over today's money. These Bitcoin features are paving the way for a new form of economic system in the future. You can consider Bitcoin as a payment token, use it to make currency transfers, and even order from online stores. But looking at the use of Bitcoin in today's world, it can be seen that most people buy Bitcoin as an investment. For this reason, another point of view has emerged according to which Bitcoin can be used as an asset in addition to being able to play the role of money; An asset that can maintain its value over time.
Who can buy Bitcoin in Sweden
Anyone can easily buy, sell, convert, hold and trade cryptocurrencies using one of the many
cryptocurrency exchanges available in Sweden. Many payment services are accessible in
Sweden through which you can purchase crypto assets; namely: Apple pay, Google pay, Credit
Card, Debit Card, Bank Transfer and PayPal. Our exchange supports all of the mentioned
payment services and provides quick, secure and free of charge transactions in Sweden.
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Frequently asked questions
If we consider Bitcoin to have intrinsic value due to some of its features such as limitedness and unforgeability and use it as a tool that preserves value over time, perhaps it is an asset worth buying. Bitcoin can be presented as a type of investment that preserves the value of your savings in the long term. However, we recommend that before purchasing Bitcoin, study the ins and outs of the Bitcoin market and consult with professionals.
Yes. According to the Swedish Income Tax Act, selling cryptocurrency will require you to
declare capital gains tax no matter a profit or loss. Note that, it is important that you calculate
the selling price in local currency at the time of sale.
Yes. According to the Swedish Income Tax Act, there are no taxations for buying crypto assets.
But you have to make sure that you keep documentation of the purchase price of the crypto
asset for it to be added to your average cost basis.
You can purchase a small amount of Bitcoin, unlike stocks. The least amount of Bitcoin that you can likely purchase is equivalent to 1 Satoshi, or 0.00000001 Bitcoins, depending on its price of the day.
It is estimated that 1.88% of the citizens in Sweden, about 196,948 people, own some form of
crypto assets in their possession.
Due to theft, computer malfunction, loss of access keys, and other reasons, users may lose Bitcoin and other cryptocurrency tokens. Although hot wallets are still practical for some users, cold storage (also known as offline wallets) is one of the safest ways to store Bitcoin because it cannot be accessed online. Consider using a hardware wallet for all of your long-term Bitcoin and cryptocurrency storage if you're looking for the safest storage option. For short-term investments, you can also keep your Bitcoins on our exchange wallet in order to trade more easily.If you want to hold Bitcoin long-term, although you can still keep your cryptocurrency in this wallet, it is better to not keep it in the exchange wallet nor the software one. The safest option would be a hardware wallet.