Understanding the profit or loss of your Bitcoin portfolio is crucial. One reason for tracking your portfolio is that it'll allow you to make informed Bitcoin investments.
Unfortunately, not every platform gives you insights into your Bitcoin portfolio. And, if you follow a Dollar Cost Averaging Strategy on various platforms, it can become even more challenging to get an accurate reflection of your portfolio. For that reason, I recommended that you calculate the profit or loss of your portfolio independently.
You can use a free app such as CoinMarketCap to track your portfolio. It's a great multi-platform app. One of its most valuable features is that it allows you to enter each transaction you make. From that data, the app will calculate your profit or loss.
Alternatively, you can use the Bitcoin Profit Calculator I've created in Google Sheets. Based on your inputs, you'll get crucial data on your portfolio. Here's how it works:
- Transactions (Columns A-E): In columns A-D, you must enter the details of your Bitcoin transaction. In column E (spent), the number will get calculated automatically by multiplying Column D (quantity) and Column C ($/BTC).
- Calculations (Columns G-I): The data gets automatically calculated from your inputs in columns G-I. The following gets calculated: your average Bitcoin purchase price, the total quantity of Bitcoin you own, and the total you've spent.
- Portfolio (Columns K-M): In columns K-M, the data gets summed from your calculations. The Google Finance function gets used to retrieve the Bitcoin price: it gets used to multiply Column L (value) with Column H (quantity). And, in Column M (profit/loss), Column L (value) is subtracted from Column I (spent).
To get access to the Bitcoin Profit Calculator in Google Sheets, enter your email address. (Save the Sheet into your drive by clicking 'file'. Then, 'make a copy').