New Delhi, May 23 (IANS)| If cryptocurrencies have puzzled you, and especially if you are an investor in digital coins like bitcoin or ethereum, hold your breath as the last week has added a silver lining to the devastation of the crypto asset class.
Whereas the short volatile period is widely described as a course correction. (One bitcoin is currently around $37,000, after touching a record high of around $60,000 a few weeks ago) Industry experts agree that staying invested and thinking long is an important one for crypto investors to follow. is the rule.
India is rapidly adopting bitcoin and other cryptocurrencies. According to reports, there are currently more than 10 million crypto investors in the country and the number is increasing significantly every day with several domestic crypto exchanges operating in the country. Despite the Reserve Bank of India (RBI) being wary of cryptocurrencies, Indians are paving a way for investing in digital coins, which have been called the most essential asset class of the 21st century.
According to Rahul Pagidipati, CEO of Pocket-pay, “Indian investors are learning to view bitcoin as an asset class that is included in every long-term portfolio.” Pagidipati said “Indians hold less than 1 percent of the world’s bitcoins. Leaving it behind would be a strategic loss to the Indian economy. In 2021, we expect more institutions and government officials to help us close the bitcoin gap.” is required.”
In April 2018, the RBI ordered financial institutions to sever ties with individuals or businesses dealing in virtual currencies such as bitcoin. However, in March 2020, the Supreme Court allowed banks to continue trading cryptocurrency from merchants and exchanges, giving relief to crypto investors. In March this year, Finance Minister Nirmala Sitharaman said that not all windows on cryptocurrencies will be closed, providing further relief to stakeholders.
Earlier this month, RBI Governor Shaktikanta Das said that the central bank shared with the government the main concerns over cryptocurrencies. Amid the uncertainty lies the fact that a 40 percent drop in the price of bitcoin from its all-time high, say currency veterans, is dramatic, but normal in many volatile markets, including crypto, especially after such a large rally.
Avinash Shekhar, Co-CEO of Jeb-Pay, said, “Such corrections are mainly due to short-term traders taking advantage. Investors should invest in education first. On the underlying value of bitcoin, ethereum and other crypto assets. Do research because you can see company information before buying a stock.” Buyers are aggressively hoarding more and more bitcoins. This is the driving factor that has driven the price hike of the digital coin. According to Prabhu Ram, Head-Industry Intelligence Group, CMR, “If one looks back on the last decade, such volatility is consistent and par for the course for crypto.” “In the short run one can feel anxious, but in the long run there will be positives. Going forward, bitcoin will continue to be a small but significant investment in the investor portfolio,” Ram told IANS.
Major industry players feel that India being a technological and economic power, will emerge as a major player in crypto and blockchain adoption. According to Sumit Gupta, CEO and co-founder of cryptocurrency exchange CoinDCX, “Cryptocurrencies have now classified themselves as a macro asset class for investment that cannot be ignored.” “It will drive more mainstream acceptance than ever before,” Gupta told IANS.
(Disclaimer: This news has been published directly from news agency’s Syndicate feed. It has not been edited by AnyTV News team.)