Keep your nerves if the mega cryptocurrency has made you anxious because there is a silver lining to the chaos the crypto asset class endured last week.
Although the recent period of volatility has been widely interpreted as a course correction (one Bitcoin is currently floating around $37,000 after hitting a record high of nearly $60,000 only a few weeks ago), industry experts believe that remaining invested and thinking long-term is the best strategy for crypto investors in the nation.
Bitcoin and other cryptocurrencies are becoming more common in India. According to estimates, the country now has over one crore crypto investors, and the number is steadily increasing every day, thanks to the presence of several domestic crypto exchanges.
Despite the Reserve Bank of India’s (RBI) reservations about cryptocurrencies, Indians are flocking to the digital coins, which are being hailed as the most critical asset class of the twenty-first century. Indian investors are learning to see Bitcoin as an asset class that belongs in any long-term portfolio, according to Rahul Pagidipati, CEO of ZebPay.
The Reserve Bank of India (RBI) directed financial institutions to cut ties with individuals or companies trading in virtual currencies like Bitcoin in April 2018. The Supreme Court, however, permitted banks to continue managing cryptocurrency transactions from traders and exchanges in March 2020, providing relief to crypto investors.
Finance Minister Nirmala Sitharaman announced in March that all cryptocurrency trading windows would remain open, providing additional relief to stakeholders. RBI Governor Shaktikanta Das said earlier this month that the central bank has expressed serious concerns to the government about cryptocurrency.
Among the uncertainties is the fact that, while a 40% drop in the price of Bitcoin from its all-time high appears dramatic, it is common in many volatile markets, including crypto, especially after such a large rally, according to industry experts.
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Hello, my name is Anuj Boruah. I am quite interested in writing about current events in business, finance, and the economy. I work as a newswriter at Reviewminute.