The extremely volatile and mega cryptocurrency bitcoin has left you nervous now; it has been affordable by Indian investors as well. According to the report, bitcoin has been experiencing a fall in its prices for the past 2 to 3 weeks, and it has been a breathtaking experience in the life of bitcoin investors from across the globe. Well, it is time to hold your nerves for the Indian investors because it is going to be a silver lining in the mayhem of crypto assets. If we look at the views of experts, they are still advising to keep following the strategy of holding and expecting a long-term benefit from the bitcoin investments.
The trend of cryptocurrency investment is increasing every day, and many countries are adopting it as their economic drive as well. As of the reports, there are a lot of cryptocurrency investors in India as well. The number is completely volatile and is changing every day on the positive side. The reserve bank of India may be taking its side from the cryptocurrencies but still, the investors in India or not alienate it from the cryptocurrencies.
Even if the bitcoin prices are very touted and have change Significantly in the past few weeks, the Indian investors are still investing their money in bitcoins. A few weeks ago, bitcoin was around its highest price, $60,000, and now it is revolving around a price of $37,000, which is a huge difference between its highest and the lowest price.
In the words of Rahul Pagidipati, the CEO of ZebPay, The investors in India are not differentiated from the investors of the global economy. They are you in bitcoin as an asset class that is supposed to be thought of in terms of a long-term portfolio.
According to the facts and reports, there is only 1% of total bitcoins in India according to this website, which is a very great disadvantage for the Indian economy. In the future, when other economies of the world will be advancing through cryptocurrencies and modern technology, India would definitely be left behind due to this one factor. It is a need of 2021 for more and more government and private institutions, along with government officials, to recognize bitcoin and fill the huge gap between India and bitcoin investment and global investment in bitcoin.
What happened recently?
It was not before 2018 that RBI ordered all the financial institutions in the country to sever their connection with business firms and individual people who are dealing in cryptocurrencies like bitcoin. The scenario started changing as time passed, and in 2020 March, the supreme court also allowed the banking institutions to handle cryptocurrency transactions.
Traders from all across the country got a respite from crypto investors. But, the relief to the crypto investors was short-lived, and soon, after a year, finance Minister NirmalaSitharaman released an official statement saying that all the cryptocurrency windows would be closed down. The statement came in accordance with providing relief to the stakeholders who are investing their money in the shares of different companies.
After looking at such action of the government, the RBI governor also showed his concern is regarding such statements. He said that cryptocurrency me be the future of the global economy, and if we still hell ourselves back from entering into this technology-driven world, we may further remain behind in the race of being a global superpower. Even if the prices of bitcoins are falling even lower, it has not stopped investors from investing their money into it.
The cryptocurrency named bitcoin’s prices are lower down by 40% recently but, the time is automatic. The market is volatile, and this is something that is believed by investors from across the globe. The industry players say that bitcoin will further increase and will even go higher than the recent highest price.
According to the various experts, cryptocurrencies are subjected to a high degree of volatility, and because of this, it has experienced such a downfall in its prices in the past as well. It is nothing else but normal for cryptocurrencies to see a fall and rise in their prices, and therefore, it is not at all a risk factor to invest their money in bitcoins now when the prices are lower than ever before. Also, the industrial players from across the globe believe that India is now an emerging technology and economic power and can further play a very important role in crypto and Blockchain adoption.
HussaiN is a full-time professional blogger from India. He is passionate about content writing, Tech enthusiast & computer technologies. Apart from content writing on the internet, he likes reading various tech magazines and several other blogs on the internet.