Whats the future of Crypto in India?
Trying to draw parallels with RMG and government ban.
How are firms like coinDCX, WazirX , etc doing ?
Are you bullish or bearish, and why?
Exchanges are not the correct barometer for crypto outlook.
Speaking macro, trump is pushing hard for crypto and it will be difficult for India to avoid that pressure too long. China and India both want to establish their own digital currencies and are using it more often in trade with others. CBDCs are probably going to be the norm few years from now along with stablecoins.
Crypto might still become mainstream, but not in the form you're thinking of.
Correct my understanding
There are two broad outcomes here
- Coins used for transactions
- Coins used for investment (including trading in spot, derivatives etc)
My take is that the former has merit. Solves real problem. The latter is highly speculative and has no clear long term outlook. However, it is what pulls in retail participation.
Speaking from india’s standpoint, if crypto booms like RMG, and people start losing money, govt might step in and put a ban. Could be a partial ban (like banning derivatives) or a complete ban.
I personally am neither bullish nor bearish. I treat it as an investment that has the possibility of giving asymmetric returns. Either it will go up by a lot or down by a lot. But the invested amount is just 5% of my portfolio and only in BTC.
Till now it has given me 40% returns which is better than my MF and stock investments, but since the invested amount itself is less, it's not a lot. Same way if it goes down, I won't feel that bad as it's just 5% of my portfolio.
One thing that does worry me is security, even with 2FA, if the exchange itself loses money then I'm toast. Ex: what happened with wazirx.
Never keep crypto on an exchange, get a hardware wallet
We already have precedent of crypto ban and RBI balls deep into advocating for it.
Crypto is not a usable currency, it doesn't solve any technical problems, and people use it for speculation gambling in the name of "investment".
Anyways, advanced economies like the USA ultimately control the market and can also "recover" "stolen" coins, not to mention stablecoins being USD in different formats. And we all know crypto whales control the pricing, and Trump is literally making a "crypto bank" in order to further control it like whales and banks. If anything, 1933 EO should be a reminder that the state can confiscate it whenever they want.
Crypto is a massive scheme to take over economies, it is a threat to sovereign rule, and thus no government will allow it to gain traction in their backyard.
WazirX mere 10 lakh khakar baitha hai and all we victims get is tareek pe tareekh.
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Crypto is not store of value. and Crypto is not store of labor
Crypto is worse than FIAT CURRENCY
you'd be better off buying Treasury notes
