Mumbai: If you have invested Rs 1 Lakh in Bitcoin last year, it will now be worth almost Rs 1.7 lakh, although almost 30% fell from all-time high.
In comparison, the same number invested in Sensex will grow to around 1.2 lakh Rs.
More and more Indians invest in Cryptocurrencies despite extreme volatility and less than regulation.
But trends are not only because of the high return prospects.
Some take for crypto to bet on Blockchain technology, while well-designed trading applications interested in others.
Toi spoke to young crypto investors to understand their goals, strategies, and fear because uncertainty survived in 2022.
Blockchain – a, a safe decentralization book that allows crypto – is the focus of many supporters.
“My family faced several problems in land transfers.
Blockchain can help solve the problem of book management like that, “said a Bengaluru-based application developer.
Crypto Toi investors talk to no names not to be named.
A law student said that crypto was more than investment choice for him.
“I like to focus on decentralization.
Blockchain can solve so many problems in terms of duplication and transparency.
” Investors realize that Crypto will not be allowed for payment.
For them, it only bets on futuristic technology.
However, they were careful of their monetary exposure to crypto in the case of the prohibition was announced.
Many say they invest only what they are able to lose.
Bengaluru-based application developers have invested less than Rs 1 lakh, while other investors have allocated only 5% of the portfolio for crypto.
For others, crypto is difficult to ignore because of the ease of investment.
“Exchange crypto technology has been made for UI / UX (user interface / user experience) making it very easy for users to transact.
Even the biggest bank is unable to simplify what is on the screen when stock trading, “said an investor.
A 26-year Gurgaon-based investor said he opened an account with crypto exchange after seeing a TV ad in May.
“First, it’s only for investment.
But once I started understanding the technology behind crypto, I invested more, “he said.
The child has seen his 3-lakh investment rs grow almost three times.
Most investors have the same strategy: buy on dips and sell only if needed.
However, Crypto investors do not have a mechanism for complaints resolution.
“The bank continues to deactivate services for arbitrary crypto exchanges.
As a result, it is a nightmare to withdraw funds, “said an investor.
Due to the lack of regulations and concerns about prohibition, some Indians even moved their investment in foreign crypto exchanges.
Blockchain supporters are also concerned about traps such as ‘Shitcoins’ – the term used to refer to the existing Cryptocurrencies specified functions or innovative quality.
While the last two years saw strong demonstrations, 2022 may not be a good year for Bitcoin.
“Bitcoin shows a bearish trend in the short and medium-term terms,” ​​said Rajendra Agarwal, founder, autus investment.
Visit www.TimesDecrypt .com for further updates on crypto