Since the low of about $6000 odd on Feb 6th Bitcoin has risen by over 50% and is currently trading at about $11200. Analysts and experts attribute the recent drop from the high of $20000 to a host of factors ranging from speculation to regulatory troubles to evolution of the currency itself.
A new report by S&P Global Ratings while making the same old noises makes some poignant points wort mulling over. Especially so if you have invested in Bitcoin and other altcoins.
We view cryptocurrencies as a speculative instrument that would have an insignificant effect on global financial stability if its value were to collapse.
If the value of cryptocurrencies dropped substantially, we expect retail investors would endure most of the impact, while rated banks wouldn’t feel the hit since they are largely insulated thanks to their limited direct and indirect exposures and cautious approach so far.
The future of cryptocurrencies will depend on the coordinated approach of global regulators and policymakers, but we note that their underpinning technology could strengthen operations, notably with regards to money transfers and financial market infrastructure companies.
The only thing stopping me is all the news about hacking and government’s view on cryptos. Gains are heavily taxed. You will be on the watch list if you invest high amounts. Sites like koinex always have some issues. Buy/Sell spread is too much sometimes 2lks on zebpay.
Cuurently BTC is trading at INR 7,30,000. I see a a support at 7.5 lakhs.
There is a lot of noise around regarding BTC , and other cryptos. A month ago we witnessed a bloodbath as the prices fell significantly.
A major flaw that I see that, cryptos aren’t based on Fundamentals.
Talking about the speculations around crypto ban.
Blockchain technology is indeed proved to be a beginning of a new era of possibilities. I mean this could pave way for greater things in the coming decade.
Australia has already allowed the citizens to trade in cryptos.
The United States are leading the pack with various reforms around cryptos, wall street has already jumped in on the crypto band-wagon.
There are a lot of factors that come into play while discussing cryptos and a definite conclusion cannot be drawn out of it.
I invested in bitcoin when it fell to 4 thousand. Now I have made good money and withdrawn my investments, and let the rest stay there, maybe something else can be earned.
I have high hopes for FAcebook coins, I want to invest a lot of money in them. I think that Zukenberg will support them and they will not fall in price.
For that matter you really need a lot of cash and yes, I am totally worried that government can really close that scheme anytime soon. Are you with me here ? Please do understand all of that. I wish I did all that when it was like 500 INR or so LOL.
