The Market Sentiments of the Indian Crypto Hodlers Around This Time
Blog: NASSCOM Official Blog
In India, people have been skeptical about cryptocurrencies ever since they heard about them or crossed glances. What they heard was more of negative aspects surrounding the technology behind cryptocurrencies. The masses didn’t bother to delve deeper as they thought it would be a temporary thing. As more and more people started knowing about its uniqueness, their belief system became stronger. Once the Supreme Court of India lifted the banking ban on cryptocurrencies in March 2020, there’s been an upsurge of people investing in cryptocurrencies, especially Bitcoin (the oldest and most popular crypto).
There are ups and downs to an investor’s portfolio, so people who have the appetite to take risks are the ones who stick by it till they become market experts, as they’ve been in the race before many of us. So, it’s always advisable to do widespread market research before coming to any conclusion – buying, selling, or holding (as we also call it hodling).
Most of the Indian folks belong to the third category as hodlers. They hold cryptocurrencies, stay updated with the market trends, and take necessary actions.
How are they feeling right now, given the recent crypto bill issued by the parliament?
From the hodlers’ perspective, we are panic-stricken as to what will happen to our assets, do we need to withdraw all of it or still be positive about it.
All of these are answered here.
With the efforts of 7 million Indians, who own over 1 billion USD worth of assets, we are not going to lose, as there’s a long way to go, and the government can’t turn a blind eye to all the positive impact, the cryptocurrencies can bring to the country.
The cryptocurrency exchanges in India have united to launch campaigns to avert the potential crypto ban. More than 15K people already sent their email to their local MPs to bring positive crypto regulations. Go here to do your part.
Amidst all these, Elon Musk, the richest man in the world, has been driving the crypto land crazy. He changed his Twitter bio to just #Bitcoin and also has been tweeting about Dogecoin. These acts have been affecting the market for over two weeks now. Tesla recently bought $1.5 billion Bitcoin, which pumped the BTC price manifold, which is $46,902, at the time of writing.
These worldly crypto indulgences are instilling hope and confidence in the minds of the crypto traders.
The world needs crypto, so do we, isn’t it?
Even amid this FUD, the first time buyers have flocked to the exchanges, as the total market volume of cryptocurrencies touched $1 trillion for the first time on 4th Feb 2020. People are looking up to Bitcoin as more of an asset and store of value like gold.
Due to COVID19, some of the people even lost their jobs, but what kept them going is crypto trading. Here’s an example of that:
Everyone is standing in awe as to what is going to happen with this new crypto bill, but we just have to keep calm and continue hodling, as 2021 looks super-bullish after all.