We’ve seen many new all-time high pricing for Bitcoin, legislative discussions that might have a significant impact on the industry, and more institutional buy-in from major corporations…. At the same time, interest in cryptocurrency has exploded this year, due to everyone from long-time investors like Elon Musk to that kid from your high school on Facebook. It’s a hot topic not only among investors.
As a result, the industry is still very much in its infancy. If you want to get an idea of where the market is going, you’ll need to keep an eye out for developments in the regulatory arena, as well as institutional acceptance of crypto payments.
Cryptocurrency is a new and speculative investment with little history on which to base forecasts, so we can speculate about its potential worth for investors in the months and years to come (and many will do so). It doesn’t matter what a particular expert believes or says. As a result, you should only invest what you’re willing to lose and stick to more conventional investments for long-term wealth creation.
In the event that crypto was prohibited by the developed nations and became worthless, would you be fine?” According to Frederick Stanield, a CFP with Atlanta, Georgia-based Lifewater Wealth Management,
Do not place the value of your cryptocurrency assets ahead of your long-term financial goals, such as saving for retirement or paying off high-interest debt.
Despite limitations from the government and the Reserve Bank of India, the use of bitcoin and other cryptocurrencies has grown fast in India. According to some estimates, more than 10 million Indians own cryptocurrencies, making India the world’s largest Bitcoin-holder country. For the first time in six months, Bitcoin exceeded $60,000, which is close to its all-time high. The future of Bitcoins in India is still up in the air.
There is no way to stop cryptocurrencies from being used, according to MPs, business experts, and trade organisations who testified before a parliamentary committee on finance on the matter. On Monday, a parliamentary standing committee met to evaluate the current state of cryptocurrencies in India, as well as the opportunities and difficulties it presents for the government and its stakeholders. In charge of the panel was BJP leader Jayant Sinha, who served as a Minister of State in the Ministry of Finance in the previous government.
Who will be in charge of overseeing the bitcoin market?
It’s no longer a question of “if,” but rather “when.” In India, there will be restrictions in place for cryptocurrencies. The timing and manner in which they are presented is still up in the air. During the parliamentary panel meeting, the most pressing issue was who would govern cryptocurrency. A panel of experts has decided to leave the selection of a committee to the administration. However, during the conference, the RBI was highlighted as a possible source of oversight for cryptocurrencies. We’ll have to wait and see whether or not the government creates a new agency to oversee cryptocurrencies, or whether it chooses an existing agency to do so.