THE YEAR WAS 2021. Terms such as crypto, blockchain and NFT had captured the popular imagination. The value of Bitcoin, the most popular crypto asset, rocketed to a peak of almost $69,000 in November. Indians, too, couldn't resist the charms of this digital currency, with an estimated 100 million-plus trading in cryptos-the highest in the world, per broker discovery and comparison platform BrokerChooser. In fact, a 2022 report by trade and the United Nations Conference on Trade and Development (UNCTAD) said that more than 7 per cent of the Indian population owned cryptocurrencies in 2021. The year also saw crypto exchanges flourish in the country with their trading volumes growing and their founders being the toast of the town.
Cut to 2023, and Bitcoin has plunged to about half its value from the peak in 2021 and trading volumes for crypto exchanges in India have plunged more than 90 per cent since February 1, 2022. What happened? First, Finance Minister Nirmala Sitharaman imposed a 30 per cent tax on crypto gains and a 1 per cent tax deducted at source (TDS) on all 'sell' transactions on February 1, 2022. And second, Bitcoin plunged after the failure of some prominent crypto exchanges like FTX and the end of an era of ultralow interest rates. Is crypto a dead asset class then?
While crypto has lost its sheen as a popular investment option, there are some financial bodies that still believe in them. For instance, Standard Chartered Bank has predicted that Bitcoin could touch $120,000 by the end of 2024. But there are many who are sceptical about this asset class, like the legendary Warren Buffett. The Oracle of Omaha famously said at Berkshire Hathaway's annual meeting in 2022 that if someone offered him all the Bitcoin in the world for $25, "I wouldn't take it, because what would I do with it?"
Diese Geschichte stammt aus der October 01, 2023-Ausgabe von Business Today India.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent ? Anmelden
Diese Geschichte stammt aus der October 01, 2023-Ausgabe von Business Today India.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent? Anmelden
The EV Craze
The country’s growing luxury car market is seeing a shift with environmentally-conscious consumers betting on electric vehicles as a sustainable travel option. Though just 6%, the share of EVs in the luxury segment is rising rapidly
The Storage Boom
Data centres are being built at a frenetic pace in india as companies scramble to meet the ballooning demand from mobile phone users and firms adopting al. Can the country’s energy infrastructure keep up?
India Beckons
Owing to rising incomes in India and overall wealth expansion, luxury brands are wooing the country like never before
The Pearls of The Sea
Caviar, that rare food, is considered the epitome of fine dining. Here is everything that you need to know about it
66.Brand persona should define the core"
I’d say this was a strategic pivot. We had an iconic brand, but had, over time, evolved into diversified lines of businesses that could no longer be represented within the confines of our ‘name’.
Unwind in Style
Here is acomprehensive list of top tech picks that help you unwind by blending perfection in performance with luxury
A Lifelong Affair with Inspiration
In my art journey, the diversity of my acquisitions mirrored the expanding horizons of my understanding of art
Make it Bubbly
Champagne is much more than just a symbol of celebration and success. Know about its nuances beyond the bubbles
Palatial Splendour
Buoyed by renewed demand, sales of the glitzy mansions of the ultra-rich are surging like never before. Real estate majors are looking to capitalise on this by launching luxury offerings in record numbers
Of Beaches and Cream
GianChand Single Malt Whisky
