In 2008-09, when the world was in the grip of a financial crisis, an anonymous online entity named Satoshi Nakamoto developed Bitcoin—a peer-to-peer, unregulated alternative to the regulated but crisis-hit banking system.
More than a decade since, the cryptocurrency ecosystem has grown by leaps and bounds globally. In India, it remains an unregulated asset, but that has not deterred Indians from investing in it in a big way. According to a recent report by the trade website BrokerChooser, India had 10.07 crore crypto owners— more than any other country in the world. The US has 2.74 crore and Russia, 1.74 crore.
Crypto popularity in India exploded in March 2020, right after the Supreme Court lifted the Reserve Bank of India’s ban on cryptocurrencies. Bitcoin price jumped from $6,484 to more than $47,000 now, according to the research platform Statista. Earlier this year, prices hit a record high of $61,000. The price boom has been driving interest among millennials, say experts.
But there are many pioneers in India who were early adopters of cryptocurrency. They saw a bright future in crypto long before others did. Some of them started investing several years ago; some have even gone all in.
Harshad Gawde of Mumbai is one such pioneer. An app and website developer, Gawde is both an investor and crypto miner. Mining is, essentially, a process of minting new crypto coins. He has been a miner since 2014.
There are three types of traders—scalpers, swing traders and long-term holders. I do scalping, which basically means that I enter with very big positions and exit in 15 to 20 minutes. —Akshay Haldipur, digital marketing expert and crypto investor
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
A golden girl
One of India's most formidable beauties passed away earlier this month. The odd thing is she would absolutely hate this obituary; she hated being written about and avoided publicity for all of her nine decades. Indira Aswani was 93 when she died. But anyone who encountered her, even briefly, was in such awe of her grace and poise, and one could not but remember her forever.
The interest in wine is growing delightfully in India
The renowned British wine writer and television presenter Jancis Robinson, 74, recently came to Delhi and Mumbai to reacquaint herself with India's wine industry. This was the Robinson's fourth visit to India; the last one was seven years ago. On this trip, Robinson and her husband, restaurateur Nicholas Lander, were hosted by the Taj Hotels and Sonal Holland, India's only Master of Wine.
United in the states
Indian-Americans coming together under the Democratic umbrella could get Harris over the line in key battlegrounds
COVER DRIVE
Usage-driven motor insurance policies offer several benefits
GDP as the only measure of progress is illogical
Dasho Karma Ura, one of the world's leading happiness experts, has guided Bhutan's unique gross national happiness (GNH) project. He uses empirical data to show that money cannot buy happiness in all circumstances, rather it is family and health that have the strongest positive effect on happiness. Excerpts from an interview:
India is not a controlling big brother
Prime Minister Tshering Tobgay considers India a benevolent elder sibling as the \"big brotherly attitude\" is happily missing from bilateral ties. He thinks the relationship shared by the two countries has become a model of friendship not just for the region, but for the entire world. \"India's attitude is definitely not of a big brother who is controlling and does not allow the little brother to blossom and grow,\" says Tobgay in an exclusive interview with THE WEEK.
Comrade with no foes
Lal Salaam, Comrade Yechury-you were quite a guy!
Pinning down saffron
In her first political bout, Vinesh Phogat rides on the anti-BJP sentiment across Haryana
MAKE IN MANIPUR
Home-made rockets and weapons from across the border are escalating the conflict
SAHEB LOSES STEAM
Coalition dynamics and poor electoral prospects continue to diminish Ajit Pawar's political stock