Sam Bankman-Fried, the head of cryptocurrency exchange FTX, was a superstar of the tech world until two days ago. He was hailed as the savior of crypto, the latest force in Democratic politics, and possibly the world's first trillionaire, but today he is the biggest villain of the crypto world. The cryptocurrency exchange run by 30-year-old Bankman-Fried went bankrupt on Friday, leaving investors and customers feeling cheated. If you are also thinking about investing in crypto, then know very well that you are entering such a blind alley, in which no one knows what will happen when.
What does it mean for Indians?
Brajesh Sharma, an electronics engineer from Gurugram, invested Rs 2 lakh in cryptocurrencies five years ago. Till last year, he was very excited about investing, but now fear has set in. Ritesh Kumar, a software engineer in Bangalore, has something similar to think about. He says that cryptocurrency is neither recognized in India nor do the companies running crypto exchanges reveal anything openly about themselves. In such a situation, if the money is drowned, then we cannot even knock on any door. Huh.
In September, the Indian crypto market lost millions of dollars of cryptocurrencies in Luna and Terra.
When the government introduced a tax on the exchange of cryptos, stability was expected to return to the market, but the FTX case overshadowed the prospects.
The Government of India charges tax on the crypto exchange but has not recognized cryptocurrencies. Experts say that cryptocurrencies are a risky gamble.
the possibility of getting worse
According to experts, the already bearish market will now have to deal with this new uncertainty.
After the collapse of FTX, there could be a liquidity crisis in the market, which would have to bear the brunt of other cryptocurrencies.
Rajagopal Menon, the vice-chairman of India's largest cryptocurrency exchange WazirX, fears that the worst is not over and anything could happen. He said that the already bear market will have to deal with this new uncertainty.
Investors saved from the vigilance of the government and RBI
Billions of dollars were lost to investors due to a massive collapse in the cryptocurrency market around the world. However, due to the cautious stance of the government and RBI, this has not affected Indian investors. RBI has repeatedly refused to recognize cryptocurrencies. Also warned on cryptocurrency transactions. Apart from this, the government has also imposed a hefty tax of 30 percent on cryptocurrencies and an additional TDS of one percent on transactions. According to the data, the global cryptocurrency market capitalization stood at $3 trillion (Rs 234.7 lakh crore) in 2021. In just one year, its total market value has come down from $ 2 trillion (Rs 165 lakh crore) to $ 1 trillion (Rs 81.23 lakh crore).
16 billion dollars swaha
The collapse of FTX wiped out $16 billion (about Rs 1.3 lakh crore) of its co-founder Sam Bankman Fried.
Only 3% of investment in India
The industry estimates that Indian investors account for only 3 percent of crypto assets.
At the same time, according to the survey report of the global cryptocurrency exchange KuCoin, there are more than 115 million crypto investors in India.
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