A number of governments around the world struggle to take an stance on cryptocurrency (also known as crypto). A recent comment made from Commonwealth Bank’s chief executive officer Matt Comyn on cryptocurrency may be the reason for the psyche of crypto investors . Whose numbers continue to grow despite the uncertainty about the security of this asset. One cryptocurrency investor reveals it is one of the greatest dangers banks confront when it comes to digital assets is that they’re not including. This isn’t only confined to banks.
Sid’s parents provided him with some money to invest in stocks. The investment produced profits, which then invested into crypto. He says, “I decided to invest in cryptocurrencies as a means to diversify my investment portfolio and also not to be left out as the cryptocurrency (investing) community grows.”
When news broke regarding the cryptocurrency regulation and the Official digital currency bill 2021 schedule in the session of winter schedule to begin on Nov. 29, the panic was evident on the market for cryptocurrency. After the news announce investors began to rush to trading platforms. Such as WazirX and CoinDCX which in turn caused both platforms to crash. have crashed.
However, many do not think of any reason to worry. Anurag J Shrivasatava, co-founder of AD Group states “The government isn’t going to recognize crypto as a currency, but will allow it to be the asset class. As the asset class of crypto, it will be able to have an arrangement. Where SEBI and other authorities are able to regulate the use of crypto. This is mostly to determine which cryptos are good and bad.”
One Cryptocurrency Investor Reveals: All Going To Digital
In the same way that the stock market has changed, crypto will as well, Tiwari shares. As if to confirm this Shrivasatava states, “Initially, there will be a nagging issue. However, that won’t hinder crypto or NFT from expanding.”
As per Valuates Reports, the global market for cryptocurrency was worth 1.49 billion dollars (around Rs 11,100 crore) in 2020. 1.49 billion (around Rs 11,100 crore) in 2020 . The market will likely rise to 4.94 billion dollars (around Rs 36,800 crore) by 2030. 4.94 billion (around 36,800 crore) by 2030. The market expectation is to grow at the rate of compound annual growth (CAGR) that is 12.8 percent between 2021 and 2030.
In the future ahead, there crypto will funds, similar to those that focus on stocks, and can manage by asset management firms to retail investors, Shrivasatava says. “As the (crypto) market develops, their blockchain-based funds. As of now, a handful of fund managers from the United States invest in bitcoin as its value falls.”
The Reason Why Blockchain Is So Trendy in the Present
Blockchain technology is responsible for currency. This is an application that records each and every bit of information and makes the entire process completely transparent, making it impossible for leaks to occur. According to a report from Invest In India in the year 2020.
In India Blockchain technology has been able to attract the largest number of customers in financial services, banking and insurance. Many blockchain experts say this is just scratching the surface. “The negative publicity around cryptocurrency makes it difficult for anyone to look beyond. In a way affecting technology like blockchain,” says a co-founder of a startup.
In a discussion on the potential of this technology, Aliasgar Merchant, Developer Relations Engineer at Tendermint stated, “The technology by itself is extremely durable. However, the application that it will use for is a subject to debate. Blockchain technology is groundbreaking and design is to resolve a number of real-world problems.”
Similar to the sentiments of Oliver Nasralah, Co-Founder of The Red Order said, “Blockchain technology is still far to go before it reaches critical mass in its adoption and usage. The more people are involved with it by any means, more chance of widespread adoption.”
The founder of the AD Group in India, Anurag J Shrivasatava Co-founder of AD Group states that in addition to the financial sector the healthcare sector is also looking at blockchain technology. “Blockchain could help in the education sector too. It could be a boon for the charitable sector since Blockchain is about transparency. It can fix leaks. The level of transparency that this technology will create could scare some.”
Crypto Gaming is a New Source of Revenue For Players
In comparison to normal games played online, they are more entertaining and allow players to earn real money playing. The majority of studios and game designers earn through in-game purchases by players. However, crypto games permit players to earn money when they play, after purchasing virtual items such as swords, armor or vehicles within the game. And reaching the goal of the game and earning money in form of cryptocurrency. Which is later traded with real money. The most popular crypto games include Axie Infinity CropBytes, Gods Unchained and many more.
Nancy Beaton, VP Strategy and Blockchain, Together Labs says, “Players can work their way to a full-time earnings in their passions or even earn a supplementary income. With any online shop or other side-business, those who earn need to know what is self-owned company and the obligations associated with tax. Benefits as well as time. which are usually provided by traditional businesses. Being a full-time player, influencer, or any other type of person is not an exception.”
One cryptocurrency investor reveals (Aliasgar Merchant) alternative ways of earning are becoming commonplace. Developer Relations Engineer at Tendermint. The engineer says “We see the growth of influencers on social media platforms like those who are on TikTok, Instagram and Facebook. But, the methods of earning money are highly unstable and therefore one shouldn’t depend 100% on them.”