Bitcoin, the world best-known cryptocurrency, topped the $18,000 mark on Wednesday to hit its highest level since December 2017, having soared over 150 per cent this year. In India, the currency has jumped to over Rs 13 lakh from Rs 5.12 lakh on December 31 last year.
Some market watchers believe this time is different for the digital currency, as there are more genuine reasons for the price increase like US hedge funds adding crypto assets to their balance sheets.
Earlier, Bitcoin had surged more than 1,000 per cent in 2017 to come closer to the $20,000 mark by December that year before a spectacular plunge wiped out 70 per cent of its value next year.
Has the bitcoin reached the bubble zone again, or will the ongoing rally sustain this time around? How can a small investor in India take exposure to the cryptocurrency? We caught up with Sathvik Vishwanath, CEO of Unocoin, the largest ecosystem in India to trade in different cryptocurrencies like Bitcoin (BTC), Ether (ETH) and Tether (USDT), to understand what lies ahead for these products.
Welcome to the show, Mr Vishwanath
1) What is driving the current bull run in bitcoin?
2) How is this bounce different from other similar rallies?
3) Will the ongoing bounce sustain? Can we again see a sharp dip like the one we saw in 2018?
4) How do you expect the trend to pan out over next five years?
5) How big is the crypto market in India?
6) Which other cryptocurrencies look attractive to you?
7) How can a small investor invest in Bitcoin? Is it possible to invest in fractions of it?
Thank you Mr. Vishwanath, that was indeed a very insightful conversation.
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