Governor Shaktikanta Das, in the foreword to the 25th issue of the RBI’s Financial Stability Report (FSR) released on Thursday, had dubbed cryptocurrencies a clear danger and speculation under a sophisticated name.
The price of the world’s largest digital currency Bitcoin (BTC) has plummeted over the last 24 hours as it made a low of $18,729 in the early hours of trading on Friday morning.
It has recouped its losses mildly and is currently trading at $19,420 currently, according to data from Coinmarketcap.
The second-largest digital currency by market capitalization, Ethereum, made a low of $1,009 and is currently trading at $1,050.
Aliasgar Merchant, an investor based in Mumbai, says while he believes that the bearish phase shall pass soon, he has only invested in projects he thinks are absolutely worth it and will survive the test of bear markets.
“I have totally refrained from buying shitcoins and worthless tokens that have low potential. Quick money is a big scam. That said, there are a few things that are concerning me as well. The recent fall of Terra is an indicator that even ‘good-looking’ projects may not survive the bear market,” he says.
He added that he will continue “Hodling” his existing portfolio and also take the opportunity to buy new cryptos at a discounted rate….
