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Will crypto gain ‘currency’ as asset class since payment option is out?
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(This story originally appeared in on Dec 21, 2021)
economictimes.indiatimes.comIn 2016, when Hiten Malviya (29) bought a bitcoin for the first time, the virtual currency was worth less than $1,000. After an initial investment of Rs 40,000, Malviya had become a ‘crypto millionaire’ within a year as the value of bitcoin hit $20,000 in 2017-end.
In 2018, Malviya, however, lost nearly 80% of his net worth as bitcoin’s price crashed to $3,000. He could not even access his assets due to an RBI ban on facilitation of crypto trade by banks.
“It was a difficult time not only financially but also socially. Crypto was perceived as illegal,” said Malviya.
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