Bitcoin, the best known ‘digital money’ in the world, crossed a record high of 30 lakh rupees yesterday ($40,000). The cryptocurrency has been going from strength to strength through the past year, as the world nosedived into the uncertainty and economic pains of the pandemic. The question then arises: Is it time for the average Indian to consider investing in bitcoins?
“Bitcoin is slowly emerging as a mainstream investment class. Bitcoin is labeled as digital gold by many, and is also seen as more superior to gold in several respects,” says Nischal Shetty, CEO of WazirX, one of India’s leading cryptocurrency trading and exchange platforms. “As a smart investor, people in India want exposure to cryptocurrency based on their risk appetite and have diversity in their portfolio.”