Cryptocurrencies open up new investment opportunity amid Covid-19 crisis

Nishcal Shetty

Amid the volatile stock market, especially after the global COVID 19 outbreak, the Supreme Court of India’s verdict to overturn the Reserve Bank of India’s ban order against cryptocurrencies is giving a fresh lease of life to the stakeholders of the Indian cryptocurrency sector. They are now optimistic about embracing this investment avenue under the gloomy economic conditions.

The RBI, in its command, had assumed that virtual currencies posed a systemic risk to the banking system and it was purely inane. Till earlier this year, the market capitalization of the global cryptocurrency market was valued at USD 261 billion, marking a growth of around USD 70 billion since the beginning of 2020. This figure is about USD 15 billion more than what India added to its GDP back in 2017-2018 – a period when India’s economy was moving upward at the fastest pace in recent times. The numbers bear out that the global crypto market is growing at an exceptional…