Indians are standing up for crypto with #IndiaWantsCrypto Campaign - Don’t ban cryptos please!!
Indian Citizens take part in the #IndiaWantsCrypto Campaign
*IndiaWantsCrypto campaign in* *https://indiawantscrypto.net/*
As an Indian Crypto enthusiast, I am very grateful that there are crypto communities here led by heads of prominent Indian exchanges Wazirx and Coindcx. These communities are very active in campaigning against Indian Government’s stance of trying to ban cryptocurrencies in India. This time these Indian Crypto Exchanges engaged the Indian crypto community to email their representatives in Parliament, urging them to not support any proposed act in the Parliament that aims to ban cryptocurrencies emphasising on the need to set forth positive and progressive regulations for the Indian crypto industry.
This was done through these websites indiawantscrypto.net and indiawantsbitcoin.org which have readymade templates that can be emailed to corresponding MP (Member of Parliament) of the State constituency by any one who are supporting this campaign of #IndiaWantsBitcoin. https://www.publish0x.com/indiawantscrypto.net https://www.publish0x.com/indiawantsbitcoin.org https://www.coindesk.com/india-cryptocurrency-exchanges-campaign-regulation-ban
Indian Crypto community participated in this campaign to urge the Government not to ban crypto
Twitter tweet of Wazirx CEO Nischal Shetty https://twitter.com/NischalShetty
The Indian Government, has plans of passing a cryptocurrency bill; “Cryptocurrency and Regulation of Official Digital Currency Bill 2021” in a hurried manner, through way of ordinance(order of the president), which intends to establish a framework for the development of a Central Bank Digital currency (CBDC); Digital Rupee, while banning private cryptocurrencies. It is not clear if this means banning cryptocurrencies like BTC and ETH but the country’s crypto industry and community are worried about the Indian Government making such a law that will ban cryptocurrencies. https://www.coindesk.com/india-government-cryptocurrency-bill-ordinance-news-report
Reasons #IndiaWantsCrypto!!
**For thriving businesses and jobs for India’s youth!!**
The emails sent forth, through the templates given in indiawantscrypto.net explain that crypto is important for India because there are crypto businesses with over 340 startups, with the industry employing 50,000 people and attracting
Venture capital investments of millions of dollars on them. https://www.publish0x.com/indiawantscrypto.net https://news.bitcoin.com/indian-cryptocurrency-industry-lawmakers-dismiss-crypto-ban-bill/
**Most of the World and big businesses have embraced crypto!!**
Many other points were highlighted on the need for cryptocurrencies, as they are legal and regulated in major countries of the world. Currently, crypto industry is a trillion dollar industry with the World’s most prominent business players in it like
Elon Musk, Paypal, New York Stock Exchange, Blackrock, J. P. Morgan.
**G20 and FATF have instructed its member nations to regulate and not ban cryptos**
Furthermore, G20 and Financial Action Task Force (FATF) have instructed its member countries which includes India to regulate the crypto industry rather than banning them.
**Cryptos cannot be separated and ignored from the ecosystem of Blockchain Technology**
More was explained that BTC and ETH are needed as they have valuable use cases as native currencies of their blockchain, much required for their respective blockchain ecosystem to function.
These cryptos are not there to replace INR, but are like commodities like gold and silver.
**Crypto no longer is something that can be ignored now, for Blockchain Era has kickstarted**
At this era, Blockchain innovation has to be embraced for the economy to flourish, else India will lose out on economic development and growth. We all know that Blockchain is the future, it has to be embraced and crypto currencies have to be accepted in the country’s economy.
Blockchain Technology will be implemented in the coming years by industries from insurance, banking, supply chain and more. There is a reason ,Decentralised Finance movement boomed and it’s set to take off further, because it’s a good way to lend and borrow money since traditional banks have their drawbacks.
Now, you also can be part of the active crypto community supporting #IndiaWantsCrypto campaign
*Use* *indiawantscrypto.net* *and email Parliament representatives detailing that #IndiaWantsCrypto* https://indiawantscrypto.net/
I like to end by saying that I sent a email to my State’s Parliament representative(MP), very easily through https://indiawantscrypto.net/ website platform. I just needed to select the State I belong to and select a ready made template that very well explains to the Parliament Members why India should not ban cryptos and then proceed to send the already well composed email.
I am so happy that whenever this ban threat comes about the crypto community engages us. Last time, few years back, Wazirx CEO, Nischal Shetty made a petition that we signed detailing why India should not ban crypto.
This time too, he has done a lot in #IndiaWantsCrypto campaign, even talking about this on news channels, all that can be checked out in his twitter handle @NischalShetty. I urge all Indian crypto enthusiasts to also email their PArliament members through the platforms I have mentioned here and spread the word. Remember, everyone has the right to deal with cryptos, although I hope Government does not regulate the industry in a way that harms us, for example by charging exorbitant taxes on crypto HODLERs, since we already pay off enough fees in our crypto dealings.
Grayscale plans to introduce more crypto investment products for their clients to invest on
Image Source
Institutional investors did set Bitcoin’s price booming lately and their entry into Bitcoin investments were facilitated by Grayscale, a digital asset management company. Till now Grayscale was a popular vehicle through which institutional investments got exposure to crypto world’s largest cryptocurrencies Bitcoin and Ethereum. https://grayscale.co/
Now, Grayscale, which is probably one of the largest digital asset management companies looks to expand its crypto investment offerings for its clients.
The crypto trusts which Grayscale has filed registrations for recently
This is clear because Grayscale has gone ahead to register trusts for AAVE, Cosmos, Polkadot and privacy coin Monero this month, while earlier Grayscale in the month of December, registered trusts for BAT, Link, Mana and Cardano. These trusts were registered through Delaware Trust Company, the Organisation that registered Grayscale’s Bitcoin and Ethereum trusts, which are driving many institutional investors into investing into these assets. https://cryptobriefing.com/grayscale-expected-launch-defi-trusts-according-new-filings/)
Image Source https://cryptobriefing.com/grayscale-expected-launch-defi-trusts-according-new-filings/
All this shows that Grayscale is preparing to launch more crypto trusts, diversifying its crypto investment product offerings for institutional investors. Right now Grayscale has just registered trusts for the above mentioned cryptos but its launch may or may not happen.
Institutional Investors’ growing interest in investing in DEFI space like AAVE
Crytos such as AAVE are doing phenomenally price wise even beating BTC, one can imagine more exponential price increases for such cryptos when institutional investors pour into them.
*AAVE beats Bitcoin*
What is significant here is that AAVE is a DEFI crypto, and institutional interest in DEFI space seems to be cropping up for Grayscale to consider launching AAVE Trust.
The GME stock price boom episode with the giants of Wall Street losing out in the trading game
The infamous Group that succeeded in making the Wall Street Giants lose heavily!!
Image Source
Yesterday when I opened coinmarketcap website to check on crypto currency standings, I found WallStreetBets(WSB) listed on 0 before Bitcoin, and wondered what that was all about. https://www.reddit.com/r/wallstreetbets/ https://coinmarketcap.com/
Coinmarket Cap has WallStreetBets(WSB) listed on its page https://coinmarketcap.com/
However, I guess this WallStreetBets gets a special honourable feature in the website, because this reddit group r/WallStreetBets successfully teamed up and had the big Wall Street investment firms lose billions of money. Yes this relates to last week’s soap opera event, where GameStop shares went up suddenly by 600% and it was all over the news. https://cryptopotato.com/from-billions-usd-losses-to-political-speech-gamestop-soapopera-until-today/
The Wall Street invest firms get a taste of their own medicine with the GME stock blow!!
These Wall Street firms are wealthy investors, big players in the stock trading arena known to make profits out of the moves made by small retail investors, this time they got a taste of how painful it is to be on the losing side in the game of stock market trading. It appears that the world in general does not have much sympathy for these Wall Street investment firms - the hedge funds, private equity firms, as they got the taste of their own medicine.
Absolutely no fundamentals supporting GameStop’s Meteoric price rise!!
*GME Stock shoots to 480$ from 39$*
HA!! Now, let’s recap the episode of this GME stock price flying about last week.
This is interesting because we get to see how a stock price can be artificially inflated, without any fundamental reasons for the shares to fly up, as if it got some Bitcoin power, he..he..he…
GameStop is a video game and consumer electronics company, whose business involving sales of video games is down ever since the era of online games began. Covid-19 period, had them completely off business with closure of shops and malls.
Wall Street investment firms became victims as short-sellers as the price of GME stocks rocketed!!
The Wall Street biggies had shorted GME stock, believing that the firm’s stock would collapse. Meanwhile, the followers of r/WallStreetBets reddit group which has over 2 million subscribers brought these GME shares, which did the trick of exponentially pushing up the price of GME stock which was the most shorted stock in the market.
Wall Street investment firms had lost out here because their clever plan with their short positions on this stock was to make money betting on GME stocks crashing. However as the opposite happened, it forced these Wall Street investment firms to cover for the shorts, and suffer loses.
Two wall street firms Citron Capital and Melvin Capital have reported huge losses.
A look into this Short squeeze phenomenon that had Wall Street lose billions of dollars
What happened was a short-squeeze which youtuber NIcholus Mertin explains in this podcast at his youtube channel DataDash . In brief, what happened was something called a short squeeze. https://youtu.be/uLvMkd0ks78
Here, the Wall Street firms borrowed GME shares and betted against its price. However, as the price shooted up instead of plummeting, the Wall street biggies had to return back these shares buying them back at current prices which are higher than when they borrowed the shares and shorted it. This further increased the price of GME, while wall street firms lost huge money totalling 5 billion at the least.
For a more in depth understanding of this short squeeze that took place with GamesStop stock watch Nicholus Mertin as he explains it. You can read about this short squeeze phenomenon here as well in investopedia.
https://youtu.be/uLvMkd0ks78 https://www.investopedia.com/terms/s/shortsqueeze.asp
GME Meme stock used by r/WallStreetBets to beat Wall Street!!
This whole episode entertained many people, it’s branded as a social movement against Wall Street. GME became a meme stock, through which r/WallStreetBets group gave a blow to the big, wealthy wall street investment firms.
More followed post this episode and I will cover them in my next article, that will talk about Robinhood Exchange acting to protect interests of these Giant Wall Street firms rather than retail investors(even though its named as Robinhood), and forums like discord banning the r/WallStreetBets group, and the price of DOGE cryptocurrency shooting partly because of the r/WallStreetBets group, although those group members are not crypto enthusiasts, and made it clear they are not interested in making any crypto investments!!
Reasons why Ethereum looks poised to skyrocket soon!!
Image Source https://ethereum.org/en/
Another crypto after Bitcoin that’s listed in the top 100 biggest assets of the World
Ethereum, is another cryptocurrency that has made it into the[ list of the top 100 largest assets of the world in terms of its market capitalisation], with it currently ranked as the 87th largest asset by analytics website companiesmarketcap.com that monitors market capitalization of various asset classes - company stocks, precious metals, exchange-traded funds. Ethereum is becoming a major crypto asset with a market capitalisation of $149.18 B. https://www.publish0x.com/investing-and-trading/bitcoin-is-now-quite-famous-being-one-of-the-the-top-assets-xpnpejl https://decrypt.co/53313/ethereum-enters-top-100-of-worlds-largest-assets https://companiesmarketcap.com/assets-by-market-cap/
Image Source https://companiesmarketcap.com/assets-by-market-cap/
The crypto currency’s increased market cap is mainly due to its appreciation in price, which has already touched it’s previous ATH of $1417 on Jan 19 this year, however now ETH is struggling to cross that price level with resistance at 1400$.
Ethereum's Price Chart from tradingview https://www.tradingview.com/chart/jCWaxKNy/
Ethereum is ripe for attracting investments from institutional investors
We are aware that institutional investors took into investing in Bitcoin, which was a major reason for the price of Bitcoin to touch as high as 40,000$. Now, they will start investing in Ethereum too. Ethereum platform, despite its scalability issues, has a head start compared to other emerging scalable and interporable layer 1 blockchain projects that are emerging as competitors to the Ethereum platform.
Advantage of Ethereum having been cleared as a cryptocurrency by the SEC
One must remember that Bitcoin and Ethereum are certified by the US Securities Exchange and Commission(SEC) as cryptocurrencies and not securities.Therefore US institutional investors would not hesitate to invest in these asset classes, as they can be sure that its accepted as a legitimate crypto asset class by the US regularly authorities.
Ethereum Futures’ launch by CME is coming up soon!!
Image Source https://www.cmegroup.com/trading/ether-futures.html
One of the most prominent exchanges for Bitcoin Futures, Chicago Mercantile Exchange (CME) has announced that Ethereum Futures will be initiated on the platform in February this year, which will also be settled in cash just like Bitcoin futures in the platform are settled. Perhaps this will have more institutions pour into Ethereum now. https://cryptopotato.com/cme-group-announces-ethereum-eth-futures-the-date-has-been-disclosed/
I heard that a major catalyst for Bitcoin’s price to pick up to bubble heights in 2017 was the launch of Bitcoin Futures by Chicago Mercantile Exchange (CME), maybe that same phenomenon will happen with Ethereum, to drive its price to high levels like perhaps 10,000$.
ETH price can shoot also due to supply shortage now
Meanwhile, there is a shortage in the supply of Ethereum, because lots of ETH are locked in the Beacon chain for staking. Therefore if high demand for Ethereum happens, considering institutional appetite for investing is generally far higher than that of us tiny retail crypto investors, then the price of a Ethereum coin could shoot up.
Layer 2 solutions are getting implemented to scale the Ethereum Blockchain
There is news of layer 2 solutions in the implementation stage by Dexs like Synthetix and Uniswap, which would increase the scalability and reduce fees of transacting in these dexs that are using the Ethereum Blockchain. So, exciting things are happening for the further development of the Ethereum Blockchain, which sets good fundamentals for the Ethereum price to skyrocket and soar
*Please note this article is not investment advise and I am no financial expert, please do your research before investing and take responsibility for your investment decisions.*
@bulletgelly
