Ashish Nitin Patil has made the first bet on Bitcoin in late 2017. People are surprised to know that amidst the confusion around bitcoins and other cryptocurrencies, he jumped in the wave and made quick bucks. But, he learnt many things about the value of bitcoins and propositions of digital currencies.
As per a statement by Ashish Nitin patel, initially his intention was to make a short term investment. But, at present he believes that some good projects like Hedge funds and ETFs can deliver good levels of gains. In fact, it is possible to get 5X to 10X more over a long period of 1-3 years, Ashish is a 28-year old IT professional.
After the first run-up almost three years back, Bitcoin is again gaining popularity and it is again making headlines by gaining almost 242% in a year. The trade in BItcoins has reached an all time high of upto $24000. In the period of the last four months alone, the price of bitcoin has increased by almost 104%.
As per a report by CoinDCX, there is 3X Quarter to Quarter growth in the trading volume of bitcoins. In addition to this there is a 4-times increase in the volume of daily active users for Bitcoin. In the month of October alone, Bitcoin has witnessed a 25% MoM growth in the number of active users and 21% increase in the active trade volume of bitcoins.
Zebpay, which is one of the early exchanges in India has reported a record 270% QoQ increase in the trading volume. In addition to this, there is a 218% increase in the number of user tradings in 2020.
Investors at this time are in for the long-haul. This time Bitcoins and other cryptocurrencies are witnessing mature investor participation.
For example Mumbai-based investir Dhruti Vakharia made her first bitcoin investment in October. But, within a period of less than six months, her holdings increased by almost 35%. She is not in a hurry to cash out. As per her statement, she wants to remain invested for a few years just to see the direction of movement for the cryptocurrency.
Many digital exchanges also confirm that this time, the investors are not entering the market because of the heated sentiment in the market. Infact, they are here for a long game. So, the entry of mature investors in bitcoin will show the real strength of the digital currency.