Unprecedented levels of stimulus measures not only have pushed gold and equity markets to record highs but it also propelled cryptocurrencies to new highs.
If 2017 was all about geeks and speculators buying Bitcoins, 2020 has been about institutions on back of strong volumes and wealth accumulations with names like PayPal also entering the markets.
There are 1,658 cryptocurrencies as per the latest list but the 3 top cryptocurrencies by trading volume and market capital are Bitcoin, Ethereum and XRP or Ripple.
About 70 percent of the cryptocurrency market capitalisation is represented by these 3 tokens.
While there has been plenty of speculation on whether this space is a bubble ready to pop or likely to pass the test of time, this year has returned a 3-digit percentage gains to its investors.
Exposure in cryptocurrencies is considered a high risk given the volatility it has displayed. The value relies on network effect: how many users are using it and how active the users are.
Financial experts suggest not more than 2 percent at this point as part of your portfolio.
After the Supreme Court in March 2020 struck out the RBI ban on facilitating of cryptocurrencies in India, the participation has increased manifold in 2020.
So what are the rules and regulations surrounding cryptocurrencies and are they a safe bet?
To discuss this, Manisha Gupta spoke to Nischal Shetty, founder and chief executive at WazirX, Monark Modi, founder and CEO of Bitex, Vikram Rangala, CMO of ZebPay and Sumit Gupta, CEO and co-founder of CoinDCX.Watch video for more.