Hyderabad: Bitcoin investment trend increasing in city

Hyderabad: The number of those dealing in Bitcoin and other cryptocurrencies is increasing across the world. In Hyderabad too, there is a significant increase in the number of those making investments in Bitcoin and other cryptocurrencies.

A report published during the depreciation of cryptocurrencies in 2019-20 revealed that there is an increase of 135% of those dealing in Bitcoin and other cryptocurrencies.

According to the report, India has the second largest population that deals and makes investments in Bitcoin and other cryptocurrencies which is leading to the appreciation of these currencies.

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The report also revealed that there are two crores of investors in India dealing in Bitcoins. The aggregate value of these dealings is $5.3 billion.

Those investors dealing in Bitcoins and using P2P may play an important role in the appreciation or depreciation of the cryptocurrencies’ value in future.

The city investors dealing in bitcoins and other cryptocurrencies form 6% of the total Indian investors.

The report adds that despite the volatility and recent slumping of bitcoin and other cryptocurrencies’ prices, the investment trend will continue.

The volatility is nothing new, the report says, hence the new crypto investors should be extremely cautious when allocating part of their portfolio to cryptocurrency. Bitcoin has shown a steady rise in value over the years. 

Unfortunately, the report warns, Bitcoin’s price is extremely difficult to predict and even more susceptible to market factors than other established asset classes.

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