American venture capitalist investor, Timothy (Tim) Draper, supported the recent ban removal on cryptocurrency trading and usage in India. He noted that “the best ideas ultimately prevail,” and predicted that Bitcoin will perform quite well in this financial crisis.Draper On The Latest Developments in IndiaThe popular investor has previously shown a rather skeptic approach to investing in the Indian market. Back in 2019, reports had it that the nation will decide if migrants from some countries can become citizens based on religion. Draper outlined his concerns on this legislation, known as the “Citizenship Amendment Act.”Additionally, the Reserve Bank of India (RBI) had placed a directive that practically stopped any cryptocurrency usage in the nation. However, that changed at the start
Topics:
Jordan Lyanchev considers the following as important: AA News, india
This could be interesting, too:
Wayne Jones writes dYdX CEO Declares 35% Workforce Reduction
Chayanika Deka writes Former FTX’s Head of Engineering Nishad Singh Dodges Prison
Mandy Williams writes Aave Sees 0M Weekly Increase in cbBTC Inflows, But There’s a Catch
Wayne Jones writes MrBeast Linked to Over 50 Crypto Wallets Allegedly Involved in Insider Trading: Report
American venture capitalist investor, Timothy (Tim) Draper, supported the recent ban removal on cryptocurrency trading and usage in India. He noted that “the best ideas ultimately prevail,” and predicted that Bitcoin will perform quite well in this financial crisis.
Draper On The Latest Developments in India
The popular investor has previously shown a rather skeptic approach to investing in the Indian market. Back in 2019, reports had it that the nation will decide if migrants from some countries can become citizens based on religion. Draper outlined his concerns on this legislation, known as the “Citizenship Amendment Act.”
Additionally, the Reserve Bank of India (RBI) had placed a directive that practically stopped any cryptocurrency usage in the nation. However, that changed at the start of March, when the Supreme Court quashed the directive.
As India is the second-most populated country in the world, the ban lift presents a significant opportunity for business expansions and investments. For example, Binance and local cryptocurrency exchange WazirX recently announced a $50m “Blockchain for India” fund to invest in blockchain-based startups.
Draper Associates founder also supported the ban removal, according to a local report:
“The Supreme Court of India and the Indian government have shown that the best ideas ultimately prevail.”
On the topic of investing in the country, he said: “I met several Bitcoin and crypto startups while I was in India last week. I hope to be able to fund a number of them.”
Bullish on Bitcoin
Draper is among the most popular Bitcoin believers. Having previously said that millennials should invest in the largest digital asset and that its price will reach $250,000 by 2023, he now implied that BTC’s merits will become evident during the next recession.
“[…] The benefits of Bitcoin and crypto over current systems will become apparent during this crisis. Long term, I think this crisis will allow people to recognize that Bitcoin is simply a better way to hold value and spend money than through our current banking system.”
The community has commented openly on BTC’s role in a potential economic setback. Born during the last recession in 2008, the general belief was that it would perform rather well when the next one comes.
Lately, though, when investors were selling-off their assets due to the coronavirus effect, Bitcoin, as well as all other investment instruments, plunged. Draper, however, believes that this is only “institutional panic,” and the cryptocurrency market will recover quickly.