financial crisis has increased the appetite for cryptocurrencies.
While the future of Bitcoin is unknown, retail investors are required to be very cautious about each and every move of Bitcoin, as it has been a tumultuous year for Bitcoin. Bitcoiners should not forget the fact that the currency is still trading low at almost 34.26 from its all-time high. The reason behind this volatility can be attributed to the macroeconomic conditions in countries including the U.S. and the UK.Â
Moreover, Indiaâs stance on cryptocurrencies continues to be firm with the government bringing all crypto-related transactions under the ambit of the Money Laundering Act. In a specific gazette notification, the Union Finance Ministry of India stated that all the transactions related to digital assets or virtual currency would fall under the purview of the Prevention of Money Laundering Act (PMLA).Â
On the face of it, the new development may appear damaging to the cryptocurrency community in India. On the ground, the move has been praised by the industry at large as this is a step towards regulating this space, where in the absence of regulators, the enforcement agencies will straight up take recourse to any discrepancies.
One of the other reasons why crypto experts are hopeful about Bitcoin is that, this year 2024, will be a year for Bitcoinâs halving event. The Bitcoin halving event happens every four years in which BTC rewards to its miners are cut by 50%, (the minerâs payout will be reduced to 3.125 BTC). This event is usually viewed as positive for Bitcoinâs price, as it helps in contracting supply. Historically, halving has been seen as a great sign for bringing momentum to Bitcoinâs price.
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