Crypto News: Is It The End Of Shining Cryptocurrencies Story In India? | the Crypto Implosion
There is fear and people dont know where to run to, and i can bet we dont have the numbers, but there must be a lot of indians millionaires, especially who have burned their fingers and their wallet in the lunar crash. Ayush ayush youll have to unmute yourself. We couldnt hear a word apologies i i hope you can hear me now in fact, uh just to once just to answer your questions to that. Even the indian community, out here and theres, a bunch of people ive been speaking to from our continuing business today, coverage here in london who are talking about whats happening in the crypto world. For the past couple of days, weve obviously seen the chief technology officer terra also come out with a statement. You know its interesting that a lot of these conversations happen on discord, servers that discord server was actually shut down. Uh yesterday, four four: you know people in the community actually dealing um with terror and they said that we dont want any more speculation in this space. But there are calls from the cto of actually um. You know trying to stabilize ship and and maybe rework the code and stuff like that, but its interesting, because here, where i am in london um there was a uk treasury report only last month which actually talks about regulating stable coins. Now our guest earlier told you the difference between uh well different types of stable coins, and i think that becomes imperative when a lot of people have burned their hands.
With this particular triangle, thats happening to us weve been deconstructing the crypto world quite extensively at business. Today, at india today, and i think we are serving a certain amount of consumer purpose. The key question that we have always asked – and i repeat, is this too technical, too complex for the average joe on the street, especially in india – to invest in the hope of very high returns. And is this a classic example of the risks that are attached to crypto investments spot on? You know, to put it very simply, this is far too convoluted a subject just for not just the average joe for anyone anywhere even people who understand financial markets. You know i cover technology extensively on business today with you guys and – and i really think that even i am in a space where im learning every day. A lot of my friends, millennials gen z, who are actually trying to invest in this space, are relying on youtube videos for their form of education, so youre right uh, but you know theres. Another thing that i also want to mention was that, like any other financial instrument – and you know whats best in that uh – one to five percent of your net worth – is as much as any wise crypto investor puts in the crypto markets. So, yes, we can call it a blood part uh crypto winter, and these are tough times but, like you said at the start of the show, things have sort of well uh stabilized.
Since the last time you were reporting this yesterday. So absolutely yes, its a bad period and, yes, things have recovered. Absolutely. In fact, there is a recovery, but that may not take away the pain of those who are seeing empty wallets with zero in them whats. All i am coming to you and, as i come to you, i just want to request our producers to play out one particular fact on screen, which is the market cap. Just in november 2021, the crypto universe had a market cap of nearly three trillion dollars on the first of may and thats uh. Just around a fortnight ago, it came down to 1.72 trillion and today its 1.3 trillion. Now these are massive numbers. You know these are dollars, not even rupees that we are talking about. But, sir, is this kind of a fall indicative of the crypto story? The shining crypto story, uh the the best bet for young people to invest those who dont believe in government. Those who believe in web 3, those who believe in a deregulated d licensed world is this the bottom being knocked out of those kinds of thoughts. Um. You know its a very tough time, uh for everybody, uh, obviously, weve been reading cases of individuals losing all their wealth, uh, some, unfortunately uh, you know taking their lives and just very unfortunate times for everyone uh, particularly for the industry. I would say i i in fact you know: matt levin wrote a very good blog on this uh last night.
He said you know. This is the first time were starting to see.