American billionaire Tim Draper believes that India is making a big mistake by shutting its doors to cryptocurrencies. According to Draper, this will only lead to brain drain as many will be forced to move to other places, which are more crypto-friendly.
Japan, which is a major hub for crypto and Blockchain activity is facing shortage of software engineers. There are similar requirements at other places, where Blockchain professionals are in demand. This has forced the top MBA colleges in the world to increase the presence of virtual currency and Blockchain classes in their programs.
With the RBI’s move, India will lag behind other nations in the technology of the future.
Turning back to Bitcoin’s price, Thomas Lee, the head of research at Fundstrat Global Advisors believes that the cryptocurrency’s sell offs will subside after the mid-April tax filing deadline. He has maintained his year-end targets of $25,000 for Bitcoin and $1,900 for Ethereum.
On the other hand, investment research firm Capital Economics believes that Bitcoin will be a huge underperformer compared to the other asset classes in the coming months.
Like any other asset type, cryptocurrencies will have analysts taking both bearish and bullish views. But, we shall rely on the chart patterns to initiate trades that offer us a good risk to reward ratio. Let’s see if we find any buy setups today.
It seems optimistic to believe that the downturn (or the lack of upturn) was due to people waiting for taxes. How many people could possibly be selling, or not buying, becuase of taxes? And in sufficient quantity to sustain a price dip?
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