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Decoded | What’s driving demand for cryptocurrencies in India


Nikhil Kamath, the co-founder of Zerodha and alternative asset management firm TrueBeacon, is buying gold and lots of it. Kamath also talked up the case for the government to rationalize taxation on dividends, securities transactions, and equity derivatives.

We have seen a very rangebound market over the past three months with bouts of selling pressure. Are you comfortable dipping into the market at this level?

I would say not yet, especially, when it comes to companies that are correcting a lot like Zomato, Nykaa, Paytm, and the rest. From the very beginning, their valuations did not make sense. I've been pointing out for a long time that buying companies, which are loss-making at 1, times and 1, times multiples, is not sustainable. Even at current valuations, I don't see where the rationale is to enter these stocks.

The markets are still priced to perfection, and ahead of the Budget and the inflation worries we have at hand, probably it is still not the right time to enter. And when you look at the correction, it's tiny, right? It feels like a big one but for a market that has rallied percent, a percent correction is nothing in my mind. So do you hope to see more downside from here to be comfortable on the valuation front? I think so. When you look at the actual numbers, our GDP lot less than it was in We are in a bad situation.

So for the market to have rallied so much more than where we were even before the pandemic, doesn't make sense to me. I remain fairly circumspect on the market, I have been for a long time now. In our funds, we are about 50 percent hedged. The Budget is around the corner. What would you expect will the overarching theme be for the government this time around?

The current government is fairly opportunistic and they're good with their timing. I wouldn't be surprised if they're reworking the Budget based on how sentiment has changed over the last fortnight.

Some big things that I think should happen are like dividend distribution tax being rationalized. As a corporate today, if you're a promoter, you pay 25 percent tax on the profit, and then if you get dividends, you pay an additional 43 percent as dividend distribution tax, which takes the net tax rate to percent.

I don't think that is conducive for the ecosystem, something should definitely be done there. We've been asking for the last years that something should be done about STT securities transaction tax. It is not a tax on income, but attacks transactions. This is a big hindrance to attracting foreign capital into India.

We need the markets to be deeper, and removing STT will bring down the impact cost significantly. Doing something like that will actually bring in more revenue for the government. The third thing would be taxation on derivatives. I still don't understand why derivatives are taxed at the maximum tax rate because derivatives are meant to hedge risk. Category III funds bring in a lot of money into the capital markets, both domestic and foreign, maybe around Rs.

Even though it is a product just like a mutual fund, it is not taxed like a mutual fund. There is a lot of talk around the rural economy slowing down. Demand at the aggregate level seems to be falling behind other aspects of the economy.

How do you tread this scenario as a fund manager? This might be a bad thing to say, but the rural economy is going to move towards aggregation as it has in the West and other countries. Smaller farms will go away, they will aggregate and become larger farms. I think the key here is to how to help farmers that will no longer have a job.

For that, the government requires a lot of resources. The basic problem in our country is that for a country with the population and the wealth that we have, only 3 percent pay any reasonable amount of tax. Is that because 97 percent of the country does not earn money? It does. It's the most ridiculous thing. Property taxes should be increased because if somebody owns an expensive home even if it was bought through not the cleanest of means, at least you're taxing them upfront.

I think things like that have to be done. Tax on farm income above a certain threshold, property taxes, inheritance tax, all of this will give the government money to then take care of the rural population and improve infrastructure. I can say a bunch of things that the government could do to aid demand but where does it get the money to do it? From a portfolio perspective then, you do avoid consumption as a theme for the time being given the slack that we are seeing on the demand side of things.

There is an argument that in high-interest rate environment value counters could do well. Are you looking at some of these spaces like energy, utility, and metals? I'm looking at commodities. Gold is a big thing for me. In the last six months, I've been adding a lot of gold to my portfolio. It has gone up to around 15 percent of the overall portfolio now. Gold has proved itself to be a good hedge against inflation. Also gold, in my mind, will become cool when cryptocurrencies become uncool. There has been a big crash in cryptos, and if that crash were to speed up I think gold will suddenly start becoming more attractive again.

There is another segment of the market where the hype is very high and that is the entire green energy space. Do you feel that probably there is a need for caution on the part of investors? Yeah, you know, it sounds silly, but I blame the media. None of these stories are researched.

Nobody puts in the work to report what is actually going on. When it comes to EVs, I think, a lot has to be kept in mind. Sure, we are selling electric vehicles, but are we still producing electricity in our country by burning coal and losing 50 percent of that electricity by the time it will reach the electric car to charge it.

The way the EV story is being sold, I don't think that is true. I have a feeling traditional energy resources like coal will become interesting in the near future because people have ignored it in the last few years in terms of investment.

You can already see that with crude oil prices rallying, I think the same thing will happen for other energy commodities like coal. Given the subdued start to the year, what's your outlook for the remainder of for the Indian market?

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Chiranjivi Chakraborty. Related stories. Gold Prices Today: Hawkish Fed outlook to keep yellow metal under pressure, global concerns to lend Tags: Budget cryptocurrency Gold interview Nikhil Kamath. Trending news. Gold will become cool, when cryptocurrencies become uncool: Nikhil Desktop Version ».



Best Cryptocurrency to Invest in 2022 for Short-term Investments

Expert insights, analysis and smart data help you cut through the noise to spot trends, risks and opportunities. Sign in. Accessibility help Skip to navigation Skip to content Skip to footer. Become an FT subscriber to read: Investors flee gold for cryptocurrencies as inflation worries perk up Leverage our market expertise Expert insights, analysis and smart data help you cut through the noise to spot trends, risks and opportunities. Join over , Finance professionals who already subscribe to the FT. Choose your subscription.

Golden bitcoin with yellow bokeh background Are cryptocurrencies the wave of the future and should you be using and investing in them?

Chris Wood hikes exposure to crypto currency; sells gold for Bitcoin

Over the past few years, the cryptocurrency market, which is still in its early stages, has gained a lot of momentum and has been drawing several young Indian investors' attention towards it. These days retail and institutional investors are keen to invest in digital currency for both - long-term and short-term - profits. Undoubtedly, cryptos like Bitcoin, Ethereum blockchain are among the popular cryptocurrencies of which most people are aware. Young investors, who are willing to invest in the crypto industry, are confused about where to invest. However, just like the stock market, profit and loss are also part of the crypto industry and are subject to market risk. Coins and tokens with rock hard fundamentals are still promising for further growth. Bitcoin, Ethereum, Cardano, etc have already become the most worthy candidates of the Crypto industry," he said.


It's time for Change

cheap crypto to invest in gold

The ground realities of Jal Jeevan Mission: There is pipeline, tap. But where is the water? Regulating ed-tech firms: will the much-needed guard rails choke innovation? Playing the algo rhythm: Can codes help retail trade as smartly as institutional players? Choose your reason below and click on the Report button.

Bitcoin has not only been a trendsetter, ushering in a wave of cryptocurrencies built on a decentralized peer-to-peer network, but has also become the de facto standard for cryptocurrencies, inspiring an ever-growing legion of followers and spinoffs. Cryptocurrencies are almost always designed to be free from government manipulation and control—although, as they have grown more popular, this foundational aspect of the industry has come under fire.

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And United States Treasury Secretary Janet Yellen said that bitcoin is inefficient for actually carrying out transactions and is highly speculative. Yet bitcoin is the hot topic that keeps popping up. But with so much of the US technological, financial and political elite sceptical about its utility as a medium of exchange and its ability to be a long-term store of value, many are wondering what the asset is truly worth. Bitcoin fans say crypto is the future and one day a decentralised global financial system will dethrone investment titans, central banks and government treasuries. Some experts argue that the momentum investing of people piling onto bitcoin is a fad, making the asset more like a collectable, such as fine art. Others have likened it more to a fleeting trend, a flash-in-the-pan like the tulip mania of the s or the Beanie Babies craze of the s.


Gold will become cool, when cryptocurrencies become uncool: Nikhil Kamath

In investing, the trend is your friend — until it isn't. That proved true for digital currencies last year, and it could very well define the outlook for the best cryptocurrencies of Overall, digital currencies produced a remarkable that helped solidify an already strong argument for their inclusion in more risk-tolerant investors' portfolios. Not bad for an asset class that got its start just 13 years ago. But cryptocurrencies didn't enter with a head of steam.

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If Bitcoin is the gold equivalent of cryptocurrency, Litecoin is silver. In the volatile crypto market, BAT is usually consistent, making it one among the top In and , the price of one BAT was in the stable range, symbolic of its future potential. For the most part.


Ryan Haar is a former personal finance reporter for NextAdvisor. She previously wrote for Bloomberg News, The…. For starters, they both have a cryptocurrency named after them. Actually, PutinCoin and Whoppercoin might be the only thing they have in common. Cryptocurrencies like Bitcoin and Ethereum have a growing track record of holding and increasing in value over time, though recent dips have wracked the market , while lesser-known cryptos are considered much more speculative and unpredictable.

Many investors consider store-of-value assets like Bitcoin and gold as ways to preserve wealth. For example, gold has thousands of years behind it as a universally recognized safe-haven commodity asset and inflation hedge.

Many companies featured on Money advertise with us. Opinions are our own, but compensation and in-depth research determine where and how companies may appear. Learn more about how we make money. Before there was Shiba Inu coin, there was Dogecoin. And long before Dogecoin , there was Bitcoin, which kicked off the cryptocurrency craze over a decade ago. But there are two factors that can give a cryptocurrency the "it" factor : Capturing public imagination with a gimmick like a cute dog like Dogecoin and offering a potential technological advance, crypto traders will rush to adopt like Ethereum.

Cryptocurrency has never appealed to me. As a woman in my early 40s I'm pretty much as far from the typical crypto-enthusiast demographic as you can get, and frankly my to-do list already feels pretty full without adding 'learn about emerging financial technology that may take over the world' to it. I'm naturally sceptical, so anything that is touted as the next big thing, or instant way to multi-millions, tends to result in a highly-raised eyebrow.


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  1. Galabar

    Happy New Year to you and all readers!

  2. Makalani

    What a great sentence

  3. Treasach

    In my opinion this is not logical

  4. Twitchel

    What the right words ... super