Cryptocurrency is creating chaos everywhere, with Bitcoin creating new records every day it has become a new subject that has been going viral on the internet. After disturbing Wall Street and many financial markets across the world cryptocurrency is now showing its effects in India too as new stories are revealing the profits earned by those who made investments in cryptocurrency during last years.
Under the Authorised scheme of the Reserve Bank of India, Amitabh Bachchan and his son Abhishek had invested $250,000, in a Singapore firm Meridian Tech Pte two and a half years ago which now has an expected value of $17.5 million.
Meridian was not a popular company then but after the recent decision of LongFin Corp to acquire Meridian’s prime asset Ziddu.com it has proved to be very profitable for the Bachchans. The Ziddu website says: “We are a blockchain research company developing a decentralized application for micro-lending and warehouse financing. Ziddu Warehouse Coin is powered by Ethereum ERC20 token standard.”
Since its launch in share market, the value of LongFin Corp’s stocks has increased tremendously. Just from the last Wednesday to this Friday, the value of its stocks has risen from 1,000 percent at one point to 2,500 percent at the other and the Bachchan duo was given 2,50,000 shares in this firm.
Although there is no explanation for the rise that Bitcoin and other cryptocurrencies are seeing, experts are believing that it will continue to rise like this in future.
With so many things happening and RBI’s decision to warn investors for putting their money in cryptocurrency, we suggest you to take any step with keeping in mind that it involves a big risk and the prices can decrease too.