US President Donald Trump fulfilled his election promise by establishing a strategic cryptocurrency reserve for the United States. The Reserve includes Bitcoin, Ether, XRP, Solana, and Cardano. The news acted as a catalyst for a rally in cryptocurrencies. Cryptocurrency trading volume in India is on the rise, with trading on four of the largest exchanges reaching $1.9 billion during the October to December quarter. Kush Wadhwa, partner at the consulting firm Grant Thornton Bharat, predicts that India’s crypto market will grow from $2.5 billion last year to over $15 billion by 2035. Unlike other countries, the Indian government is choosing to wait for other countries to establish regulations, its main action so far has been to impose some of the highest taxes in the world on cryptocurrency trading. As traders are shifting towards cryptocurrencies, which are more volatile and offer significantly better value than equities, some analysts are concerned that future governments may sell all cryptocurrencies since they have been classified as reserves.
