Investor education is yet to catch up with the surge in crypto enthusiasts
Until two months ago, 17-year-old Krish Bhatt had not heard much about cryptocurrencies. That is when the teenager from suburban Mumbai came across a podcast by social media influencer Ranveer Allahabadia. Hosted on the YouTube channel BeerBiceps, the show claimed that it could unlock the secrets of making millions from bitcoin.
“It piqued my interest along with Elon Musk’s tweets,” recalls Bhatt. So, he borrowed INR 1,000 from his mother to invest in crypto and returned her INR 1,250 a few weeks later. His father was impressed and wanted to give him a corpus of INR 20,000 to invest, but the teenager said INR 7,000 should be enough to test the waters. Since then, the Bhatt family has managed to amp up its crypto holdings to INR 3 Lakh.
“My father regularly calls me up from his office to enquire about prices, and my mother has stopped playing games on her phone in her free time to focus on trading,” the crypto enthusiast says.