Gold failed to glitter, equities made a mark, real estate found itself struggling with regulations but what took investors by surprise was the cryptocurrency market. Bitcoin in particular saw widespread interest not just across the world but in India as well.
Bitcoin rallied from $1,000 rose to nearly $20,000 in December. Not just Bitcoin, but other cryptocurrencies did pretty well in 2017.
Well, if you have found this particular asset class interesting and are planning to take a dip into the unknown, tread with caution – a word of advice which comes from not just analysts on D-Street but also astrologers and numerologists.
The sharp run-up in Bitcoin could be attributed to number 5, which belongs to Mercury, says astro-numerologist Sanjay B Jumaani.
“Bitcoin adds to 23, the best form of Number 5, Mercury the fastest Planet of Speed! It has already made the owner of Bitcoin, Satoshi an overnight Billionaire,” he told Moneycontrol.
“Guess what? Its founder, Satoshi is a Number 5 himself born on 5th April! Though we never encourage fast money or gambling, I would like to throw some light on Bitcoin. The flip-side of Mercury is that it’s slippery & can go either way,” said Jumaani.
Cryptocurrencies mainly Bitcoin, Ethereum or Ripple enjoyed a bumper year in 2017 as mainstream investors entered the market and drove prices higher. We saw an explosion in so-called initial coin offerings (ICOs) - digital, token-based fundraising rounds which drove demand.
But, for India, things are little complicated. As of now, India hasn't banned Bitcoins, but the cryptocurrency is largely unregulated. In a statement last month, the Reserve Bank of India (RBI) said that it has not given any licence or authorisation to any entity to operate schemes or deal with bitcoin or any virtual currency.
Bitcoins have been volatile — having surged as much as 1,900% in 2017 to a high of $20,000 in December, they have crashed by half since then, ending at $10,000 on Friday, said a report.
So what do stars foretell about the cryptocurrency for the year 2018?
“Cryptocurrencies are still not recognized by Reserve Bank of India & it has cautioned investors & traders about the potential financial & legal risks. With the current strong placement of Jupiter & Venus, Bitcoin is expected to do well till the end of July ’18,” Astrologer Richa Pathak of Jyotishdham told Moneycontrol.
It has to be noted that combination of Mars & Retrograde Saturn from 7th March '18 to 2nd May 2018 will bring the sharp volatility for about two months. However, even with volatility, prices will see an upward trend till July ’18.
“August ’18 will experience the debilitation of Venus & its placement in Virgo, which would affect Bitcoin’s prices. During this period, currency may be mired in regulatory, legal & taxation controversies which shake investors’ confidence which in turn would lead to dropping in prices,” said Pathak.
She further added that September ’18 will see the shift of Venus in Libra (which signifies Balance). This planet position will give Bitcoin the much-needed stability & this trend will continue until the middle of October ’18.
“After this period, change in planetary position of Jupiter will again bring back the volatility & Bitcoin would face a price pressure. There would again be advent/ rise of other Cryptocurrencies in the markets, which would keep the pressure on for Bitcoin’s prices for the remainder of the year,” she said.