“Crypto Investors In India Got Lucky By Chance,” Says Zerodha CEO Nithin Kamath, Here’s Why | Market news

New Delhi: Zerodha CEO Nithin Kamath posted a treadmill on Twitter on Saturday (June 12), explaining how cryptocurrency investors have been in luck, thanks to the announcement of the TDS and digital currency investment tax regime. According to the head of the Bengaluru-based online trading platform, the activity and participation of Indian cryptocurrency investors dropped significantly after Finance Minister Nirmala Sitharaman announced taxation on cryptocurrencies in February 2022 by presenting the 2022-23 budget in the Indian parliament. He noted that if taxes had not been introduced at that time, many could potentially have been trapped in trying to buy the decline and then average down.

“I think many Indian cryptocurrency investors were accidentally lucky with TDS & Tax on Crypto’s announcement on this budget in February. Activity and participation immediately dropped significantly. Otherwise, many may have been. potentially trapped in trying to buy the decline and then average down, “Kamath said in a tweet. (READ ALSO:

Sitharaman had said that as of April 1, 2022, investors will have to pay a 30% tax on income earned by investing in cryptocurrency. “Deductions and exemptions are not allowed. The loss resulting from the transfer of these assets cannot be offset against any other income “, he said. (READ ALSO: WhatsApp Users Alert! You will soon be able to add 512 members to a group)

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Meanwhile, in the next tweet, Kamath pointed to the main reason for the losses in stock trading. He said: “Even when trading stocks, the main reason for losses is to try to make a wrong trade by flipping good money with bad money. This is a downward average when the price moves against the trade, regardless. whether the portfolio is concentrating or not “. (ALSO READ: 7th CPC: Increase in DA for Central Government Employees Due to Inflation? Details here)

“Whenever I have to explain this, I use the activity in Yes Bank in 2019 as an example. The share price fell from Rs 400 to Rs 10 and with each fall new investors entered and many existing investors bought more. I shared it then, “he explained in the third and final tweet of the thread.

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