New Delhi. Harsh Goenka, chairman of RPG Enterprises and famous industrialist, is not in favor of investing in cryptocurrencies and has also suggested investors to avoid investing in cryptocurrencies. Harsh Goenka tweeted a video and gave 5 reasons why he would never invest in cryptocurrencies like bitcoin in India. Harsh Goenka said that apart from the constant volatility in the prices of cryptocurrencies and regulatory reasons, there are many other reasons, due to which investment in cryptocurrencies should be avoided.
He said that cryptocurrencies do not derive their value from any asset. He said that still if you want to invest in cryptocurrencies. So you should not invest more than 5% of your entire portfolio in this.
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Do not invest for these reasonsHarsh Goenka said that cryptocurrencies do not derive their value from any asset like other financial instruments or currencies.
Cryptocurrency is very volatile and volatile, with its price fluctuating up and down by someone’s tweet, he was referring to Elon Musk.
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Regulating it is a very difficult task and most of the companies in the world do not accept it and are not even ready to do it.
If there is a loss in other currencies, then you can claim or complain to any government authority, but this is not the case with cryptocurrencies, there is no one to take responsibility for it.
Talking about India, RBI has refused to consider it as legal tender and there is talk of banning it. The government is also bringing a law to ban it.