Srinagar: Are you scared of investing in cryptocurrencies and do terms like Bitcoin, Stellar and Dogecoin sound alien to you? Or, are you ready to invest in digital money after hearing stories of people having made a lot of money through cryptocurrencies?
Before making a decision, it is better for you to first learn about digital money or invest through a company that knows the business of cryptocurrencies.
Run by 25-year-old Peerzada Dawood ul Sultan Makhdoomi, ‘The Crypto’ located at Karanagar area of the city is one such group through which you can invest in cryptocurrencies and also get yourself enrolled in a course to know the nuances of the trade.
“We provide crypto education and have offline courses in risk management, futures trading, spot trading, etc. There was a time when nobody was interested in cryptocurrencies but now a good number of people in Kashmir have started investing. Our company has already enrolled 35 students in these courses and 370 other clients have invested in cryptocurrencies through us,” Dawood told The Kashmir Monitor.
Dawood said he had taken an interest in cryptocurrencies at a young age and his decision to invest in it had been opposed by all including his father.
“There was a time when there was no awareness regarding cryptocurrencies in Kashmir. When I entered into the field in 2015, people would tell me you are mad. Even my father was not happy with the decision. But now, I am happy over my decision as 80 per cent of our clients are from Kashmir. Earlier, people living in the UK or US only were aware of cryptocurrencies. But, people here didn’t know anything about it,” he said.
“Initially, I had started as a freelancer but later I started the office of ‘The Crypto’ at Karanagar in 2018,” said Dawood, who has a masters in marketing and management. He has also done a one year course in crypto trading and another six month course in risk management.
On the risks involved in cryptocurrency investments, he said it was there in other trades as well.
“If you want to achieve something in life, then one has to take risks. There will be either success or failure. Last year, a national television channel telecast a programme that the cryptocurrency will be banned. There was panic and people started withdrawing their money and the Indian market crashed. That time, my portfolio too crashed by 40 per cent. In 2017 too, there was a parabolic dump of Bitcoin that is considered the master of crypto currency. But, when I started dealing with Bitcoin, its price was Rs. 15,000 then. And now, it is 35 lakhs,” he said.