Raj Kundra, a well-known British-Indian businessman and the Chairman of Viaan Industries Ltd. is being interrogated by the Enforcement Directorate [ED] for an alleged involvement in INR 2000 crore Bitcoin mining scam along with Amit Bhardwaj according to a local newspaper.
Raj Kunder is a well-known person in India for being the husband of one of the top actresses in Bollywood, Shilpa Shetty. Raj Kundra has been associated with Amit Bharadwaj, the Founder of Amaze Mining and Research Limited and the CEO of GainBitcoin [GB] Miners.
Amit Bharadwaj was arrested along with eight other people because of the $300 million Ponzi scheme executed by GB miners. Ever since his arrest, Amit Bharadwaj has given information about people involved in the Bitcoin scam to the police.
This is not the first time Raj Kunder is being associated with a scam. He has been previously linked to the IPL betting scam which eventually led to his ban. In addition to this, Raj Kunder and his wife, Shilpa Shetty had an FIR filed against them by the Maharastra police for dupping a Textile firm owner from Bhiwandi.
Raj Kundra has a net worth of $76 million and was listed in the Top 200 richest people in Asia in 2004 by Success Magazine in “Top Richest British Asians”. He owns Rajasthan Royals an IPL cricket team and was also involved in spot-fixing in the 2013 IPL (Indian Premier League).
Predict, a Twitterati says:
“Bitcoin Raj kundra became rajkubera by not only bitcoin also online betting and gaming. Now ed probing”
Geetika Swami, another Twitterati says:
“Hope Shilpa shetty no more so excited over Raj Kundra’s #Bitcoin venture :)”
Mitra Goshi, a crypto-believer says:
“Raj Kundra’s links with a scamster like Amit Bharadwaj. Not surprised. And people like these have made Bitcoin a bad name.”
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Bitcoin will likely be valued at $100,000 with a market cap of over $2 trillion before the end of 2021
The entire cryptocurrency market seems to be on the brighter side of the market since the beginning of the year. A majority of the coins have recorded significant recoveries from their 2018 slump, a period during which most coins lost over 90 percent of their value, when compared to their all-time highs. Among all the coins in the market, Bitcoin [BTC] aka the digital gold, was noted to be making a massive comeback as the coin breached the $11,000 mark after nearly 15 months. The coin however, soon retracted to settle below the $11,000 level.
According to CoinMarketCap, at press time, Bitcoin was trading at $10,887.27 with a market cap of $93.549 billion. The coin recorded a 24-hour trading volume of $20.757 billion for the past 24 hours and saw a massive rise of over 17 percent over the past seven days.
Anthony Pompliano, Co-founder of Morgan Creek Digital Assets, predicted that the largest digital currency could rise to reach $100,000, before the end of 2021. Pomp added that he was around 70-75 percent confident in this prediction. He stated,
“As I have previously said, making predictions is difficult […] Part of my process as a professional money manager is forming a thesis (price target), identifying a timeline (date), and establishing a confidence level. And then constantly re-evaluating those three aspects of my thought process as I receive new information.”
Pomp however, listed six pointers that have to be understood beforehand. First, this prediction is not an investment advice, and people should do their own research before investing in the digital currency. The second is with respect to Bitcoin’s volatility, with Pomp remarking that since it was a highly volatile market, the coin could witness a significant fall before being valued at $100,000. He stated,
“I anticipate that there will be numerous 20-30% drawdowns from new all-time highs as the asset continues to appreciate in value. These mini-boom/bust cycles should not cause panic, but rather need to be understood as natural market dynamics whenever an asset gains significant value in short periods of time.”
Further, the partner of the investment firm stated that the rise would be driven by several catalysts. This includes institutional adoption, exchange-traded funds and retail product approvals, global instability, governments all across the globe manipulating currencies, markets and economy. He went on to state,
“The market cap of Bitcoin will reach $2+ trillion when Bitcoin is worth $100,000. This is less than 1/3 the market cap of gold and less than 1/40 the global money supply.”
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