On Sunday, Madhya Pradesh clinched a historic maiden win against 41-time Ranji champions Mumbai. It was a dream come true for MP coach and domestic cricket veteran Chandrakant Pandit, who had fallen short of winning the trophy himself 23 years ago when he last batted for MP as captain in 1999. With this win, Pandit now has six Ranji wins as a coach to his name.
Turns out that his legendary wins in the premier domestic Test cricket league might have some lessons for potential and anxious investors in the presently bleak crypto market.
At $953 billion, the current global crypto market cap is weathering a “crypto winter”. Globally, crypto exchanges are furiously cutting their workforce, authorities are getting hawkish on seriously regulating crypto and there is huge wariness and distrust amidst crypto investors after the Terra-LUNA stablecoin crash last month, which wiped off $60 billion.
India, too, continues its hostile stance on cryptos. From July 1, the 1% TDS on all VDA (Virtual Digital Assets) sale transactions of over Rs 10,000, which was proposed during Budget 2022, will come into force. To add to investor woes, the government is also mulling imposing an additional 28% GST on cryptos.
But while this market will take its own sweet time to recover and stabilise, here’s how you can beat all these crypto blues the OG Ranji champion way.
It’s not always about the big names
Mumbai has practically owned the Ranji trophy since its inception in 1934. And with popular, experienced players like Prithvi Shaw, Yashaswi Jaiswal, and Dhawal Kulkarni up their roster, Mumbai seemed set for a win this time too.
On the other hand, was MP. With the exception of Rajat Patidar, who made his name in IPL 2022, there were no noteworthy names. Even hardcore cricket enthusiasts would miss out on recalling MP’s Yash Dubey, Kumar Kartikeya, or Gourav Yadav.
Much like cricket, the crypto world is also replete with potential projects, and coins. But they mostly remain undiscovered in the shadow of bigwigs and hyped-up counterparts (in this case, Ethereum and Bitcoin).
That’s why it is necessary to have a DYOR (Do Your Own Research) approach and join the macro-economic dots before you invest in crypto, instead of simply giving in to the market noise.
DYOR is only for your market participation and accountability, and not your understanding of the crypto world. The thing is, there’s little structured knowledge in this space yet. That means people with threadbare experience claim to be experts. So, when you decide to invest your hard-earned money in crypto, don’t just give in to their advice.
Take Polygon, for instance. The made-in-India blockchain has constantly been beating the ongoing bear market, jumping almost 45% since last week. Recently, the blockchain also made serious strides in becoming environmentally friendly.
If you remember, humongous carbon emissions have haunted crypto mining for the longest time. But Polygon retired $400,000 worth of carbon credits (worth 104,794 tonnes) of greenhouse gas, which is about its total CO2 emission to date. Essentially, mining on the Polygon blockchain is now cheaper and also environment-friendly. Win-win?
Another lesser-known category of cryptos that is making it to the moon is the metaverse tokens. A Kraken report suggests that despite all the altcoin bloodbath in 2022, these tokens have jumped up to around 400% this year. These days, all major brands, national and international, are establishing themselves in the metaverse.
Take Sandbox, for instance, which rose 35% over the last seven days. This comes just as Meta, Microsoft, and 33 other companies come together to form a Metaverse Standard Forums, which plans to develop an inclusive, open, and cooperative metaverse.
Acknowledge your shortcomings
Even after all his achievements in cricket and coaching, Chandrakant Pandit has, on many occasions, said that his aggressive, micromanaging methods would not work on the international scene. His taskmaster-ish, remote control approach, which has little to no room for player input is infamous.
There have also been reports of him slapping a player who broke the rules and taking away players’ phones. Despite all this, he continues to deliver stellar, regular results in the Ranji trophy.
Most of us follow the herd when it comes to choosing crypto coins. And more often than not, we tend to pin all our losses and pitfalls just on wayward markets, instead of our own lacking strategies to navigate this highly volatile market.
This shakeup should serve as a reminder for you to reassess, and reallocate your holdings in crypto. Short-term, overnight returns via meme coins can be extremely lucrative. But in the end, the inherent value offered by the crypto project is what will drive your long-term value.