Crypto Market Research: Forming an Independent View on Bitcoin
Researched the crypto market independently, tracking price dynamics, macro factors, and tax implications to form a personal investment view
Nisha Alphonse Raj
Analyst at INDUSS (Indus Strategy Financial Advisors )
From their time as
Analyst
INDUSS (Indus Strategy Financial Advisors ) • 2024 - 2025
Overview
Outside of her client work, Nisha tracked the cryptocurrency market independently, driven by curiosity about what was driving the demand surge that followed COVID.
The Story
Outside of her client work, Nisha tracked the cryptocurrency market independently, driven by curiosity about what was driving the demand surge that followed COVID.
She dug into Bitcoin's price history, noting its dramatic appreciation over the past decade. She was drawn to understanding the demand mechanics, not just the price movement: what was making people want a digital asset with a fixed supply, and what structural factors were sustaining or undermining that demand.
Her analysis led her to a view grounded in three factors. Supply is structurally constrained, which creates price sensitivity to any demand shift. Geopolitical instability, including inflation and conflict in major economies, adds macro volatility that makes the asset difficult to hold with confidence. And India's significant tax on crypto gains reduces the effective return for retail investors.
Her conclusion was that crypto is speculative rather than investable for most retail participants at current prices and tax conditions. She arrived at this view through her own research, not through a client brief.