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India, known for its anti-crypto approach, could soon take a U-turn on the matter after a change in global sentiments. Ever since the appointment of the pro-crypto Donald Trump as the US president, countries seem to be in a race to adopt crypto, and India doesn’t want to be left too far behind.
Currently, the country imposes a draconian 30% capital gains tax on crypto assets without distinguishing between long-term and short-term holdings. This is among the highest tax slabs in the country. For comparison, only winnings from lottery and betting activities are taxed at a flat rate of 30%. Thus, the Indian government considers crypto assets to be on par with betting.
To make matters worse, a harsh amendment was introduced under Section 158B of the Indian Income Tax Act to include Virtual Digital Assets (VDAs). If a tax assessee is found guilty of undisclosed crypto assets, they may be slapped with a huge penalty of 70%. Before this, the same rule only applied to undisclosed money, bullion, and jewelry.
As per Amit Kumar Gupta, a practitioner in the Indian Supreme Court, the country views crypto as a mode of money laundering and terror funding. However, India’s stance on crypto seems to be changing.
Ajay Seth, India’s economic affairs secretary, accepted the fact that digital assets know no national borders. The Indian government is set to review its stance on crypto and may ease the existing draconian taxes.
El Salvador Keeps on Buying Bitcoin
As was predicted by several analysts, crypto adoption by some nations can trigger a worldwide phenomenon. This is exactly what seems to be happening. With the US going full pro-crypto since the appointment of Trump, more countries will push crypto-favoring legislation.
El Salvador is a classic example of this. The country has added 52 Bitcoins since the start of 2025 – its current holdings of 6,055 Bitcoins are valued at around $600M.
This is despite the country’s recent $1.4B agreement with the IMF, which restricts public sector participation in crypto, ensuring taxes relating to the same are only paid in the US. The agreement also warrants making Bitcoin voluntary for businesses, which was earlier a mandatory requirement.
In spite of mounting pressure from the IMF, President Nayib Bukele believes that Bitcoin may benefit over 70% of the general public who do not have access to old-school banking methods.
Bitcoin’s Path Ahead
Bitcoin has been trading in a range for the last two months. It crossed the $109,000 mark after Trump won the presidential elections. However, it came down to test the $91,000 level thrice since then, but the good news is that this support is holding strong.
The latest dip started on 2nd February. BTC has fallen around 13% since then, bouncing from a low of $91,530. This correction was triggered by Trump’s recent tariff announcements – the US imposed a 25% tariff on goods being imported from Canada and Mexico and 10% on Chinese imports.
Traders rushed to close their open positions – open interest dropped by 1.47% while BTC derivative trading more than doubled during the same period. All in all, $762M worth of long positions were liquidated in Bitcoin.
While fear looms large amidst short-term crypto traders, long-term Bitcoin holders view this as an opportunity to accumulate. Pentoshi, an active crypto trader with 850,000 followers on X, said that the odds are in favor of another macro bull run in Bitcoin. He expects the crypto market cap to surge by another 26% and reach around $4.2T.
James Check, an analyst from Glassdote, had drawn a comparison between the Bitcoin 2016-2017 cycle and the current one, suggesting that Bitcoin might soar to $120K-$150K in 2025.
With the long-term view still looking positive, these short corrections are deemed healthy for the markets and should be viewed as an opportunity to add BTC to your portfolio.
If you want to take advantage of the upcoming bull run, we suggest investing in a fundamentally strong altcoin like the Best Wallet Token ($BEST).
What is $BEST?
Best Wallet Token ($BEST) is the proprietary token of Best Wallet App – a decentralized, non-custodial, multi-chain crypto wallet that allows you to manage all your crypto holdings in one place.
With a month-on-month growth rate of 96.3%, Best Wallet has reached the milestone of 250K active monthly users and a total user base of 500K. Essentially, it lets you buy, sell, and swap tokens and meme coins from across 60 crypto chains, making it one of the best crypto presales to buy right now.
The $BEST token gives you exclusive early access to token presales on the Best Wallet App, high-alpha new token launches, and discounts on transaction fees, making it one of the best crypto presales to buy right now.
Each token offered on the platform is vetted by the internal $BEST team, which saves you from getting tricked by scammy tokens on fake websites.
Why Should You Buy $BEST?
Best Wallet has high ambitions – it wants to capture 40% of the huge $10B crypto wallet market by 2026. With its multi-chain approach backed by partner apps like Project Directory, iGaming, Staking, News, and DeFi, this is, in fact, a high possibility.
Out of a total supply of 10B tokens, 25% has been reserved for product development, which proves that the developers are in it for the long haul.
As Best Wallet App soars in popularity and draws in more users, the $BEST token is likely to benefit the most. This is why it’s being looked at as one of the best meme coins – and one that could potentially 100x your investment.
Visit the $BEST website for more information.
$BEST is currently in presale and has raised $9M so far. It’s worth noting that it managed to raise $1M within just 14 days of its presale launch.
You can buy 1 $BEST for just $0.02385 right now, but the price will increase in less than two days, so interested investors should get in as early as possible. Additionally, those who invest early also stand to benefit from the project’s 191% staking rewards.
However, this isn’t investment advice; we merely offer our honest insights. Also, since the crypto economy is subject to volatility and several risks, it’s important to do your own research before investing any money.
