What’s behind Bitcoin’s rally in 2024; How India can unlock AI’s potential

Hello,

The age-old debate on work-life balance has taken centrestage once again.

Recently, former Amazon executive Adam Broda sparked controversy on LinkedIn when he shared observations about his technical team in Bengaluru. His post, highlighting 60-hour workweeks and 3 am calls as signs of dedication, drew sharp criticism. Many questioned whether these practices reflected genuine enthusiasm or workplace pressure, raising concerns about potential burnout rates among Indian tech workers.

The discussion follows on the heels of Infosys co-founder NR Narayana Murthy’s controversial proposal earlier this year advocating a 70-hour workweek to boost India’s development.

The debate intensified when two prominent Shark Tank India judges took opposing stances: while Shaadi.com founder Anupam Mittal dismissed work-life balance as a “big lie” in favour of “work-life harmony,” Emcure's Namita Thapar offered a pragmatic counterpoint. She argued that while founders might willingly work 16-20 hour days for substantial financial rewards, such expectations are unreasonable for regular employees.

Meanwhile, Brokerage firm Zerodha highlighted the stark reality of modern work in an Instagram post, illustrating how much time people spend with their co-workers compared to their pets, parents, or even personal time at home.

While the debate may not yet be settled, we all can look forward to spending the end-of-the-year break with our loved ones.

In today’s newsletter, we will talk about 

• Bitcoin in 2024
• How India can unlock AI’s potential

Here’s your trivia for today: Which three animal species move with both right feet first, then both left feet?

Review 2024

Bitcoin in 2024

From a stormy start in January to shattering all-time records, in 2024, Bitcoin evolved from a speculative asset to being part of institutional portfolios, driven by regulatory approvals and a growing global investor audience. 

There were several reasons behind the asset class touching these highs, including pro-crypto Donald Trump returning to the US presidency, signalling a regulatory leeway for crypto trading in the world’s biggest economy, as well as rising institutional interest. 

Flashback:

• Investment company BlackRock launched iShares Bitcoin Trust ETF in January, marking a significant milestone in integrating digital assets into traditional financial markets.
• In July, the crypto exchange WazirX was hacked and assets worth $234.9 million were transferred to unknown addresses. The investigation is ongoing, and YourStory had exclusively reported that one individual associated with the crime was arrested by the Delhi Police in August. 
• Historically, every Bitcoin rally is followed by an altcoin—all cryptocurrencies other than Bitcoin—rally. The Altcoin Season Index, which measures the performance of the top 50 altcoins against Bitcoin over 90 days, rose to 31 points on November 7.

Interview

How India can unlock AI’s potential

AI’s potential is still largely untapped and Alok Goyal, Partner at Stellaris Venture Partners, believes India is best poised to harness the opportunities arising from the technology.

“We have a massive opportunity in front of us over the next couple of decades,” Goyal says in a conversation with Shradha Sharma, Founder and CEO of YourStory, along with Stellaris partners Rahul Chowdhri, Ritesh Banglani, and newly-promoted partner Naman Lahoty.

Disrupting with AI:

• Lahoty highlights that AI is disrupting both the creation and distribution of digital products and services. He cites the example of GoodScore, a company in Stellaris’ portfolio that offers a hyper-personalised financial education product to delinquent users to improve their CIBIL score.
• “We are very bullish and we are actively seeking companies using AI to deliver education,” remarks Chowdhri. “The challenge with education and edtech has been that while we have had a good number of users who started using, companies have been built, funded, efficacy is still not been delivered compared to what you can get in the offline world.”
• According to Goyal, three major opportunities in AI can endure over the next one to two decades for SaaS firms. One, almost every enterprise process will be rethought and reimagined. The way software is written is being rethought. The third is the merging of software and services. 

News & updates

• Antitrust: Japan’s competition watchdog is expected to find Google guilty of violating the country's antitrust law, Nikkei Asia reported. The Japan Fair Trade Commission will soon issue a cease and desist order asking Google to halt its monopolistic practices
• Trump vs the world: US President-elect Donald Trump has threatened to demand control of the Panama Canal after accusing Panama of charging excessive rates on US ships passing through one of the busiest waterways in the world. Trump also hinted at China’s growing influence around the canal, which connects the Atlantic to the Pacific oceans.
• Social media ban: Albania's prime minister has announced the government intends to block access to TikTok for one year after the killing of a schoolboy last month raised fears about the influence of social media on children. TikTok is already banned in India, Iran, Nepal, Afghanistan, and Somalia.

What you should watch out for

• New entrant: Zomato makes history as the first new-age tech platform to be included in the prestigious BSE Sensex, replacing JSW Steel, signalling the growing influence of new-age businesses on India’s economy. The inclusion is likely to result in over $500 million in passive inflows for Zomato, according to Nuvama. The company’s stock has surged by 132% year-to-date, significantly outperforming the 9.78% growth of the BSE Sensex.
• Christmas gift: Ola Electric will open 3,200 stores on December 25, marking a fourfold increase in the electric two-wheeler’s brick-and-mortar store footprint. This would bring the company’s total store count to 4,000. These new stores will be opened across metros as well as Tier II and III towns. The expansion comes amidst the company’s declining market share in November and rising consumer complaints over its after-sales services.

Which three animal species move with both right feet first, then both left feet?

Answer: Cats, camels, and giraffes. 

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