India Loves BTC, All of a Sudden
Both bitcoin and India are in huge positions to help each other out. Right now, bitcoin has entered another bearish phase that has caused it to lose as much as $600 off its price in just a few days, while India – much like the rest of the world – is on lockdown due to the coronavirus, and has experienced a shortage of cash as its economy continues to slide.
Maybe by continuing to use bitcoin, the currency’s price can grow steadily and return to where it was, whereas India can potentially gain some of its economic power back and even build jobs.
This is intriguing to watch considering digital assets were banned in India for as long two years. That ban ended just over a month ago and has brought digital currencies back to the forefront as banks are now stretching out their hands and services to companies who delve in blockchain and digital currencies.
Prime examples of bursts in usage include Cashaa India, a bitcoin and crypto banking services company that saw its trading volume surge by as much as 800 percent in two days once the ban on bitcoin and its altcoin cousins had been removed. Chief executive Kumar Gaurav explained in an interview:
The platform also registered a volume of 600+ [bitcoin] in the first 24 hours.
In addition, Paxful – a peer-to-peer bitcoin exchange – conducted a survey regarding bitcoin usage in India and discovered that every three out of four people in the country either had knowledge or interest in crypto or had invested in it in the past. Ray Youssef – the platform’s CEO – stated:
India has proved itself as a center for innovation, and we’re excited to see the growth and discoveries it will bring to the [bitcoin and crypto] industry. India has a lot of potential in all aspects of growth.
Outside India, several other regions are proving to be huge regions for bitcoin usage given the harsh economic strife they’re facing. India, itself, is experiencing record unemployment, something that’s likely to grow even further as the coronavirus continues to spread.
Crypto Is Rising Through the Ranks
Tom Lombardi – director of the investment management company Wave Financial – claimed:
Almost every disruptive benefit of bitcoin is surfacing today: asset scarcity in a world of fiat dilution, self-sovereign capital ownership amidst government overreach of civil liberties, cross-border payment transfers during system outages and [fears of] contagious paper money [in] China. All of this occurring on the heels of massive support and bitcoin application development from Fidelity, Square, Revolut, the highly anticipated Bakkt app, a subsidiary of ICE and the NYSE that’s partnered with Starbucks, and India lifting the crypto trading ban.