The most popular cryptocurrency in the world, bitcoin is hitting all-time high prices of over $69,000. Recently, it experienced a decline in its prices, and because of this, multiple investors are investing their money into it. However, some investors who took it as a negative sign in the market are withdrawing their investments. Some long-term indicators are considered a bull period for the bitcoin, and therefore, they are urging others to invest their money into it.
In India, there is the most significant number of bitcoin holders in the world, and therefore, bitcoin brokerages are expensive, experiencing colossal traffic. Also, the latest fall in bitcoin prices allows the bitcoin brokerages to serve in different ways to the customers.
Bitcoin has been a turning point in the life of the people of India. Recently, bitcoin was at the highest price of all time, and in India, it has been an incredible opportunity for many people to make a considerable profit. In 2018, the reserve bank of India and the central government suppressed the financial institutions from allowing people to use the financial system who hold the cryptocurrencies like bitcoin in private.
However, the Supreme Court came over in the statement and neglected the order. It ruled out the order of suppressing the accounts of cryptocurrency holders. Following the order of the Supreme Court to withdraw any suppressing orders in the cryptocurrency field, there was an increased bitcoin movement. Therefore, India is one of the best breeding grounds for the cryptocurrencies like bitcoin because people have money to invest, and there are a lot of opportunities to make huge profits out of it.
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There are specific platforms over the Internet available in different countries that can provide you with trading services in these digital coins. For example, you can efficiently trade in bitcoins using specific platforms like coin desk, coinDCX, BuyUCoin, etc. Some of the cryptocurrency trading platforms operating in India have also crossed the $1 billion milestones recently, and the data is available on immediate connect. It has further increased the popularity of cryptocurrencies in the country. Such companies providing services related to cryptocurrencies are betting that India will be the perfect place to profit even though there are suppressing rules and uncertainties from the government.
There is a huge potential among the youth and older people of the country to make cryptocurrency popular. More and more of the young population is engaging in trading nowadays as they look other people making profit out of it. Blockchain, which is the best technology to store and trade, has been working favoring different celebrities. Some celebrities like Amitabh Bachchan and Salman Khan are also in favor of cryptocurrencies like bitcoin. The celebrities who promote cryptocurrencies are also looking forward to starting their plans to launch NFT – non-fungible tokens.
The coins and tokens launched by the celebrities will carry their exclusive digital signatures, and you can validate them through Blockchain technology. When the government suppressed and banned cryptocurrency transactions recently, some of the trading platforms in India were looking forward to closing their business down. However, following the order from the Supreme Court to allow every kind of transaction, the trading volumes of some of the popular cryptocurrency exchanges became multifold.
The question that still stands is about this popular cryptocurrency; bitcoin India will it last forever? However, it also depends on several factors. People were rushing towards cryptocurrency bitcoin in 2017 just the way they are doing it right now. However, at that time, the prices of bitcoin increased 20 times. Now, cryptocurrency prices have also increased six times in one year.
However, sometimes it also goes down, which is not a favorable point for some investors. Also, due to the recent decline in bitcoin prices, some investors find resistance at a specific price point. On the contrary, some investors believe that bitcoin prices will further increase and cross the mark of $75,000. Therefore, it all depends on different factors.
The people who believe in the enthusiasm of bitcoins say that the prices will further increase. Also, being a private cryptocurrency, they are the perfect alternative for the Fiat currency, controlled by the government like dollar and rupee. Hence, it always says that there is further upside to bitcoin prices because they will function better than any other currencies available in the world.
The core argument in favor of cryptocurrencies is that they are entirely unlike fiat currencies. The country’s central banks do not discriminate to print them, and the government does not control their movement.