A new economic dawn is rising in south-eastern Asia, and we are mainly talking about India. The reason is that this country has a chance to evolve monetarily and economically, and it is all thanks to a global financial phenomenon. After a couple of years in which cryptocurrency saw a ban being imposed on them in India, the good news is it is all finally over. India’s Supreme Court lifted the ban, and it brought significant changes to this country. The economy and industry started blossoming straight away. The ban imposed by the Reserve Bank of India, which is regarded as their central bank, is no more. Thanks to this massive change, India is on its way of becoming the leading force in terms of Bitcoin and other cryptocurrencies.
At the moment, India is filling the newsstands with what is considered the biggest coronavirus lockdown in the world. The population of India is 1.3 billion, and all of them are under a curfew. No other country was this strict with this vast amount of the population. While the situation as it’s now in this country puts everything on hold, the cryptocurrency world awakens thanks to it. This point is the reason we are dealing with the subject of why is India becoming a leader in Bitcoin? It is believed that Bharat will become the Mecca of Bitcoin in the months and years to come. Many signs are pointing to this happening.
As the COVID-19 pandemic started to spread across the world, one thing disappeared from India – the ban on cryptocurrencies. This ban was lifted in March, and it immediately became clear that crypto is on the rise. Cryptocurrency banks, trading platforms, and exchanges all came to life. The buying, selling, and trading of crypto was something that many people in this country were eager to be able to do. A sort of a dream come true situation for many who wanted to engage in trading cryptocurrencies.
In a couple of months that passed since March, it became evident that the most popular crypto in Dia is BTC. According to analysts and experts who deal with crypto, this trend is here to stay and won’t be changing in the foreseeable future. The race to work with cryptocurrencies started despite the lockdown imposed by coronavirus pandemic. Unlike other business spheres in India that were halted by COVID-19, the crypto world started expanding. The percentages of trading rose up by 870%, which is a staggering number. No other country came close to this number.
Experts who researched this trend came to the conclusion that coronavirus lockdown helped, which is a paradox of sort considering how many people it poorly infected. People in India stuck inside their homes had the time to dig deep into Bitcoin and other cryptocurrencies. Another moment that gave them the courage to start working with crypto was the crash of the stock market, which gave the wind in the sales for cryptocurrencies. It wasn’t possible to make money by investing as usual, which led people to start investing in available alternatives. At the moment, nothing beats the cryptocurrencies.
Why Indians want to invest in Cryptocurrencies like Bitcoin
It all has to do with the Government of India. The authorities in this country do not allow for their people to trade on the global stock exchanges. Furthermore, retail investments are also regulated for all Indian companies. So, when an opportunity to purchase with crypto came their way, they jumped onto the ship as this was the first time they could make a trade with a powerhouse of a currency.
When you take these two things into account, you get the point why have so many Indians decided to work with BTC. Many of them started trading from the start in March. Within the past five months, they have already managed to earn from their investment. Some even managed to double and triple their profits. The Bull Run for BTC started in the spring, from late April to early May, as techbullion.com can confirm. Those who caught the first train are rubbing their palms right now.
When the success stories of people who started trading with BTC early started circling India, even more people jumped onto the bandwagon. The skepticism surrounding crypto was gone in an instant. Everyone wanted a piece of the cake, and many were able to get it, which only made BTC even more popular in this far-east country.
Is India an isolated incident of the booming Cryptocurrency Industry?
India is not alone in this. BTC is becoming a global phenomenon if it hasn’t been that for some time now. Suppose you take a look at one study that shows that almost 5% of the entire population of the United Kingdom was involved with crypto to an extent. Same as in India, the cryptocurrency of their choice was Bitcoin. If you look at the date provided by the Financial Conduct Authority, which is a financial regulator in the United Kingdom, you’ll see that more than 2.5 million of Brits have came into contact with crypto. This is a staggering number considering how many people still distrust cryptocurrencies.
While there’s still a massive amount of distrust towards the crypto, there are signs that more people are getting educated on the subject. The number of those who have not heard about Bitcoin and similar cryptocurrencies is only 27%. This number is impressive considering that only some time ago it was closer to 60%. Thanks to technology advancement and social networks, more people are starting to get in touch with crypto, which breaks down the stigma surrounding it.
All of the things we wrote above are a clear indicator that cryptocurrencies led by Bitcoin are gaining traction in the world of global finances. When we say this, we’re not talking only about big players but also about ordinary traders that engage in crypto. This is a phenomenon that is spreading like wildfire across both financially strong countries and those who are developing at the moment.