The price of Bitcoin has recently seen a crash along with traditional markets but however BItcoin and cryptocurrencies have started drawing the attention. Coronavirus pandemic has created a gigantic crisis and statesmen and central banks started fighting this devastating crisis with newly minted cash just as bitcoin investors brace for a highly-anticipated supply cut. The court in India has restricted their long-standing ban on bitcoin trading.
After the ban lifted up, Cashaa, Bitcoin and crypto banking service platform, had a rocketing trading volume by 800%. As reported, the platform also registered a volume of 600+ bitcoin in the first 24 hours.
Several scams plaguing the market in 2017 and 2018 were leading eager investors to be at risk was claimed to be the reason of Indian’s bitcoin and crypto ban. According to a survey, it is seen that after the ban was withdrawn three in every four people with some understanding of cryptocurrencies have invested in them.
It is assumed because of the India’s innovative nature on this space that the country will soon show the growth and discoveries to the bitcoin and crypto industries. Cryptocurrency could sweep job creation and economic activity in India where the unemployment issue is being driven high because of the coronavirus pandemic.
The national lockdown in India can be further extended which will put the economy in danger. A study found that the economy around the globe is going to face a gigantic hazard after the pandemic is over. Investors around world started leaning to cryptocurrency after the coronavirus has started like in 2017. Being driven by retail investors back in 2017, a spike in bitcoin price was seen from $1,000 per bitcoin to $20,000. As reported, since the pandemic shutdowns started, an influx of new users in biggest bitcoin and crypto exchanges was seen. Other than the India’s bitcoin flourishing issue, there are so many issues left Bitcoin and crypto investors can be glorious about. The benefits of Bitcoin lie in asset scarcity in a world of fiat dilution, self-sovereign capital ownership amidst government overreach of civil liberties, cross-border payment transfers during system outrages and contagious paper money. And that is why Bitcoin investors think the price of Bitcoin will soar in 2020.