Bitcoin is one of the most volatile cryptocurrency but still its demand is increasing on a daily basis.
Bitcoin was created by Satoshi Nakamoto in 2009. It started slow but got its first hike in November 2013 when one bitcoin was valued at $1,124. It saw its second hike in 2017 when the value of one bitcoin reached $20,000.
Now in 2021, it has touched new heights of $60,000 per bitcoin and has become one of the best performing cryptocurrency ever.
India has also been adapting to cryptocurrency. As the country is one of the world’s largest IT population. With the rise of Jio in 2016, lot of users moved online. Which increased the awareness and curiosity about cryptocurrencies among them.
A lot of Indian investors started investing in cryptocurrency or should we say ‘Bitcoin.’
Many investors were investing for short-term so that they can earn some instant profit from it. Which led to a lot of investors in losing their money in 2020. When Bitcoin saw a sudden drop in its value.
But the investors who invested in Bitcoin thinking for long-term and understood its value are the ones who are going to enjoy the most amount of benefits.
Effect by Pandemic
Coronavirus pandemic affected the lives of millions last year. But for Cryptocurrency it turned to be a golden year.
Despite all the uncertainties cryptocurrency started booming since the lockdown last year.
Even the Supreme Court of India removed the restrictions imposed by RBI on the usage of cryptocurrency last year in March 2020. Which definitely gave a boost to the crypto market in India.
This led to a lot of Indian Investors to invest in Bitcoin despite the lockdown and closed markets and it has been increasing very rapidly since then.
With the rise of investment in cryptocurrency a lot of questions has also been raised against it. One of them being how viable is it in Indian Market.