It's hard to believe that seven years have passed since I first posted on Steemit, asking a simple question: Are Bitcoins legal in India? I vividly remember the uncertainty surrounding the cryptocurrency back then. Bitcoin was still a relatively unknown concept to most people in India, and its legality was a murky topic. Financial regulators were skeptical, and discussions around digital currencies were dominated by caution and apprehension. At the time, I had no idea that this early curiosity about Bitcoin would lead me to witness one of the most incredible financial revolutions in history.
Back in January 2017, when I first raised the question, Bitcoin's price was hovering around $1,000. I was intrigued by its decentralized nature and the potential it had to disrupt traditional finance. But with the Indian government’s silence and occasional warnings about the risks associated with digital currencies, it was hard to gauge whether Bitcoin had any real future in India. The Reserve Bank of India (RBI) had not issued any concrete regulations, and many wondered if Bitcoin would be banned altogether.
Yet, despite the uncertainty, something about Bitcoin's promise—its ability to operate outside centralized financial systems—kept me interested. It seemed like more than just a passing trend.
Fast forward to today, and looking back, it’s astonishing to see how much things have changed, both in terms of regulations and Bitcoin's value. India, while still evolving in its stance, has not outright banned cryptocurrencies. Although regulatory clarity has been slow, there has been a growing acceptance of digital assets among investors and businesses alike.
But let’s talk about the elephant in the room: Bitcoin’s astronomical rise in price. When I posted that question on Steemit in early 2017, I could never have predicted the exponential growth Bitcoin would experience in the following years. By December 2017, just months after my post, Bitcoin hit an all-time high of nearly $20,000, shocking even the most optimistic of investors. People who had bought Bitcoin when I was asking about its legality were suddenly sitting on enormous profits.
And that was just the beginning. Since then, Bitcoin’s price has seen several cycles of volatility, but the overall trend has been upward. In 2021, Bitcoin surged past $60,000, firmly establishing itself as a mainstream financial asset. What was once considered a niche investment or speculative asset has now been embraced by institutional investors, businesses, and even governments. The legal and regulatory landscape in India has evolved, too, with discussions around a central bank digital currency (CBDC) and a more structured approach to cryptocurrency regulations.
As I look back on that Steemit post, it’s hard not to marvel at how far Bitcoin—and my understanding of it—has come. What began as a question of legality has transformed into a realization of the profound impact digital currencies can have on global finance. For those of us who were curious enough to ask the early questions and take small steps into the world of crypto, the journey has been nothing short of fascinating.
Of course, the road hasn't always been smooth. Bitcoin has faced numerous challenges—regulatory crackdowns, market crashes, and skepticism from financial experts. But its resilience has been remarkable. The conversation has shifted from "Is Bitcoin legal in India?" to "How can we regulate and harness the potential of Bitcoin and blockchain technology?"
If there’s one lesson I’ve learned from this experience, it’s the importance of staying curious and keeping an open mind. Back in 2017, Bitcoin felt like a risky, uncertain bet. Today, it feels like a legitimate asset class that is reshaping how we think about money and financial systems. While we still have a long way to go in terms of regulatory clarity in India, one thing is certain—cryptocurrencies like Bitcoin are here to stay, and their impact will be felt for generations to come.
Looking back, I’m grateful I took the time to ask the questions I did, because what seemed uncertain seven years ago has become one of the most exciting financial stories of our time. Here's to the journey ahead—wherever it may lead.