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Bitcoin being the biggest in a park of 928 Altcoins and the Genesis of cryptocurrencies going mainstream has been accepted in India. My concern is why hasn't this made the price jump up by like 40% or more?
India has more than a billion people! If you pause for a second that means 1 out of every 7 people comes from India! I was hoping this would make the price of bitcoin to rally up significantly like it did in April and may.
I'm i missing something?
Although India is a developing country plagued with challenges just like any country in that category, it has fairly skilled young people who are renowned world over for their Tech skills and I'm sure that number is north of 20 million people! More people than some developed countries!
So what's wrong? Why isn't the price going up? If you have answers to these questions let me know in the comments.
Hi @wick - Bitcoin is not yet legal in India. While it is expected the the Government will design regulations around bitcoin/crpto, it has not made any official announcements.
That aside, adoption is the country is still lagging. Even during the surge in May/June much of the transactions were coming from existing users. On the other side, there is hardly any use for it as a currency. If you are lucky to find a merchant that accepts bitcoin, you will find that they dont receive any payments in bitcoin.
Until the mindset of users changes from hoarding to transactional, this will continue to remain the same and prices will remain rangebound
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Duh because it's giving me time to accumulate at these low prices.
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