Like it or not, Bitcoin is on the rise and the cryptocurrency is nowhere near done climbing. As the coin becomes more mainstream in Asia and finds greater acceptance in Western demographics, its value is sure to surge higher in the mid-term. This is according to analysts like Joseph Young, who insist that market approval will be Bitcoin’s greatest driver for the next few months.
A single Bitcoin went for about $425 back in April 2016. Fast forward a year later, and the cryptocurrency has more than tripled in value. It hit a high beyond $1,300 in March 2017. The coin is now shaking off the effects of recent China and US constraints, but floated around the $1,200 mark for most of April.
But anyone who thinks the chance has passed to make incredible gains off Bitcoin will be kicking themselves in the future. Analyst consensus is in, and it looks as though more explosive growth awaits this booming cryptocurrency. In the east, Japan’s love for Bitcoin is making the currency an transactional favorite. Meanwhile, India is showing a lot of affection to the coin as well. If rumors are true, the country will see businesses and many popular retailers begin accepting the currency. Bitcoin trading in the region is set to get a little more lax as well.
Bitcoin has been expected to make a huge impact in India for years now. The country stands to be a massive coin currency driver due to the nation’s poor infrastructure, economic platform and faulty banking system. Around 40 percent of India’s working population (which ranks in the billions) is without a bank account. Poor govt. service delivery, informal jobs, a lack of jobs all together and poor education are just some of the many reasons why so many Indians don’t use banks.
“I have nearly Rs 20,000 saved up from the last so many years,” says an Indian resident. “Never knew how to do bank work, so I never had an account. I have some money saved but all in cash at home as I did not know how to deposit in the back. I’ve had no need for [a bank account], and now I’m stuck with all the cash and can’t use it to buy my supplies.”
The resident is referring to a recent govt. action that has sent India into financial turmoil. The whole of India, whether with a bank account or without, is struggling to withdraw cash for daily transactions. The country’s government has just demonetized their Rs 500 and Rs 1000 bank notes, making it harder for banks to meet the daily financial needs of the population.
The legalization of Bitcoin as recognized legal tender in India would send it soaring. It would also ease many of the country’s monetary frustrations. Nations like China, Japan and South Korea have famously done this, pushing up the value of the cryptocurrency considerably over the years. India following suit would only send the coin skyrocketing as yet another population in the billions legally trades and uses Bitcoin on a daily basis.
Acceptance will make Bitcoin soar.
The most recent central banks to welcome Bitcoin are those of Japan and the Philippines. The move helped local industries rise significantly while the general population sees a genuine rise in the value of the money every few months.
The recent financial situation in India has spiked the users of Bitcoin in the country. As the subcontinent’s currency spirals downhill, a need for rising and promising investment options are taking center stage. But the Indian population is skeptical of Banks and other financial institutions as it is. The only way for Bitcoin to get real traction is if the government legalizes the digital currency.
The end of May or early June will see the cryptocurrency’s legalization in India, according to predictions. Millions of new users will take on the coin and trade with it as a common commodity. The value of Bitcoin will likely boom as a result. Analyst consensus is pretty solid for now: hold onto Bitcoin.
Bitcoin setbacks and volatility.
In America, the appeal for an exchange-traded fund that is backed by bitcoin was recently turned down. All the way in the east, China began tightening its regulations over exchanges of the cryptocurrency. However, it is the course the coin is on which has most investors shaken up.
Bitcoin has mostly traded above $1,000 since mid-February. The currency proved its worth when it spiked to $1,325 on the 10th of March 2017. Today that stands as the coin’s highest value since the first block was mined. It lingered somewhere below $1000 some four weeks ago, then dipped to figures lower than $900 for a brief while towards the end of last month. Mid-April has bitcoin trading above $1,200 a piece.