Almost all people are now aware of bitcoin. You need to know that bitcoin had had a volatile trading history from the time when it was created in the year 2009. At first, the price of bitcoin took a hike in November 2013. This was the time when bitcoin was trading at around $1124. After four years, late in 2017, the digital currency bitcoin touched the record highs of the $20000 approximately. You might don’t know that on 19th April 2021, bitcoin recorded a new high of rs 50,40,806.
Bitcoin shocked the people when it surpassed the value of gold in the past, and it is now expected to be the go-to reserve asset solution.
In India, the use of bitcoin is increasing day by day. You will not believe in the fact that the country triumphs of being the highest and greatest remittance market when it grew to $100 billion in the year 2015. This is the thing that made it one of the best markets for cryptocurrencies.
India possesses the largest IT population globally, and it is also one of the big growing smartphone markets. So, because of this, the byproduct resulted in the growth of online payment and e-commerce players. All these things have also increased the awareness level of the people about bitcoin and other cryptocurrencies.
The e-commerce players are increasingly adopting bitcoin as a means of payment.
After understanding the capability of the growing market, the Indian investors have been increasingly showing their interest in the funding of the cryptocurrency markets and that too of bitcoin.
The one thing that needs to be noticed is that a small part of the sales volume is generated from the short-term traders who are in search of instant gains. This trend was mainly driven by the long-term investors of bitcoin who truly understood the value of bitcoin, and they want them to own for the years to gain some great profit.
Bitcoin is undoubtedly one of the most recognized cryptocurrencies, and there are a lot of benefits to buying this cryptocurrency.
It is basically preferred for its reliability, credibility, and feasibility features. it is well known for its decentralized nature, and it is impossible for any financial authorities to trace bitcoin.
At present, the cryptocurrency market is at its primary stages, and recently the bitcoin markets have also seen growth, and it reached $ 2 trillion in value. The bitcoin investors from India are increasing their bitcoin investment in their portfolios. They are keeping their eyes on the market through the bitcoin-lifestyle.app platform, and they are investing more in bitcoin because they consider it one of the safest and most suitable means for investment.
Impact of the pandemic on bitcoin!
The pandemic has wholly disrupted our lives in the last year, and it had also had an impact on bitcoin as well. You will not believe in the thing that the prices of bitcoin felled, but it could not last for a too long period of time and eventually bought a great boon in the cryptocurrency industry.
The bitcoin market started to grow at a faster speed during the lockdown, and at present, between all the uncertainties, the bitcoin sector is still booming in the best way possible.
The supreme court of India has also removed all the restrictions that were imposed by RBI on the use of bitcoin in march 2020.
This resulted in the fresh boost of bitcoin in the Indian market.
When the price of bitcoin increased the many Indian investors restored their bitcoin in between the lockdown. These investors are seeming to be strengthening with time. There are a lot of queries and questions of people regarding bitcoin and its viability in India. Bitcoin is volatile in nature, and it is an ever-evolving sector, so predicting what is going to happen in the next moment is quite a tough decision.
At the same time, a lot of investors are always in search of the right time for investing their money in bitcoin. If we see the recent growth in the bitcoin market, then investing in bitcoin is proved to be one of the best and promising investments.