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Is India to “Blame” for the Meteoric Rise of Bitcoin?

Bitcoin is trading for just under $11,000, and many are wondering, “Why the sudden surge as of late?”

Bitcoin Is Expanding Like Crazy

Many arguments have been made in defense of the stability of the coin. After more than a year of trudging its way through the doldrums, bitcoin ultimately rose to the $5,000 range in early April of 2019, something that many enthusiasts and traders thought would be out of the question. Prior to that, bitcoin had been trapped in the $3,500 range for several months, though it had been slowly slinking further and further into oblivion for the previous 10 months.

One of the biggest arguments thus far for bitcoin’s meteoric rise is the fact that Facebook is entering the cryptocurrency space. Glen Goodman – author of The Crypto Trader – recently stated in an interview:

Bullish investors believe if Facebook’s crypto Libra becomes a trusted payment mechanism, then people are also more likely to trust bitcoin as a reliable long-term store of value. A digital gold, if you will. Many traders will be looking to take some profits off the table now, but it’s worth remembering that last time bitcoin’s price broke through $10,000, it then hit its all-time high of nearly $20,000 just 16 days later.

Apparently, Mark Zuckerberg is giving bitcoin its biggest boost in history, but this isn’t quite the reason, according to another source which suggests India’s alleged (and upcoming) ban on cryptocurrencies.

One of the big problems with telling someone they can’t have something is that now, they’re going to do just about anything to obtain it. If you tell a child that he or she can’t have a cookie and that the cookie jar is off limits, they’re going to wait until you’re not looking or out of the room to stick their hand inside. Tell someone what to do, and they’ll naturally want to oppose your orders.

Apparently, this is what’s occurring in India, which has been debating a potential ban on bitcoin and cryptocurrencies for some time. Many regulators hold the belief that crypto paves the way for financial crime including money laundering and tax evasion. These are old arguments to say the least, but still beliefs that many policymakers hold fresh in their minds.

What Will the Country Do?

Thus, the country is considering outlawing the use of cryptocurrency altogether. Apparently, recent regulation preventing banks from working with crypto businesses isn’t enough. As a result, the desire and need for bitcoin has been climbing steadily in India as more and more people have sought to attain or retrieve it.

Nischal Shetty, chief executive of India-based crypto exchange WaxirX, explains that Facebook’s pushes for crypto could potentially get in the way of its initiating a full ban, and for that reason, Libra can be considered quite the savior.

Tags: bitcoin, Facebook, Glen Goodman, india

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