Interest in Bitcoin and other digital currencies is booming in the world’s second most populous country, which could be a huge boon for bulls.
India-based digital currency exchanges have claimed that the number of Indian investors who registered in their platforms to buy Bitcoin has increased considerably in the past few weeks as the value of the leading cryptocurrency surpassed the $11,000 level on November 29.
The unprecedented rise in the number of investors who want to invest their money in the most popular cryptocurrency was observed despite rumors that the country’s central bank may declare Bitcoin and other cryptocurrencies as illegal.
According to Unocoin co-founder and CEO Sathvik Vishwanath, the number of customers who registered on their platform in just one month has reached around 200,000 due to the sharp rise in the price of Bitcoin.
“It took us about three years to gather [100,000] registered customers and in last one month itself we have seen about [200,000] customers registering with us.”
Phenomenal performance of Bitcoin in India
Despite the negative views of the Indian government and banking regulator, the market for digital currencies in the country is booming. This is particularly true for Bitcoin, whose price has skyrocketed from Rs 459,047 on November 1 to Rs 860,049 on November 29.
According to Zebpay co-founder Sandeep Goenka, the extent of interest shown by investors in Bitcoin is phenomenal. He added that the number of users is increasing by 300,000-400,000 in the past few months compared to around 150,000 in June and July.
“The extent of interest in Bitcoins is at unprecedented levels. Every time prices increase, investors who were sitting on the fence and were skeptical do enter the ecosystem. This time it almost feels like mainstream adoption, something I have never experienced before, because now we are seeing interest coming in from even the conservative investors.”
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Author: Joshua Althauser