Bitcoin Predicted to Grow and Explode in India
By Max Steadman – Cryptocurrency Enthusiast
Back in March, the Indian Supreme Court overturned the financial restrictions for cryptocurrency trading and exchanges. This ‘positive verdict’ supported a new and optimistic awareness for Bitcoin investing for the country. Another major factor that contributed to this decision was the joining of Binance to the Internet and Mobile Association of India (IAMAI).
Matic Network co-founder Sandeep Nailwal highlights India’s huge market for digital currencies. He notes how the country has over one billion people working in technological industries. There are more tech employees, he says, than the whole population of some countries. Bangalore is the tech hub central, with a surplus of digitally skilled people willing to confront user experience barriers that delay ‘mainstream’ adoption.
Nailwal goes on to call Bangalore the Silicon Valley of India and acknowledges numerous blockchain initiation projects and incentives around the country. The ETHIndia Community Telegram Group for example has approximately 931 members. He adds that while institutional and government blockchain schemes navigate challenges such as food and health distribution, more Indian decentralized applications (Dapps) will start being used and implemented.
Unocoin exchange co-founder reinforces Nailwal’s sentiment. He reminds us that now some of the country’s major tech legal battles had been won, more platforms that buy and sell Bitcoin are coming ‘back from the dead.’ With external conditions also changing, including Trump’s administration’s tightening of foreign employee’s visa requirements, Indian workers may be more motivated to develop their tech careers in India’s own sector and companies.
Many also address the similar investment possibilities between gold and buying Bitcoin as a means for Indian households to custody their own wealth. Some note how familiar users may build their crypto portfolios as digital assets become more attractive and as families seek more investment diversification.