Current year 2017 has been the landmark for Bitcoin as its value increased from $968 to $4,370 which is more than 4 times in a single year. In the Indian exchange also, the value of Bitcoin jumped similarly from INR 68000 to INR 2,95,000 during the period. This sharp rise in prices has attracted new traders and investors in India and they have started investing in the world’s most popular cryptocurrency.
According to The Hindu Businessline, the CEO of Unocoin, a bitcoin exchange in India said that their customer base went up by 5 times in the first nine months of this year. Zebpay which is the largest bitcoin exchange in India also witnessed a steep rise in its user base in the last 3-4 months.
In the month of April this year, Japan recognized Bitcoin as a kind of payment instrument for prepaid payments which majorly boosted the value of this cryptocurrency. Bitcoin got more credibility when China and Australia also took some steps to regulate Bitcoin exchanges. Bitcoin has got nearly 50 % of the total market capitalization of the cryptocurrencies while Ethereum-20%, Ripple-6% and Bitcoin Cash-5% are also popular.
India has a small market for cryptocurrencies when compared with global markets. The volumes traded per day is below INR 100 crore in India but still the statistics show that the interest in the currency seems to be increasing day by day.
Bitcoin is presently an alternative class of asset in India and still has a long way to go in order to become a legal exchange medium in India. The Reserve Bank of India has been reported to be thinking on the idea of starting a digital currency of its own by adopting the blockchain technology. But RBI is yet to give its nod to cryptocurrencies. People can see some good results in India by the beginning of the next year as the blockchain technology has been adopted by some big companies in India like IBM and Wipro and they are already working to explore how they can use this technology to improve their systems.