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Bitcoin’s rising price attracts record number of Indian investors

Bitcoin’s rising price attracts record number of Indian investors

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Since the price of Bitcoin skyrocketed, the number of Indian investors has increased dramatically, claims digital currency exchanges in India.

In brief:
Since the price of Bitcoin skyrocketed, the number of Indian investors has increased dramatically, claims digital currency exchanges in India.

As the price of Bitcoin reached an all-time high, the interest of Indian investors in the digital currency has also soared. The price of Bitcoin surpassed the $11,000 mark on November 29, and the number of registrations on the digital currency exchanges by Indian investors has increased substantially.

Regardless of rumors that the country’s central bank (RBI) may put a ban on cryptocurrencies and declare them illegal in the country, a record number of investors want to invest their money in the most popular cryptocurrency, Bitcoin.

Unocoin co-founder and CEO, Sathvik Vishwanath told that with the gigantic rise in the price of Bitcoin, the number of customers who registered on their platform in just one month has reached around 200,000.

He said, “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.”

2017 has been a stellar year for Bitcoin. In just over a month its price has skyrocketed from INR 459,047 on November 1 to INR 860,049 on November 29, representing some incredible gains. Even though the Indian government and banking regulator holds negative views towards the virtual currency, the market for digital currencies in the country seems to be flourishing.

Sandeep Goenka, Zebpay co-founder calls the extent of interest shown by Indian investors in Bitcoin as phenomenal. He told that the number of users is growing by 300,000-400,000 in the past few months compared to around 150,000 in June and July.

He said, “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.

Notably, the escalating interest of Indians in the Bitcoin and other cryptocurrencies could be a huge boon for the cryptocurrency bulls.

 

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