The RBI had earlier refused to allow cryptocurrency in the country, but a Supreme Court ruling scrapped the RBI ban. After this, the interest of Indian investors in Bitcoin increased considerably.
Elon Musk’s company Tesla has invested 15 percent in cryptocurrency bitcoin after a $ 1.5 billion investment. For the first time, its prices crossed $ 44,000. After this, there is a new enthusiasm among investors towards Bitcoin. Tesla has also said that it will pay for its electric cars only in digital coins.
Increased purchases in bitcoin
Earlier in India, the RBI refused to allow bitcoin trading but a Supreme Court ruling last year overturned the RBI ban prohibiting banks and financial institutions from offering banking facilities for cryptocurrencies. . Now that Elon Musk’s company has announced a large investment in Bitcoin, the attention of the people once again turned to this cryptocurrency and the purchase has increased. This is the reason that its prices have reached 44 thousand dollars in the international market.
What is the price of bitcoin on Indian exchange?
There are many types of cryptocurrencies available in Indian exchanges. These include currencies such as Ripple, Ethereum, Litequin, Bitcoin Cash and Monero, in addition to Bitcoin. There are three types of bitcoins available on Indian exchanges. These include biaquine, local bitcoin and unoquine. The price of biaquine is running above Rs 36 lakh 7,500. At the same time, the price of local bitcoin is above 34 lakh 79 thousand 800 rupees. At the same time, the price of Unoquine has reached 34 lakh 53 thousand 400 rupees.
Bitcoin prices may increase further
Many other companies have also invested in Bitcoin. Microstructure Inc. has spent 1.1 billion dollars on it. Square Inc. also announced the investment. In October, the company announced that it had converted assets worth about $ 50 million into crypto in the second quarter of 2020. Professionals like Bill Miller of Miller Value Partners have said that this trend will increase further in the coming years.
Nidhi Malviya is fun loving girl. She writes at NoobFeeds about various topics related to Finance, Technology, Business etc.