Bitcoin gained popularity in the age of social media like wildfire with several portals that were built for its sale and purchase in different countries. The 21st-century investors thought of it as a reclusive financial instrument with no controls or regulations of the Governments of the countries. Thus, the younger generation felt that this could be a more stable and dependable form of investment.
The rise of cryptocurrency
The cryptocurrency had taken markets by a storm and every financially invested person was talking about it. Not many investors were completely informed as to how it worked but we’re happy to invest as the process of doing the same wasn’t very tough and the returns that were visible were pretty high at that moment. Several YouTube channels too began discussing the various methods of investing in Bitcoin and things related to it like btc to usd.
The Present and the Future
After hitting the ceiling prices came crashing down in around 2018 and have now gained certain stable grounds. The reasons being stated for the same were the legal implications of trading in Bitcoin around the world. Every country came up with its own law and yet only a few legalized the trading of Bitcoin.
India took a strong position as RBI told all the banking Institutions to not deal with Bitcoins in any manner. Thus, the Govt. of India did not ban the cryptocurrency yet made it not very attractive to the young Indian investor as the Banks were asked to step aside when it came to the transactions involving the cryptocurrency.