In late 2017, the virtual currency touched record highs of approximately $20,000. On 19th April 2021, it recorded a new high of Rs 50,40,806. India is increasingly adopting bitcoin, blockchain, and cryptocurrency on the whole. Bitcoin is one of the most recognised cryptocurrencies and is preferred owing to its reliability, credibility, and feasibility features. It offers various benefits of being a decentralised, digital, and impossible-to-forge kind of currency which has led to industry experts terming it ‘Money 2.0’. whereas, the pandemic disrupted our lives last year, it did upturn the cryptocurrency market as well. In March 2020, the Supreme Court removed restrictions imposed by RBI on the usage of cryptocurrencies. There have been a lot of queries, ifs & buts concerning cryptocurrencies and their viability in the Indian market. Considering it is a volatile and ever-evolving sector, predicting what will happen next is indeed tough.
Source: Economic Times