Increase in Indian Investors as Bitcoin soars high
Investments to continue despite rumors of probable digital currency ban in India
Cryptocurrency exchanges residing in India are conveying an increase in number of registrations of investors in the past couple of weeks. The value of Bitcoin soaring high during that period can be a reason for this. According to bitfinex.com, the value of Bitcoin went over 11,000 USD on 29th November 2017.
The rise on the count of investors in India is a positive trend in the cryptocurrency trade market. What is more impressive is that this occurred during a period when there are ongoing rumors of a probable cryptocurrency ban in India. The rumors predict Central Bank of India will soon ban all trade of Bitcoins and other Altcoins altogether.
Sathvik Vishwanath, the CEO and co-founder of Unocoin mentions that the number of registrations have doubled alongside the value increase of Bitcoin.
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.
Unocoin is India’s most popular bitcoin wallet. It is likely the number of registrations will go up in the upcoming months as well.
Indian Investors contributing to Bitcoin
Even though the Indian government and financial regulators are not backing up Bitcoin trade, the exchange of cyptocurrencies within in the country is growing significantly. The value of 1 Bitcoin was 860,048 Indian Rupees on 29th November 2017.
Sandeep Goenka, co-founder of Zebpay is enthusiastic about the rising number of Indian Investors;
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.
According to his statistics, the user base is increasing by 300,000 – 400,000 during the past few months. This is significant in comparison to an increase by 150,000 during the months of June and July.