After the judgement of Supreme Court of India in the favor of cryptocurrency and bitcoin trading in India, billionaire Tim Draper is now optimistic that the top ideas will eventually succeed in India.
Subsequent to the judgement, Draper lately had made an expedition to India and networked with some of the significant Indian crypto players. He has allegedly shown a keen interest in investing in a few crypto startups in India.
The latest judgement by supreme court of India has led to an increase of positive sentiment in the Indian crypto industry. One of the most popular Indian cryptocurrency exchanges, Zebpay has previously made a comeback to Indian market. Several global exchanges like OKEx, Binance, Kucoin, etc have been trying to solidify their base in India.
Lately, Binance declared the acquisition of P2P Indian exchange WazirX in order to facilitate fiat-crypto on-ramp. Apart from that, OKEx has also entered into a partnership with another Indian Bitcoin exchange CoinDCX.
India along with other nations across the globe, is going through a financial crisis and lockdown because of coronavirus. Majority of the prominent companies listed on National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) have lost almost half of their value amidst market panic, lack of liquidity, and withdrawal of money by FPIs.
Prominent banks in the country like Yes Bank, Indusind Bank, HDFC, and Axis Bank have lost half or even more value during this bearish market. In such a scenario, what do you think about the potential of cryptocurrencies in India?
Do you think Bitcoin can work as a safe-haven asset in India where majority of the people adore Gold? Let us know in the comments below!