WHY BAN BITCOIN?



credits:indiatvnews


A year ago, the cost of a Bitcoin was Rs. 7 lakh but after the coronavirus crisis, the stock market crashed and due to the lack of trust in Govt policies the cost of a bitcoin kept increasing in 2020. In 2021, especially in the last few days the value of Bitcoin has increased significantly. The cost of a single bitcoin today is Rs. 35 lakh This means that bitcoin is five times more valuable today than in 2020 and other cryptocurrencies have a similar story. Today, we will talk about the world of Bitcoins Is it a bubble or a financial revolution. Many big investors have started investing in Bitcoins and we will learn what are the Govt policies on Bitcoin and should you invest in it?


WORLD AND BITCOIN


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Breaking News: World's richest man Elon Musk has announced that his company has invested 1.5 billion dollars in Bitcoin. Why did he make such a big investment? What will be the impact of this move?
Bitcoin is a borderless digital currency which is not controlled by any institution. It is a blockchain technology there could come a day that Bitcoin surpasses government currencies but people need to trust bitcoin for it to be a conventional currency system and not only trading but also you can purchase items through Bitcoin. Elon Musk has invested a huge chunk of Tesla reserve in Bitcoins, Musk has also announced that we can buy Tesla cars using Bitcoins. This move is expected to affect the practicality of Bitcoins, Tesla in not the first company to invest in Bitcoins Listed companies, private companies and exchange-traded funds hold $60 billion dollars in Bitcoins. Bitcoin enthusiasts are happy that Elon Musk has endorsed digital currencies Musk has been a regular investor in future technologies. Michael Slayer has said that Bitcoin is the scarcest asset in the world Bitcoin supply limit is 21 million coins. It is a fixed limit Today, 18.5 million bitcoins have been mined already, mining new coins will be more difficult now because the algorithms will get tougher. Bitcoin will only get costlier because of its limited supply. After Tesla, more companies might start investing in Bitcoins and they might start doing transactions in Bitcoin which will ultimately make it a currency. Apple could be the next big player to invest in Bitcoins, they already have a secure ecosystem Apple users can easily trade in Bitcoins and if Apple does this, US can be a global leader in crypto-assets.



BITCOIN IN INDIA


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India is still sceptical about cryptocurrencies. In 2018, RBI prohibited banks from cryptocurrencies related transactions. Last year, the Supreme Court set aside the RBI circular, many new companies have started working on cryptocurrencies in India. Minister for State for Finance Anurag Thakur has said the Govt. is forming policies on cryptocurrencies. Official Lok Sabha bulletin of Budget session 2021 says that Govt will introduce a bill which might ban cryptocurrencies related transaction But RBI can form CBDC currency to regulate cryptocurrencies.
When Elon Musk is backing cryptocurrencies and companies are investing in Bitcoins; the world is adopting blockchain is it a good option to ban Bitcoins? Is this a missed opportunity? Govt. did not interfere in the IT revolution which made us IT global superpower. Will we miss this financial revolution?

CONCLUSION

Doesn't matter if India and China ban cryptocurrencies, the world is adopting it. After Tesla's move, other cryptocurrencies are also performing well. Other central banks are also not happy with digital currencies too but as digital payments will get more common, banks will have to adjust accordingly. Paypal has also announced that they will accept Bitcoin transfers. Bitcoin is now in news for the 'transfer of value' Companies are shifting their reserve currencies to Bitcoins. It means it is also a store of the long term value. This is a financial revolution Should you invest in cryptocurrencies? 



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