With One Percent of Indians Investing Money into Bitcoin, Its Price Can Reach $1000 by the End of 2016
What could possibly happen if and when a tiny fraction - one percent - of the Indian population gets a hold on what Bitcoin could do for them in the country’s time of demonetization, which has forced the citizens into applying unusual efforts to access and use their hard-earned money?
Something big, but not unexpected.
With hashtags like; #india #trump #china #fed, it could create a nexus, with the prediction by CivicKey’s CEO that the price of Bitcoin will hit the $1000 mark before the end of 2016.
Lamassu’s co-founder Josh Harvey started this puzzle with a tweet that says that there are 13 mln people in the Indian one percent, and the fact that many of them will be hearing about Bitcoin now is in itself a big deal.
With the Editor in Chief at Adamant Research, Tuur Demeester, adding in a tweet that Bitcoin, on Indian exchange Zebpay, has been selling for 20 percent premium, equivalent to $895, one could either join the view that the digital currency will jump into its store of value element or agree that the arbitrage reflects the uncertainty around the Indian rupee.
For Cashaa’s Kumar Gaurav, the issue in India created an opportunity window in the form of a huge gap between the west and the east, which is very good for his P2P platform. It is helping millions of Indians to transfer money in India without passing through intermediaries or banks, especially as people in the high liquid market are looking to sell their Bitcoins in India.