While bitcoin is present throughout the world, the Asian sphere has always been in advantage, thanks to regions such as China, where bitcoin mining, trading and use has become a routine for some people. However, another country may soon rank up and start playing an important role in the future of digital currency.
With this in mind, various economic analysts believe that India may be the main source of bitcoin’s next rally. During the last couple of days, the price has seen a clear increase, especially after UnoCoin launched in India. While China still is the dominant force behind the success that bitcoin has had in Asia, India’s influence may just help the digital currency hit new heights, especially if adopted by the country’s, highly unbanked population. Reports indicate that more than half of India’s population is unbanked, thus placing the region a couple of hundred years ago, in terms of the quality and presence of financial services. This represents one of the main reasons why bitcoin and other digital currencies have such a high potential in the region, if promoted accordingly.
The digital currency’s next rally is thought to be nearing start, with the approach of the Diwali festival. According to economic analysts, such festivals and other celebrations have the possibility of positively influencing digital currency usage, alongside with its value. Based on this, there are high chances that the Diwali festival in India, will lead to bigger bitcoin usage, and a certain short-term increase in pricing.
The main changes will probably be noticed from the 20th to the 25th of October, which is when most people do their shopping. While there are only a handful of platforms accepting bitcoin and digital currency-based debit cards in India, there are firms such as ZebPay, which are trying their best to allow most customers in the country to pay via digital currency.
An economic analyst, as quoted by Bitcoinist, has stated that: “Remittance industry is another sector where Bitcoin is soon going to play a huge role in the country. India is known to have the largest remittance market, receiving about $70 billion each year. The Indian diaspora spread across the world is known to send money to their immediate families and relatives back home. The remittance volumes also show a significant increase during festivals. While some people already use Bitcoin for cross-border transactions, the Indian Bitcoin companies are gradually moving to capture their share of the market as well.”
Based on everything that has been outlined so far, as the Asian region can play an important role in the determination of the bitcoin price, this rising popularity trend in India is surely a positive factor for bitcoin. What do you personally think about the upcoming price increase? Let us know your thoughts in the comment section below.