We have seen Bitcoin growing a lot in the global market recently. May feel that Bitcoin is still evolving; however, others feel that it has become stable in the market? Both the camps have their arguments. It has become a collectible asset in the market, just like old coins, vintage cars, old wines, and artwork. Such people feel that it will break with a bad dream. However, experts are now debating its continuance in the market even in the coming years without getting hampered.
At the most, one can find people transacting a lot of money, and they feel the power of making it a global financial system. Almost everyone transacting across the globe is now planning to seek Bitcoin. There are many reasons behind this idea. However, you can always check the comeback of bitcoin after six weeks bitcoin halts for a detailed discussion.
The debate
If you want to carry out the debate from this perspective, you can find too much value for now in circulation. It is not less than 1.6 T USD. We have seen Bitcoin close to 750 B USD out of this amount. Now, if we compare it with the monetary base of the United States, it comes to around 5.8 T USD. Sooner or later, the digital coin can compete with this figure and even bring it down.
On average, we can see that the daily trading value of BTC is now reaching around 23 B USD. Thus it is fair to say that Bitcoin is now emerging as a severe challenge to assets like gold. It is now acting as an alternative currency or an exchange medium in value. Two big-time global corporations in the market known as Tesla and online retail store Amazon seemed to have expressed their desire for Bitcoin. It has remained very much valid for payment for transactions.
The Indian Market
If you look at this debate from an Indian perspective, the central bank – RIB that acts as a wealth market regulator seems to have taken its stance for Bitcoin. It has denied calling it illegal. However, you can find too many efforts to discourage the very use of the coin. Later the top court of the country, called the Supreme Court, issued its statement by disagreeing with the legal ownership of the coin in the market. However, the government is planning to put some tag of taxation, and it is seen evolving in the market.
The RBI Vs. SC
The RBI seemed to have issued a circular in 2018, and it is seen directing all the entities regulated with the banks and NBC’s. It is not to deal with any digital currencies or offer services to allow anyone to deal with the coins and ban the same use in India. The RBI seemed to issue a circular about directing 2018 regarding entities about the digital currencies or the services one can see in it. The Supreme Court was seen talking about the digital currency-based exchanges debate. The court also accepted the argument about how the appellant. These things have become popular when the discussion about banning the coin has come into the market.
Policy Commission on Crypto
In January 2020, one can find NITI Aayog to have become part and parcel of Blockchain as an essential strategy. Some well-presented papers and well-researched options were seen talking about the government that recognized the opportunity and the significance of adding up the Blockchain-based digital coins. The paper has come up like Blockchain technology that has become the critical transformative force for making many more government aspects and private sector operations. At the same time, we have seen the coin now getting global recognition in the market within a wide range of groups and tech-based companies showcasing several benefits for the application that further reduced the operation cost along with the compliance, which further helps in improving the efficiencies.
Wrapping up
We see many more papers not admitting that Blockchain has come up with the potential to transform the different industries and the financial economies. Also, it is estimated that we can see Blockchain coming up to generate not less than 3 T USD in the market by 2030.
