Will the price of Bitcoin experience an upward surge similar to the one in 2017?
in 2017, the value of Bitcoin experienced an upward surge during the festival of Diwali. Due to this attribute, the citizens in India started to show a lot of interest in investing in Bitcoin.
But today, people seem to have lost interest in Bitcoin. This is mainly due to the regulatory issues imposed by the Government and also because of the massive scams such as GainBitcoin. Many people lost their hardworking money through the GainBitcoin scam.
So, will Bitcoin experience the same upward surge this Diwali?
Yes, quite probably. Whenever festivals and celebrations do arrive in some country, it results in an increased surgeon the value of Bitcoin. Why does it happen? It happens mainly because of the get-together people experience. All relatives from different parts of the country get together to celebrate the festivals of lights happily.
So during such a holiday season, what do people do the most? Shopping right! So when lots of people start purchasing different items for their family or start adopting or using Bitcoin transactions, it will lead to an increase in its overall value right. This increased surge is usually visible days before the festival beings.
Like Christmas and New Year, which is significantly prevalent in other countries, Diwali, which also gets referred to as the ‘Festival of Lights’, is a famous festival in India.
But how does the value of Bitcoin experience such an upward surge during Diwali?
Before the beginning of this extravagant festival, most of the citizens in this country go on a shopping spree literally. The prime factors for such an attribute can get classified into the lucrative offers the shopping centers offer and the prominence of the festival in the country.
Because of such a massive shopping phenomenon, the Online commerce platforms witness a gigantic spike in their sales during this festival. And upon that to make the shopping game spicier, they add unique ingredients such as cashback, exchange offers, and huge discounts.
Though the Bitcoin ecosystem is at an embryonic stage in India, most of the eminent trade experts believe during this period of Diwali, and it is sure to witness a rise. They think that Bitcoin will see larger transaction volumes by October 20, which is the before the beginning of this five-day festival.
Let us leave aside the trading platform and talk about the increase in the value of Bitcoin in other platforms. The Bitcoin community in India, which is the people who possess Bitcoin in India, are likely to spend most of their amount spent on shopping through Bitcoin platforms. But one thing has to keep in the note here. Though people would love to spend their amount through Bitcoin transactions, the lack of Bitcoin Debit Cards and fewer platforms accepting Bitcoin has brought a big problem to its users.
Are there any platforms that accept Bitcoin transactions?
To cater to such users, ZebPay has allowed users to use Bitcoin for buying gift cards through the renowned online platforms in the country such as Amazon and Flipkart. The ZebPay platform also offers an extra discount of at least 5% while purchasing these gift cards.
Do only the trading and online platforms experience this high surge of Bitcoin? No, there is one more sector which can experience it. It is the remittance industry. Yes, the value of Bitcoin is bound to encounter new highs in the remittance market. Now you all will be wondering how? Compared to all other countries, India houses the largest remittance market through which it receives around 70 billion U.S. dollars every year.
This attribute can be seen in India because many citizens of the country do send money to their loved ones back home most of the time. It is during these festivals the remittance volumes experience a significant increase. Some people make the usage of Bitcoin for cross-border money transactions because of which the Bitcoin companies in India are moving to capture their share in this remittance market.
An Indian Company Coinsecure has recently formulated a partnership with OKCoin’s OKLink. The prime feature of this partnership is to provide remittance services in the country through Bitcoin blockchain. Because of the venturing of these companies into new markets nowadays, the capital inflow into them has undoubtedly witnessed an upward spike in them.
To add more information to this particular fact, platforms like ZebPay and Coinsecure have raised around a million-dollar with their recent investments. Another Indian Company, Unocoin, has also joined this list. Unocoin has recently announced a 1.5 million U.S. dollars fund-raising round from its Indian and U.S. investors.
So the bottom line here is that the value of Bitcoin is undoubtedly going to witness an upward surge during the festival of Diwali in India.