Govt of India and RBI is apprehensive about the prospects of digital currency as it can lead to more Hawala transactions and may lead to rising in terrorist-related activities. However, we cannot ignore the potential of Bitcoin. We can say that we like it or not but cannot ignore it. We foresee Bitcoin touching the $35000 level in near future.
The cryptocurrency has also witnessed high volatility: since 2016, it has declined 20 percent ten times, 30 percent seven times, and 48 percent-plus four times.
Bitcoin was launched in 2009 by an anonymous user/s as a decentralized digital currency not overseen by any authority, with its transactions being verified and settled through a distributed ledger.2021 could see continual improvements between traditional and crypto markets -- meaning the digital currency could see greater adoption as an acceptable medium of exchange. in October 2020, Paypal said it would allow customers to pay through popular cryptocurrencies such as bitcoin and Ethereum.
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