Digital currency exchanges in India claim that investment in Bitcoin has increased significantly in recent weeks, as the cryptocurrency surpasses the $11,000 mark on November 29. This unprecedented rise in interest from Indian investors happens despite rumours that the Indian central bank may soon declare cryptocurrencies illegal.
Unocoin CEO Sathvik Vishwanath stated that the number of traders to register on their platform in the last month reached around 200,000, thanks largely to a surge in the interest in Bitcoin. He said that it took the company around three years to acquire 100,000 registered customers, but in the last month a further 200,000 new clients have registered with them. Needless to say, this is an incredible and unprecedented surge that can only be attributed to growing Bitcoin interest.
Bitcoin Performing in India
Despite the Indian government's negative views, and those of the banking regulator, the cryptocurrency market in the country is truly booming. And this is never truer than in the case of Bitcoin, which has seen its value skyrocket from Rs 459,047 at the beginning of November to an impressive Rs 860,049 at the month's end.
According to Sandeep Goenka, the co-founder of Zebpay, the extent of interest investors are showing in Bitcoin is absolutely phenomenal. He said that the number of Bitcoin traders has increased by as much as 300,000 to 400,000 in the last few months, compared to approximately 150,000 from June to July.
Commenting on the situation, he said the interest in Bitcoin has hit "unprecedented levels". He explained that with each price rise, undecided investors who were previously sceptical "enter the ecosystem". He even went so far as to describe the latest figures as indicating "mainstream adoption", something few have ever seen before. He justified this by citing the surge in interest from "conservative investors".