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India’s leading cryptocurrency aggregator on Bitcoin crossing USD 50K mark

India’s leading cryptocurrency aggregator on Bitcoin crossing USD 50K mark 1

Native demand & supply of BTC

Sumit Gupta, CEO & Co-Founder, CoinDCX Said, “Sustained interest from institutions has had a positive impact on Bitcoin’s price, pushing it on an upward curve. In December of 2020, it touched an all-time high crossing $24,000 in valuation. This was a 224% increase from where it started its journey at the beginning of the year.  By the beginning of 2021, BTC had jumped to a $40,000 valuation. With each passing day, we are seeing it breaking every resistance. In the second week of May 2020 bitcoin witnessed its 3rd halving occurred since its inception, thus bringing a further drop in its estimated future supply.

Institutional interest

Whereas with credible and major institutions like Tesla, MasterCard, Paypal, Microstrategy adopting them into their ecosystem we are witnessing a continuous rise in demand for bitcoin, thus pushing the valuation higher. In addition, companies such as Google Pay, and Samsung Pay too are now contemplating making inroads into cryptocurrency via Bitpay. We expect the trends to continue in form of investments in these digital assets with the induction of newer products build around Bitcoin. The natural push to the price movement of Bitcoin is being fuelled by demands from the retail and institutional investors.

BTC replacing traditional asset classes:

Analysts from financial institutions like JP Morgan have observed that investors in Gold ETF such as Family units are now looking at bitcoin as an alternative to gold. Simultaneously globally more and more governments are now working towards developing their own digital currency or Central Bank Digital Currency while trying concrete an ecosystem to enable a digital economy.  It is another positive development in the overall evolution of digital assets, leading many to perceive these developments as a step towards bringing digital currencies joining the mainstream economy.”

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