India bitcoin boom incoming! $10tn economy tipped to adopt crypto after El Salvador move
India’s predicted move could have a very positive effect on the price of bitcoin as the nation is the world’s sixth-largest economy. This could open up a $10trillion economy to bitcoin investment and daily transactions. About the possibility of India following El Salvador’s lead, editor at Invezz, Jayson Derrick said: “Encouraging developments in the move towards greater adoption of bitcoin aren’t limited to poorer countries.
“India, a G20 member with a $10trillion economy, is reportedly close to classifying bitcoin as an asset class”.
Referring to the trajectory of mainstream adoption of the world’s preeminent cryptocurrency, bitcoin pioneer Max Keiser told Express.co.uk: “India, like all nations, will follow El Salvador and make bitcoin their official currency.
“I can say this with 100 percent certainty because Game Theory is hardcoded into the bitcoin protocol, reckless money printing by central banks is unstoppable, and the best safe-haven asset in the world is bitcoin.”
Many Latin American nations such as Mexico, Colombia, Argentina and Brazil, with economies that struggle with inflationary issues, may follow the example set by El Salvadoran lawmakers who made bitcoin legal tender on June 8, 2021.
The text of the law ratified by the El Salvadoran congress stated that “every economic agent must accept bitcoin as payment when offered to him by whoever acquires a good or service”.
Already financial institutions and experts are looking at El Salvador’s move as a “historic” precedent.
Avik Roy, president of the Foundation for Research on Equal Opportunity, said the move would “transform El Salvador into one of the world’s most important financial centres, and affect the way people around the globe use digital currencies”.
The price of bitcoin jumped by 12 percent today partially in reaction to the announcement that billionaire US investor Paul Tudor Jones would transfer 5 percent of his balance sheet into the cryptocurrency.
READ MORE: Universal Basic Income: Adults aged 18-64 in UK trial could get £213
Tesla CEO Elon Musk was lambasted by Sygnia CEO Magda Wierzycka who said, “what we have seen with bitcoin is price manipulation by one very powerful and influential individual.”
Yesterday the Tesla CEO responded with a revealing tweet: “This is inaccurate.
“Tesla only sold 10 percent of holdings to confirm bitcoin could be liquidated easily without moving market.
“When there’s confirmation of reasonable, 50 percent plus, clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions.”
We are now on Telegram. Click here to join our channel (@TechiUpdate) and stay updated with the latest Technology headlines.
For all the latest Business News Click Here