The Continuous upbringing of cryptocurrency in the market leads to competition and interference of the Government. The worth of Bitcoin is increasing because government agencies are looking after digital money and the system. The present leading parties of the country are not living a single chance of leading the cryptocurrency and converting it into centralized software. However, they forget that it is a decentralized cryptocurrency and does not have the government interference option in their own game. In the last 48 hours, so many changes have occurred in the entire world.
Few countries saw a drop in their economy while the others still have a stable scenario. In the case of Bitcoin, an increase of 37% value in the last 24 hours shocked everyone. The market was already undergoing significant changes as 2020 was quite a damaging year for the cryptocurrency market. There was a specific time when the value of Bitcoin decreased by 57% and kneeled to $28686.86. However, mid-April 2021 was the most developing year for Bitcoin because it came back to $57000.
The investor's worked very optimistic about the increase in value by November 2021 and waited till the time. However, the end of the year brought various surprises for cryptocurrency, just like Santa Claus. The Christmas month is terrific for cryptocurrency because it provided investors with the best amount and record-breaking value. Apart from this, good news from the Indian Government about not putting any Management control and law on Bitcoin released the investors from stress.
Yes, you heard it right. The Government is supporting the flow of Bitcoin till it is not spoiling the youth. So let's look at the reason that brought changes in the Government.
Meeting Organized In Parliament
The usefulness is known for crisis and coming out from pandemic. In between a lot of chaos and competition, the Government finally decided to decide on the cryptocurrency market. It is always challenging for the present Government to decide the law for digital money. Not every member of the Parliament supports the decision to which coming on one result is complicated.
However, this year made everyone realize the importance of making tough decisions and supporting them. The central Government explained the importance of cryptocurrency to the Government. The Governor led its speech with the need for Bitcoin because 16 crores Indian citizens have invested the capital in Bitcoin.
India is the famous investor of Bitcoin, due to which the political members need to allow the free flow of cryptocurrency. However, if the Government decides on any law for Bitcoin, it will directly impact the investors and increase their problems.
India is a well-established country with good GDP and Goodwill in the international market. The Indian Government tries its best to support their citizens and provide them with the best direction. To protect their people from losses, they decided to postpone their decision of banning Bitcoin.
Importance Of Bitcoin According To Central Bank
Digital money is not just open-source that leads to an exchange of digital units for purchase and sale. But Bitcoin is more about the economy and development of a country. Various business people are dealing with investors on an international level. To reduce the flow of Bitcoin, business people can potentially lose their investors. It will directly impact the goodwill and financial system of the country.
It is crucial to pay close attention to the cryptocurrency market and analyze their fluctuation to become genius. Bitcoin has crossed 1.4 trillion market value from 2019-2021. It is expected that the market of Bitcoin will increase to 3.5 trillion dollars by 2022. No government should make any rubbish decision that decreases the optimistic behaviour of the investor. The Indian Government and the country should have Bitcoin investors as the cryptocurrency supports employment opportunities and living standards.
It is also suitable to mention that Bitcoin is the safest digital asset and provides more than reasonable profit. Every country suffers from some troubles but regaining the position is more important than losing power. Bitcoin, moreover, is a decentralized tender and famous in India, due to which the central bank does not support the decision of the Government.
