Bitcoin Forum

With RBI reversing its crypto ban in India or changing statements to consider it as a commodity, do you guys think India could push the price to the moon ?

Ehh no, in my opinion at least. It would definitely need to take a lot more than that for the price to "moon" in my opinion. There's probably better chances for price increases for the CBOE Bitcoin ETF. Though it might not push up the price, the reverse ban definitely helps a lot in terms of adoption, so it's definitely a win whether or not the price gets affected by this or not.

In case we will see an increase in adaptation process - yes. India is a huge market, that will lead bitcoin to the new high levels. Does anyone here from India? What do you think?

Isnt adoption directly related to network growth ? And network growth directly related to increased intrinsic value of the underlying asset, which in turn would push the price to the moon : )

There are huge investors in India who are interested in crypto currency or Bitcoin trading/Investing. If RBI or Govt allows trading of crypto then Bitcoin will have exposure to a great no of investors which will cause its price to increase.

I think that at the moment the crypto market is in crisis, you can see that bitcoin prices have been dropping sharply during the last 6 months, so we should only invest in short-term and wait periods recovery of bitcoin to be able to release the goods. The market is recovering lightly and I believe the bitcoin price will probably return to $ 7800.

I doubt that all these statements can push bitcoin to the moon. There must be a more grandiose event. For example, a financial crisis in one of the developed countries.

India doesn't will be able to increase the price of bitcoin. Only the US can to increase the price of bitcoin

Very unlikely.

It's not like the negative news from India about the RBI and other banks going against Bitcoin have had any effect in the market or the Bitcoin price, so the opposite might have the same effect. If anything it could mean that new capital will flow into the ecosystem so there's a chance that we could see a small increase in the short-term due to such news, but it won't be enough to push the price up to the moon.

The reverse ban alone won't push Bitcoin to the moon. There's not enough volume on India to possibly push it to the moon. It could encourage more investors in the future and possibly help Bitcoin reach the moon. 

https://coin.dance/volume/localbitcoins/INR

Any country could move the price of Bitcoin.

Even so, increase in intrinsic value doesn't necessarily mean that there will also be an increase in market value. Even if bitcoin is legalized and accepted in every single country in the world, if there's not much demand then the price wouldn't move much. Demand will always be the key factor for price increases.

Why did that happen? I thought that when India banned Bitcoin it would lead to a decrease in capitalization along with that it reduced the price of the market

No, I honestly believed that its not enough to push in to the MOON.

Also can you share us the links as well, Last time I check the Supreme Court of India has uphold RBI crypto ban so I don't know if want you are posting is true or just fake news. And there's a hearing on July 20 if I'm not mistaken, another 3 should be hear by Supreme Court so let's see how it pans out.

no because of two main reasons:
1. they are buying bitcoin off the market using P2P trading most of the time, even when their exchanges were open.
2. their exchanges are mostly cut off from the rest of the world. so any change in their price wouldn't affect the global market. for example you can look at price of bitcoin in India last year which was mostly a lot higher than USD markets even during the hardship between $1000 and $2000 where price couldn't go up, price in India was high.

of course the influence is there but not that much like "to the moon" or anything like that.

Difficult to push bitcoin to moon because there are things to consider before it will touch the moon. Touching the moon is not a magical event but reality that sometimes went to unnecessary results.

bitcoin pricing is impacted and depends on many factors.  It would be great if India changes its policy accepting bitcoin.  That would be great news.  But bitcoin go to moon to much more than that.

I don't think India can take bitcoin price to the moon all along. but India too counts as any other country for the bitcoin price. China is a more valuable factor than India for the price of bitcoin.

Indians are very tech savvy and I think if India has a more positive stance over Bitcoin and digital currencies in general, it could be a nice piece of good news to keep Bitcoin pumping for sure. I am not sure about the moon yet but if we have the EFT catalyst we are waiting for end up in a positive light, then we should see a steady trajectory Northwards and if we break out of the 12k USD resistance line for Bitcoin, moon might be imminant with the help of our Indian Friends.

The problem is the average person on the street in India is very poor and they constitute almost 80% of the population. So the amount of money they will have to spend on bitcoins, might be relatively low, compared with other Western countries.

Yes, the numbers are large, with India having 1,324 billion people in 2016, but if they only have $1 worth of fiat to buy bitcoins, then that would hardly have a impact on the price.  ::)

How can Indian push bitcoin price to the moon, their country was banned bitcoin transaction and all website talking about bitcoin was bannend in their country. We have forget about Indian country and looking for which one potential country will allow for bitcoin transaction in their country for growing of bitcoin price. we can try at country have more highest technology and have much money for their people to invest money on bitcoin.

I don't think that's possible because India doesn't have a large share of the cryptocurrency market.
If it's good news for China, Korea, the United States, then I think it could have a bigger impact on the cryptocurrency market.

I think yes. If it happens then it is good news for bitcoin. We know India is a large country and has many investors. Certainly if the ban is abolished, the price of bitcoin can rise rapidly and may reach the moon.

To the "MOON" is very very far away from us now but Im sure that it can help to pull up the market price a little but I am not expecting a big pump like last year, This year many people spread FUD and fake news about crypto currency but still no one can say what will happen.

I think so. If lots of them will support crypto currency of course they can push bitcoin to the moon.  We all know India is a large country. And we will also be happy if that happens. 

This is the bank that removed the largest rupee notes overnight in 2016
https://www.bbc.com/news/business-37906742

Since people in India don't trust banks, they'll just keep buying bitcoin discretely while the Rupee loses more value.

Indians have tons of methods that don't require banks, when more options become available we'll update this:
https://www.cryptogamblingsites.com/country-guides/india-crypto-currency/

i think india can push to btc price moon.but its really difficult bcz current market is bearish .india can pus price up by giving some good news about btc.

If India removes the ban and considers Bitcoin as a commodity it will bring a good impact to the market, but I think the impact is not enough to push Bitcoin prices to the moon


Any country can increase the price of Bitcoin if they are friendly, adopt and support Bitcoin

I think yes, because if more countries are legalizing bitcoin or crypto
and that positive news will surely greatly affect the price of bitcoin or crypto, and India is a big country with a sizable crypto or bitcoin user

I don't think that India can move the price to the moon.
In this situation may possible China or Russia can push price soon.

I don't think so India can push bitcoin price to the moon if RBI reverse ban on bitcoin then this decision is good for investors because market and peoples start adoption of bitcoins. Indian market is big and easily this cryptocurrency survive here because many peoples are curious for invest in bitcoin and many thing need to do for push bitcoin on to the moon.

India is a huge country, if there is a growth in demand for bitcoin in there the price could go up. But bitcoin is not reliant on countries like India, people can buy bitcoin from anywhere

Now India is against Bitcoin. But I think if they change their minds and they announce that India is legally accepting Bitcoin, Bitcoin prices will go to the moon. Maybe It is very difficult for the Indian government to accept bitcoin in a short time

India is a big country in Asia; I think India can push Bitcoin prices into the moon. Although India prohibits Bitcoin, I know that many whales live in the Indian and have a lot of money.

If am not wrong, the Supreme court of India will be giving its decision on the carpet ban from the Reserve Bank of India. Its a pointless ban done by RBI and I feel it should be lifted with immediate effect and they should think about some regulations.

Pretty sure one country alone won't move the needle. However, the reversal of the negative news can raise the price up a bit

I agree with this, taking Bitcoin to the moon takes more than India, I think they can push the price higher and we could see some decent little pumps but India will not get it to the moon, on the other hand a country like China can, 75% of the volume in late 2017 came from China before the ban on cryptocurrencies and the nonsense with exchanges, I think China will lift its ban soon and with the combination of approval of ETF by SEC it will be all green candles upon us.

India is one of the biggest countries in the world with the largest population and many of them are so into these type of online money. and in the past they have shown a lot of interest in bitcoin. i am sure if the way was paved for them they would adopt bitcoin with open arms and that adoption can increase the demand for bitcoin to the moon and take the price up with it.

When you ask if it will make bitcoin go to moon you mean to make bitcoin have increases of more than 25%? Because if that's the case I do not think it's possible that india make the price of bitcoin go to the moon, I say this because I do not see many people from India buying bitcoin with a debit card or credit card. the price of bitcoin will increase if it has a lot of demand, but the demand must come from people who buy bitcoin using their debit cards or credit cards. So we need to have many exchanges that allow your users to buy btc using their bank accounts.


But the question is: How many people in India buy bitcoin using their credit cards or using their debit cards?

This is good news or favorable development for Bitcoin from India, It can really contribute for possible market movement, if the investors in India consider the need of crypto currency digital transaction as one commodity for the market, yes, it will definitely have the same impact to other country to consider. good luck to Bitcoin investors and supporter.

I don't think so.  Even India banned cryptocurrency, I think their citizen still invest in bitcoin or altcoin.  So it's not a big deal if they legalize it.

This completely depends on the goverment of India. There is too much negativity in the minds of Investores based in India and no new investor would like to invest untill the goverment of India takes a concreate decision about Cryptocurrency. Untill then you can expect nothing good coming from India.

How do you even know that? LOL. I'm pretty sure if a certain person is a bitcoin whale, it's very likely that he/she doesn't want people(and especially the government) to know that he/she actually holds a big amount of BTC. Letting other people know is pretty much like asking to get kidnapped.

It cannot move to moon but you can expect some price upward movement as now the users can buy freely and other business also can start accepting bitcoin as payments options

Even it doesn't push BTC to the moon, that will be a good sign about the future of crypto for sure. We need more and more positive news about the crypto like this now.

India being one among the largest market for Cryptocurrency has made big changes to its growth over the past. With the recent banning statement it too caused the downfall of bitcoin. Now the government authority coming up with the decision to consider it under commodities is a good move for the cryptocurrency users. At least a small impact can be observed over the growth based on the news from India.

I believe so it can make a difference. The lifting of the ban can create new demands which will help push the ratio between supply and demand to a new level. The result will surely be positive as many will be investing in bitcoin. We'll wait and see.

I'm not sure that I have understood correctly but if you were saying that India is about to cancel that ban that they put on cryptocurrency, it is the most awesome news that I have heard on this week!

I don't think that India can push bitcoin to the moon, it would definitely play crucial role, but not as much as some people are thinking. The main player behind bitcoin is the Chinese, they are controlling it.

Not with the current number of investors. But there is still huge number of people that can join in future and make a difference.

I think it's a difficult for Indians push bitcoin to their moon, because lot of people are belong to below of poverty line.one thing more crypto currency is still banned in India.

Indeed, India is a country that has a huge bearing on the overall financial stability of the world as it has a large quantity of investors and potential that corporations and other governments are cying for. But I still think that it is still a resounding no, in terms of it pushing bitcoin back to its luster where it has made records and shattered previous price for its currency as there would still need to be an alignment between other countries for this to push through

Nope, indian market volume is not high and that will not affect bitcoin market.
But this is a good point, developing country such as india is already look at bitcoin potential and hope other country is following the india move

I don't know, but if in India there are much traffic about bitcoin and there are many good ICO project in India i think it can bet the aspect that makes bitcoin is rising up, and makes the bitcoin as commodity, not in India only but in all country in the world

Nah, I don't think so man. The price might increase a few hundred dollars but it will not lead it to the moon. This is because when there were rumors in the market that India has banned BTC the price went down. It did went down but not more than a few hundred dollars which is why we can expect the same or double growth at the max. For me going to moon means the price should increase at least by $2k-$3k which is not possible when it comes to India.

India is not very supportive of the development of BTC, and their government is cracking down on the development of BTC. Just like China, it is Japan and South Korea that can push up the price of BTC.

but there are billions of them and majority of them are already online! it is actually funny how many of them have a computer and access to the internet even with all their poverty.
and cyrptocurrency is not banned in India, stop spreading nonsense when you don't have enough information.

You've just said that India can't push the price now you say any country can push it up?
I doubt that more than 5 countries can really push the price up at the stage if we consider a push something more than a 10% increase.



What the hell is good news?
Tha 80% of the population in India can't afford to invest 1$ in BTC



Not really billions and nop, the majority are not able to browse the internet.
By 2018 it is projected that half of the population is going to have access. (this includes access from schools and universities)

I doubt a single country can affect the price of bitcoin so much that it would moon; not even china can do it. It might push the price in their local exchange but that's just about it.

Every positive news will strengthening bitcoin and the crypto community. I believe India is a big market in the making and it can boost the community and the pricing.

What do you mean by the moon? A new all time high? No. Every good news can cause the price to rise. A news can cause a sudden price rise after its release. But soon the price can be corrected or become stable.

definitely yes because the price would have taking a new shape, though the price didn't moon but there will be some certain changes in the which will stand more to be better than it was.

That one country has population that is more than 10 countries combined : )

Between, the supreme court case for the RBI crypto ban hearing is today ... So we will get a decision by today

Actually it can't make Bitcoin go up to the moon, because yesterday the price of Bitcoin is normal and there is no significant price increase.

If Bitcoin wants to go up in price it might need news or strong info like, the whole world accepts payments with Bitcoin etc.
But the rest is good too because India is opening up to Cryptocurency.

I think hardly, this is one of the poorest countries, impossible

I think India can't make bitcoin to go to the moon because India is small country and maybe they don't habe many bitcoin investors to invest into bitcoin. I think there are so many factors that affect bitcoin price. So maybe it will not change with a simple country like India.

India has a lot of potential investors: but how much do they know about bitcoin and crypts? In my opinion, as a nation, it would have enormous potential to push up the value of bitcoins.

In my own opinion i think the US is one of the few countries that can push bitcoin to the “moon”. India cannot influence bitcoin as much as either USA or Russia because these countries are well developed and organized. So whichever market they go into, they thrive.

Strange. When did India considered a small country?


Base on the fact that India has a big market for tech experts, I'm assuming that there are a lot of potential investors. However, I think that its not that enough to push the value of bitcoin.


Good point. US is still the leader and its influence has no boundaries be it in political or economic levels globally.

India alone is not enough to be able to push the price of bitcoin to rise. Need support globally to be able to increase the price of bitcoin so it is not only influenced by some good news about bitcoin in various countries.

absolutely not

India has a very alive population although a majority of it is under the poverty line.

Cryptocurrency is being traded by so many countries across the globe so let no government raise shoulder and think their local decision in their country will have strong impact in cryptocurrency market. Cryptocurrecny is too strong for only India to influence.

India might be seen as a poor country to many but in reality,it has huge number of rich people.Already more rich people have invested in bitcoin from India and more just stood a step back due to RBI asking banks not to allow companies linked to bitcoin.I f this policy gets revised,then for sure bitcoin price would go to moon despite any market obstacles.