WHAT A BAN ON GOLD IMPORTS COULD MEAN FOR THE PRICE OF BITCOIN IN INDIA

[wesdewayne]

Check out this article I wrote last night. Feel free to drop a comment here or on my website if you'd like to discuss!

https://wesdewayne.com/2016/11/30/what-a-ban-on-gold-imports-could-mean-for-the-price-of-bitcoin-in-india/

Cheers!

Wes

[1714635456]

1714635456

[mrcash02]

If the gold importation is forbidden now, probably it will be harder to find gold to negociate, what can make the gold price increase, if the demand is higher than the supply. If people there usually make investments with gold, they can migrate now to Bitcoins, they can start buying BTCs as they bought gold before. It can be good for Bitcoins. This currency can be the new gold.

[Shiroslullaby]

If India bans gold, it would definitely have some economic impact.
Maybe not for the average person, but the wealthy would definitely be looking for a way to move money without using banks,
so it could lead to an increase in BTC purchase.
How much remains to be seen.

[Herbert2020]

this is yet another example why bitcoin is such a good investment (and possibly altcoins too). nobody can ban or restrict your investment in bitcoin and you can always buy and hold bitcoin as an investment if you wish.

i believe things like this news will eventually cause more people investing in bitcoin even if it is as a side investment and as the result price will go up.

[De Selby]

Now it's China, apparently. I'm afraid Bitcoin might be next on the list of safe haven assets.

[Red-Apple]

you are saying a ban on "gold" "imports". that will only affect gold prices and if gold becomes even a little bit scarce its price will go up. and gold price and bitcoin price have not been exactly taking effect from one another and it certainly has no effect on altcoin prices.

and the article seems to be mostly "ifs" rather than facts.

[wesdewayne]

you are saying a ban on "gold" "imports". that will only affect gold prices and if gold becomes even a little bit scarce its price will go up. and gold price and bitcoin price have not been exactly taking effect from one another and it certainly has no effect on altcoin prices.

and the article seems to be mostly "ifs" rather than facts.

The article is certainly speculation of things to come. However, as you mentioned scarcity due to import restriction increasing price intuitively makes sense, however let's consider that in India, gold was a conduit to hold unaccounted for wealth. With this option greatly stripped if imports are banned, those seeking to store unaccounted for wealth will need another medium to accomplish their objective.