Could India push bitcoin to the MOON ?

[cryptowaltz]

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 ?

[mk4]

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.

[Victorrrrrrr]

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?

[cryptowaltz]

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 ?

Though it might not push up the price, the reverse ban definitely <b> helps a lot in terms of adoption </b>, so it's definitely a win whether or not the price gets affected by this or not.

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 : )

[Vineeta2oct]

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.

[phucngungoc]

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 ?

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.

[cetald]

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.

[olafflirik]

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

[tomahawk9]

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 ?

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.

[ralle14]

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

Only the US can to increase the price of bitcoin

Any country could move the price of Bitcoin.

[mk4]

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 ?

Though it might not push up the price, the reverse ban definitely <b> helps a lot in terms of adoption </b>, so it's definitely a win whether or not the price gets affected by this or not.

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 : )

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.

[esteam026]

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

[btc_angela]

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 ?

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.

[pooya87]

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.

[fileo]

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.

[Roberttran]

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.

[anushkasachith888]

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.

[qiman]

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.

[Kakmakr]

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. 

[tetyulfania]

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.