Impact of Loksabha election on bitcoin price

[Virtual miner]

As you all know that 17th LokSabha election is just around the corner and most probably it will be held during the month of May and June.

Also a lot of people are aware that the current government is exploring opportunities to regulate cryptocurrencies in India. They have appointed a law firm to submit suggestions and Subhas Chandra Garg panel also submitted a report. Deliberations are ongoing on regulating (not banning) cryptos are ongoing.

Do you think there will be any positive impact  on the crypto prices in India if the current government wins again? Or do you think a new government will treat cryptocurrencies in a better way? Share your views!

Trust me or not there is a lot of money laundering being done by different political parties in form of cryptocurrencies. Fundraising is being done from business houses in form of cryptocurrencies by some parties too. This is secure and untraceable which has invoked them to use this method. This was the major reason why Indian govt. was reluctant to ban cryptocurrencies anywhere before the elections. Now just after the elections you might see the ban on cryptocurrencies as the first news that follows.

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[btcdevil]

As you all know that 17th LokSabha election is just around the corner and most probably it will be held during the month of May and June.

Also a lot of people are aware that the current government is exploring opportunities to regulate cryptocurrencies in India. They have appointed a law firm to submit suggestions and Subhas Chandra Garg panel also submitted a report. Deliberations are ongoing on regulating (not banning) cryptos are ongoing.

Do you think there will be any positive impact  on the crypto prices in India if the current government wins again? Or do you think a new government will treat cryptocurrencies in a better way? Share your views!

Trust me or not there is a lot of money laundering being done by different political parties in form of cryptocurrencies. Fundraising is being done from business houses in form of cryptocurrencies by some parties too. This is secure and untraceable which has invoked them to use this method. This was the major reason why Indian govt. was reluctant to ban cryptocurrencies anywhere before the elections. Now just after the elections you might see the ban on cryptocurrencies as the first news that follows.

So you mean to say that which ever government will come in force will take first step to ban the crytpocurrencies. But OP was telling that current government is thinking of regulating the crypto currencies. But as much i know if the current government was thinking to regulate the cryptocurrencies then they would have not ban the crypto exchanges to trade in crypto and tell all banks through RBI to ban the accounts which are in cryptocurrencies trading. So i dont think that current government is interested in regulating cryptocurrencies and even no government is interested in regulating cryptocurrencies.

[vennali]

Bitcoin price is drive by overall world demand and supply like other commodities in world. In India price suddenly rise more than world price when demand raised so much 1 of the reason because very low number of miners in India because of high electricity cost. So miner can't afford to run miner easily until they have cheap electricity.
2nd points when there is politics involved in anything and panic mode come, price always dropped so hard, and that drop was only in India not it was on world. When that budget was announcing. And after some days all recover when everyone know the pin points of budget. Normally you won't find abusrd pricing of bitcoin if nothing much happening. So it's clear again India market is too small for impacting price.

Price of bitcoin is hardly dependent on these factors alone. The black money involved around elections is crores of rupees. The hawallas I spoke about before, usually have an increase in the number of such transactions. Buying/selling during these times definitely will have an impact on bitcoin.

[lordquanta]

As you all know that 17th LokSabha election is just around the corner and most probably it will be held during the month of May and June.

Also a lot of people are aware that the current government is exploring opportunities to regulate cryptocurrencies in India. They have appointed a law firm to submit suggestions and Subhas Chandra Garg panel also submitted a report. Deliberations are ongoing on regulating (not banning) cryptos are ongoing.

Do you think there will be any positive impact  on the crypto prices in India if the current government wins again? Or do you think a new government will treat cryptocurrencies in a better way? Share your views!

Impact of India and Indian election on the price of bitcoin or for that matter any alternative-crypto-currency is nothing but zilch. Yes, that is correct. Bitcoin and alt-crypto currency related communities, companies and trading-markets are almost extinct from India. Either majority of them have moved their base to other countries, where bitcoin is a legal, or shut down their business altogether.
India  had no impact on bitcoin globally and give current situation there wont be any in near foreseeable future as well.

[eaLiTy]

Impact of India and Indian election on the price of bitcoin or for that matter any alternative-crypto-currency is nothing but zilch. Yes, that is correct. Bitcoin and alt-crypto currency related communities, companies and trading-markets are almost extinct from India. Either majority of them have moved their base to other countries, where bitcoin is a legal, or shut down their business altogether.
India  had no impact on bitcoin globally and give current situation there wont be any in near foreseeable future as well.

There might not be much of a difference at this moment when it comes to the global market of bitcoin, but who would have imagined India to be a force in the IT industry twenty years back, i am sure no one would have predicted that, but it is a global leader in IT down the line and with the immense population , i bet it could be a major force in the bitcoin market too, the problem is the political parties without any vision and until that is sorted out there is not much hope.

On a funny note, there was an impact on the price of LPG, after the elections they have increased the price  .

[lordquanta]

Impact of India and Indian election on the price of bitcoin or for that matter any alternative-crypto-currency is nothing but zilch. Yes, that is correct. Bitcoin and alt-crypto currency related communities, companies and trading-markets are almost extinct from India. Either majority of them have moved their base to other countries, where bitcoin is a legal, or shut down their business altogether.
India  had no impact on bitcoin globally and give current situation there wont be any in near foreseeable future as well.

There might not be much of a difference at this moment when it comes to the global market of bitcoin, but who would have imagined India to be a force in the IT industry twenty years back, i am sure no one would have predicted that, but it is a global leader in IT down the line and with the immense population , i bet it could be a major force in the bitcoin market too, the problem is the political parties without any vision and until that is sorted out there is not much hope.

On a funny note, there was an impact on the price of LPG, after the elections they have increased the price  .

History till date is concerned India's impact on bitcoin is next to null. As far as future impact is concerned then anything is possible and anyone could predict anything. There is no remedy for wishful thinking without basis. Coming towards IT industry, it is better not to comment on it as it will diverse current topic.
From time to time, empirical data has shown clear impact of an election on not only LPG price but also on other commodities as well. 

[jak3]

I don't get it, how is Lok Sabha election is going to affect Bitcoin price. Isn't the Bitcoin price was made on the basis of exchanges like demand and supply stuff. even if people are scared about the government taking actions upon us we are not going to withdraw money from Bitcoin to banks that are going to be much riskier then leave your money on exchanges and by the way not ignoring the fact that the exchange is also not getting hacked.

[RapTarX]

I don't get it, how is Lok Sabha election is going to affect Bitcoin price. Isn't the Bitcoin price was made on the basis of exchanges like demand and supply stuff.

I am not sure what the point of OP here but I guess there's way of being connected. During the election, a huge amount of money is being transferred for various purposes and I guess they can use bitcoin too, however, it barely have a relation with the price, I believe.

[SaShiRaJaVu]

I don't get it, how is Lok Sabha election is going to affect Bitcoin price. Isn't the Bitcoin price was made on the basis of exchanges like demand and supply stuff. even if people are scared about the government taking actions upon us we are not going to withdraw money from Bitcoin to banks that are going to be much riskier then leave your money on exchanges and by the way not ignoring the fact that the exchange is also not getting hacked.

There is a financial impact when ever there is an election because of the uncertainty regarding the next government and it is evident from the stock market crash in the past one week and the market is bleeding badly, but it will not effect the bitcoin market as it is a global market and it is not centered around one region, but one thing we have to be aware is the legal structure around bitcoin and if there is a blanket ban then the Indian market will bleed while the rest of the world move forward and the current government did not do anything that will aide the market and if there is a change in government then we can expect some clarity in the market.

[sunilnagaraja1996]

This is not effect to Bitcoin price because don't have that much of popularity here and no one know about to Bitcoin details so I think government decision will take long time.

[SaShiRaJaVu]

This is not effect to Bitcoin price because don't have that much of popularity here and no one know about to Bitcoin details so I think government decision will take long time.

Never say that bitcoin is not popular in India, anyone who watches the news knows about bitcoin, they might not be knowing about it in detail simply because they find it hard to understand, but the knowledge of bitcoin and its existence is known to everyone. The government is delaying its decision because they are not capable to find a proper solution on how to deal with this market. You need to have a innovative and progressive government to make those decisions.

[avikz]

This is not effect to Bitcoin price because don't have that much of popularity here and no one know about to Bitcoin details so I think government decision will take long time.

I really hope it happens! But since we are now sure that Modi government is coming back to the power again, do you think they will delay their decision anymore?

This government was always against any progressive ideas and technologies and do you think it is going to change in the upcoming term?? My intuition says, a bad day is coming for the crypto enthusiasts of India! I would love if this intuition proves to be wrong, but really sad about the outcome of today's result!

[savioroshan]

This is not effect to Bitcoin price because don't have that much of popularity here and no one know about to Bitcoin details so I think government decision will take long time.

I really hope it happens! But since we are now sure that Modi government is coming back to the power again, do you think they will delay their decision anymore?

This government was always against any progressive ideas and technologies and do you think it is going to change in the upcoming term?? My intuition says, a bad day is coming for the crypto enthusiasts of India! I would love if this intuition proves to be wrong, but really sad about the outcome of today's result!

Your intuition is correct.For sure, Modi government will ban cryptocurrencies and we can expect that very soon. I dont know why the government is not crypto friendly.

[CoinFellow]

This is not effect to Bitcoin price because don't have that much of popularity here and no one know about to Bitcoin details so I think government decision will take long time.

I really hope it happens! But since we are now sure that Modi government is coming back to the power again, do you think they will delay their decision anymore?

This government was always against any progressive ideas and technologies and do you think it is going to change in the upcoming term?? My intuition says, a bad day is coming for the crypto enthusiasts of India! I would love if this intuition proves to be wrong, but really sad about the outcome of today's result!

Surprised at your comment that ' this government is against any progressive ideas and technologies'. Just because they haven't taken any firm stand related to Cryptos, it is very unfair to make a sweeping statement like this. Not even 1% of population of this country is worried what happens in Cryptos and it doesn't affect their lives in any way. Just because, we all are here discussing it, doesn't mean its most important thing in the world to be taken care of.

I'm least concerned whichever party comes to power, the important thing is that we need to have stable government and firm/decisive leadership to take tough decisions. Rest everything follows. I have found the present government forward looking in its first term both in launching new schemes that affect common people, being open to ideas as well as driving the country towards technological advancement.

As far as taking decision on crypto is concerned, I suppose there are whole lot of things to be taken care of before coming up with a proper framework, which in any large & democratic country like India takes time.

Thanks