The popular cryptocurrency Bitcoin was trading at $9,610.39 in India today on CoinDesks’s Bitcoin Price Index (BPI) at the time of reporting. Bitcoin climbed nearly 10 percent, the highest level reached since February 4. Bitcoin crossed the psychologically key $9,000 level amid improved sentiment about government regulation in the US. Bitcoin touched the highs of $8,897.81 yesterday. The popular cryptocurrency that was most purchased cryptocurrency in the second half of the last year is still long way from reaching the high of $19,783 that it touched on December 17 last year. Still, Bitcoin is trading for the year so far. However, not all are optimistic on Bitcoin recovering its highs of the last year considering the trading regulations that various countries are mulling over putting on the cryptocurrency.
Bitcoin is mother of all bubbles and this bubble will burst anytime soon, said Nouriel Roubini some weeks back. The famous economist who had rightly predicted the US housing crash in 2008 has once against said that the digital currency is on its way down as it lacks any fundamental value. The case of Bitcoin will turn out to similar to Mississippi bubble, tech bubble, and Tulip mania. The Bitcoin received a shot in the arm lately when popular business magazine Forbes came out with a list of Bitocin millionaires. The list was first of its kind brought out by a reputed media organisation. In India too, good amount of investments are parked in the virtual currencies especially Bitcoin.
In the last two months, Bitcoin struggled amid various fears over its regulation especially by South Korean regulators. Back in India even, government, RBI, Sebi and income tax department has issued warnings to the investors parking their money in the digital currencies especially Bitcoin. In Budget 2018, Finance Minister Arun Jaitley had said that cryptocurrency is not a legal tender in India but the government will explore blockchain to usher in the digital economy.