The main reason for the rising Bitcoin streak may be bulk buying by big US investors. They expect to make quick gains amid some positive developments around the cryptocurrency, including speculations that it could become a mainstream payment method. Both, however, are different and may not be compared: Visa is for-profit financial business while Bitcoin peer-to-peer software system.
This marks a colossal per cent increase in the past eight months. Meanwhile, as the popularity of Bitcoin grows, the Indian government is planning to impose 18 per cent GST on its transactions. Governments around the world have been looking into ways to regulate cryptocurrencies but no major economy has taken the drastic step of placing a blanket ban on owning them, even though concern has been raised about the misuse of consumer data and its possible impact on the financial system. Click here to read the Mint ePaper Mint is now on Telegram.
India’s cryptocurrency bill catches industry off-guard; investors nervous
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