Bitcoin prices have risen strongly for some time. The attraction of investors has increased rapidly towards Bitcoin. Bitcoin has also given tremendous returns to investors. Talking about the last five years, Bitcoin has given around 9213% returns during this period. That is, if an investor had invested one lakh rupees in Bitcoin five years ago, then they have now become about 93 lakh rupees. The price of a bitcoin at this time is around the US $ 37,384.24 (Rs 27,32,133.72).
A bitcoin was worth 29.34 thousand rupees in January 2016
According to Zebpay, the country's oldest and most commonly used bitcoin and crypto asset exchange, less than one percent of Indians in bitcoin worldwide have it. Five years ago, that is, on January 7, 2016, the price of a bitcoin was $ 441.02 (29.34 thousand rupees, then the dollar price). While by January 7, 2020, it has increased to $ 37,384.24 (Rs 27.32 lakh).
Bitcoin gave a 934 percent return in a month
A month ago, on December 7, 2020, it stood at $ 19141.2 (Rs 14.12 lakh). That is, it has given a 934% return to investors in just one month. On the other hand, if you talk about gold, then on December 7, the price of 24 karat gold in Delhi was Rs 50,920 per 10 grams, but on January 7 it had increased to Rs 53,540, that is, gold returned 5.15% in a month.
More than 298 percent increase in 2020
In the year 2020, its price has increased by 298 percent. For quick profits, large investors are turning to it, due to which its price is increasing rapidly. In November, its price was at the level of 18 thousand dollars.
In fact, there has been a decline in the price of gold recently, after which investors' craze for cryptocurrency has increased. In August, gold was at a record level of Rs 56,200 per 10 grams, but since then it has decreased by about Rs 6,000. According to US bank JP Morgan Chase & Co, the rise of cryptocurrency in mainstream finance is the real reason.
What is cryptocurrency?
Cryptocurrency is a currency that you cannot see. In simple words, you can call it Digital Rupee. No bank issues cryptocurrency. Only those who issue it control it. It is used in the digital world itself.
Reserve Bank of India banned in 2018
Explain that the Reserve Bank of India had banned the cryptocurrency business in the year 2018 by issuing a circular. But in March 2020, the Supreme Court approved to trade with virtual currency, also known as cryptocurrency. Following this court order, transactions can be done legally in virtual currencies such as Bitcoin.
10 years in jail for buying and selling cryptocurrencies in India
The ban on cryptocurrency and the drafts of the Official Digital Currency Bill, 2019, proposed that those buying and selling cryptocurrencies in the country would get a 10-year prison sentence. According to the draft, all those who will create a cryptocurrency, sell it, keep cryptocurrency, send it to someone, or deal in cryptocurrency. Those convicted in all these cases received jail terms of up to 10 years. But now the Supreme Court has lifted this ban.