Bitcoin Adoption surges in India 2020 touching $15,864 before Diwali

It is no wonder, Bitcoin Adoption in India surges this Diwali yet again with a 2-year record high. This is growing post-RBI removed blanket Ban for Crypto Exchanges in India. Festivals have a huge impact on purchase decisions. Since Covid is making people stay at home, but it is not stopping people in India to invest in Bitcoin this Diwali.

According to a recent Screenshot at an Indian Crypto Merchant BuyUcoin, the price traded for Bitcoin crossed BTC-INR Rs 11,72,531.61 which is in Bitcoin USD price $15,864. In a recent interview, an executive at the crypto exchange mentioned an all-time high of 12,000+ new signups in a Day. This has been a record high for a crypto exchange in India.

The USDT pair on other hand has touched the $15,258 figure, jumping bitcoin price with a 7.12% hike.

It’s not yet the holidays, but it’s almost Diwali, one of the most auspicious festivals in India, a fitting topic for today’s bitcoin news. Diwali lasts for five days beginning Nov. 12, and bright lights, colorful decorations, and fireworks mark the occasion. The Indian people celebrate by lighting diyas and candles around the home, seeking divine blessings from the goddess of wealth, and exchanging gifts, such as gold coins.

Apart from trading, the Indian Bitcoin community is expected to spend their Bitcoin holdings on online shopping platforms. However, the lack of Bitcoin debit cards and Bitcoin-accepting e-commerce platforms in the country is forcing the Bitcoin community to use platforms like BuyUcoin and Zebpay to cater to their online shopping needs. BuyUcoin is the first platform that is giving away rewards in Crypto Scratch Cards called EzBack. A user can earn upto $30 worth of Bitcoin this Diwali on various activities.

The platform currently offers a 0% Deposit Fee and 0% Trading Fee for OTC Desk BuyUcoinEZ.

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The remittance industry is another sector where Bitcoin is soon going to play a huge role in the country. India is known to have the largest remittance market, receiving about $70 billion each year. The Indian diaspora spread across the world are known to send money to their immediate families and relatives back home. The remittance volumes also show a significant increase during festivals. While some people already use Bitcoin for cross-border transactions, the Indian Bitcoin companies are gradually moving to capture their share of the market as well.

Coinsecure, another Indian company has recently partnered with OKCoin’s OKLink to offer remittance services in the country over Bitcoin blockchain. As these companies venture into new market segments, there has been a significant capital inflow into them in recent days. ZebPay and Coinsecure have already raised over a million dollars in investments each. Unocoin also joined the ranks recently by announcing its latest $1.5 million fundraising round from Indian and US investors.

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Also Read : Investors take on why bitcoin may hit $1M and top gold’s market cap