Bitcoin is now just a heartbeat away from its 2017 peak, but the current rally has been disproportionately powered by institutional investments betting on the cryptocurrency. The enthusiasm about the rally is, however, lacking among retail investors.
“The trigger in 2017 was bitcoin crossing ₹10 lakh. The move this year is seen as a recovery to that high,” said Nischal Shetty, chief executive, WazirX, India’s largest cryptocurrency exchange.
“However, I think bitcoin will need to cross ₹14-15 lakh for retail investors to jump in with large numbers. Globally, the price this year has been driven more by institutional buying in the US than retail buying across the world,” he said.