The most prominent cryptocurrency – bitcoin has witnessed a spectacular rally in the last 12 months, with its value going up by over 80 per cent during the period.
“There are a number of factors that have led to an increase in demand for Bitcoin. The global pandemic has been the biggest driver as it has led to people trying to find new ways to earn online. This is where they come across crypto, and of course, Bitcoin. It’s a global asset, and anyone can invest in it while sitting in any part of the world. This has given a major boost to global crypto adoption,” said Nischal Shetty, CEO, WazirX.
“We’re also seeing a lot of institutional investors, and hedge funds in the US, and large companies like Square entering in crypto. These companies participate in crypto by either buying them or offering them to their users. PayPal’s entry into crypto has been the biggest news recently. This has also given a push to Bitcoin adoption,” he added.