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In the past few months, the global economy has seen an economic crisis worse than the 2009 economy crash.
The reason?
COVID-19. Coronavirus or COVID-19 is a global health epidemic that has spread like wildfire in more than 200 countries and infected more than 3 Million people across the globe. The pandemic has resulted in complete nationwide lockdowns in most countries bringing businesses to a standstill.
This in turn has result in crashing stock prices, plummeting market value, inflation and other serious concerns for investors and governments. Today, Investors, Traders, Stock Brokers in India are looking for new ways to invest their money and earn profits. And Cryptocurrency can be the solution for them.
Despite the gloomy future of stock market and the economy as a whole, Bitcoin and Cryptocurencies have proven irrepressible during corona epidemic. The price of Bitcoin, at the time of writing, was $9,218 while the Indian Stock market depicts the plummeting economy with news like:
- 29 stocks hit 52-week low on NSE
- Sensex falls over 100 points
- NIFTY below 9200 mark
Cryptocrrency market is of highly volatile nature and yet has persisted in staying green most days of the nationwide lockdown. Except a sharp drop in March when the COVID-19 epidemic had just reached India, the global crypto market has been on a steady rise. Even today, at the time of writing, most of the Top 100 Cryptocurrencies on coinmarketcap showed an upward movement with top 3 cryptos, Bitcoin (BTC) up by 3.23%, ETH up by 1.85% and Ripple (XRP) up by 1.86%.
Although, the price of BTC and other Cryptos is on a continuous hike, it is still a buyer’s market for cryptocurerncies like Ripple, Ethereum, Bitcoin Cash, Tether, Litecoin, etc. As there are relaxations offered by India Government in some areas of the nation, the economy is expected to pick up a little from its negative chart. But it may take months, or years for the impact of Coronavirus to subdue and return the market to an approximate level with the before-corona economy.
However, the Cryptocurrency market was already on the rise and is expected to grow more in the coming weeks, showing its potential as a ‘safe haven’ as compared to the stock market or other investment markets in India.
Another factor that makes Bitcoin and Cryptocurrencies a better investment instrument is the landmark judgment of the apex court of India on 4th March 2020. In its judgment, the Supreme Court of India lifted the ban imposed by RBI on Cryptocurrency. This means that Indian Crypto Traders, Investors and Enthusiasts can now But Bitcoin in INR. By using their Bank Accounts, Indian users can Buy, Sell, Trade or Exchange Cryptocurrency using their Indian fiat currency (Rupees).
PCEX Member allows its Master Franchise, Franchise and Freelance Traders, Investors and Business Partners to Buy, Sell, Trade or Exchange Bitcoin or other cryptos using:
- NEFT/RTGS/IMPS
- Internet Banking
- Debit & Credit Cards
- UPID
- Wallet
Conclusion
It can be said that yes, this is a good time for Indian Traders, Investors, Crypto Enthusiasts and other looking for better returns to invest in Bitcoin and Cryptocurrency Market.
