- The United States Dollar (USD) reached an unprecedented high of 83.44 INR against the Indian Rupee in August 2023.
- In 2023, Bitcoin has shown a remarkable performance against the Indian Rupee (INR) with a price increase of 74.39%. It surged from 1,657,684 INR on January 1st to 2,884,539 INR at the time of writing.
- According to COINOTAG’s June 2023 report, India is the second-largest holder of cryptocurrencies globally, based on data from Triple-A.
India’s currency, Rupee, is weakening as it continues to lose value in forex markets; BTC may be the way out for India!
India’s Currency Is Becoming Increasingly Worthless
India’s currency, the Rupee, continues to weaken in the forex markets, making it a challenging month for the Indian Rupee (INR) despite the recent drop in price inflation in the country.
Especially, the United States Dollar (USD) reached an unprecedented high of 83.44 INR in August 2023, indicating the loss of international purchasing power for the Indian Rupee.
In this context, Bitcoin (BTC) can also be considered as a value index in the financial markets, as it has the characteristics of being part of a global and international monetary system, being used as a store of value, a medium of exchange, and a unit of account. BTC is “crushing” it in terms of price performance against INR.
Just in 2023, Bitcoin has achieved a price increase of 74.39% against the Indian Rupee. It soared from 1,657,684 INR on January 1st to 2,884,539 INR at the time of writing.
Moreover, obtaining BTC with India’s currency has become over 300% more expensive since April 2020.
Should India consider embracing Bitcoin to prevent the loss of purchasing power for its citizens?
Answering this complex question requires careful consideration, but there are clear signs of cryptocurrency adoption in this Asian country. According to COINOTAG’s June 2023 report, India is the second-largest holder of cryptocurrencies globally, based on data from Triple-A.
Countries by crypto ownership, according to crypto holders:
- USA: 46 million
- India: 27 million
- Pakistan: 26 million
- Nigeria: 22 million
- Vietnam: 20 million
India has approximately 27 million reported cryptocurrency owners, trailing only behind the USA, which has 46 million cryptocurrency owners.
