India’s crypto trade volumes after the supreme court ruling on lifting the cryptocurrency ban have soared a great deal. According to LocalBitcoins volume data, the peer-to-peer trade volumes for Bitcoin in India has reached an all-time in July. Siddhart Dutta, CEO of Marlin, a tech start-up in Bengaluru, has analyzed the increase in trade volume for Bitcoin and has compared this behavior of Indian’s reaction to demonetization in 2016. He also adds that Indians now realize the value of holding Bitcoin, whose issuance is not controlled by any government.
The Supreme Court ruling in Indian Mobile Association vs Reserve Bank of India has unleashed a high demand for cryptocurrency, which no government has the authority to declare it worthless. The chart below shows that India’s peer-to-peer bitcoin transactions have doubled over few month.
According to a representative of Paxful which is one of the leading peer-to-peer trading platforms, India is now in the top 5 bitcoin user groups in the world. Paxful’s Indian volumes surged from around $576,000 in May 2019 to $8.97 million in July 2020, and the total peer-to-peer Indian volumes on Paxful and LocalBitcoins reached $13.7 million. These data shows that India might see its biggest bull run yet, which will for sure be something very exciting.