Impact of Loksabha election on bitcoin price

CoinFellow

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Quote from: avikz on May 23, 2019, 10:05:25 AM

Quote from: sunilnagaraja1996 on May 15, 2019, 11:52:07 AM

This is not effect to Bitcoin price because don't have that much of popularity here and no one know about to Bitcoin details so I think government decision will take long time.

I really hope it happens! But since we are now sure that Modi government is coming back to the power again, do you think they will delay their decision anymore?

This government was always against any progressive ideas and technologies and do you think it is going to change in the upcoming term?? My intuition says, a bad day is coming for the crypto enthusiasts of India! I would love if this intuition proves to be wrong, but really sad about the outcome of today's result!

Surprised at your comment that ' this government is against any progressive ideas and technologies'. Just because they haven't taken any firm stand related to Cryptos, it is very unfair to make a sweeping statement like this. Not even 1% of population of this country is worried what happens in Cryptos and it doesn't affect their lives in any way. Just because, we all are here discussing it, doesn't mean its most important thing in the world to be taken care of.

I'm least concerned whichever party comes to power, the important thing is that we need to have stable government and firm/decisive leadership to take tough decisions. Rest everything follows. I have found the present government forward looking in its first term both in launching new schemes that affect common people, being open to ideas as well as driving the country towards technological advancement.

As far as taking decision on crypto is concerned, I suppose there are whole lot of things to be taken care of before coming up with a proper framework, which in any large & democratic country like India takes time.

Thanks

savioroshan

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Quote from: avikz on May 23, 2019, 10:05:25 AM

Quote from: sunilnagaraja1996 on May 15, 2019, 11:52:07 AM

This is not effect to Bitcoin price because don't have that much of popularity here and no one know about to Bitcoin details so I think government decision will take long time.

I really hope it happens! But since we are now sure that Modi government is coming back to the power again, do you think they will delay their decision anymore?

This government was always against any progressive ideas and technologies and do you think it is going to change in the upcoming term?? My intuition says, a bad day is coming for the crypto enthusiasts of India! I would love if this intuition proves to be wrong, but really sad about the outcome of today's result!

Your intuition is correct.For sure, Modi government will ban cryptocurrencies and we can expect that very soon. I dont know why the government is not crypto friendly.

avikz

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Quote from: sunilnagaraja1996 on May 15, 2019, 11:52:07 AM

This is not effect to Bitcoin price because don't have that much of popularity here and no one know about to Bitcoin details so I think government decision will take long time.

I really hope it happens! But since we are now sure that Modi government is coming back to the power again, do you think they will delay their decision anymore?

This government was always against any progressive ideas and technologies and do you think it is going to change in the upcoming term?? My intuition says, a bad day is coming for the crypto enthusiasts of India! I would love if this intuition proves to be wrong, but really sad about the outcome of today's result!

SaShiRaJaVu

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Quote from: sunilnagaraja1996 on May 15, 2019, 11:52:07 AM

This is not effect to Bitcoin price because don't have that much of popularity here and no one know about to Bitcoin details so I think government decision will take long time.

Never say that bitcoin is not popular in India, anyone who watches the news knows about bitcoin, they might not be knowing about it in detail simply because they find it hard to understand, but the knowledge of bitcoin and its existence is known to everyone. The government is delaying its decision because they are not capable to find a proper solution on how to deal with this market. You need to have a innovative and progressive government to make those decisions. Tongue

sunilnagaraja1996

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This is not effect to Bitcoin price because don't have that much of popularity here and no one know about to Bitcoin details so I think government decision will take long time.

SaShiRaJaVu

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Quote from: jak3 on May 07, 2019, 06:52:18 PM

I don't get it, how is Lok Sabha election is going to affect Bitcoin price. Isn't the Bitcoin price was made on the basis of exchanges like demand and supply stuff. even if people are scared about the government taking actions upon us we are not going to withdraw money from Bitcoin to banks that are going to be much riskier then leave your money on exchanges and by the way not ignoring the fact that the exchange is also not getting hacked.

There is a financial impact when ever there is an election because of the uncertainty regarding the next government and it is evident from the stock market crash in the past one week and the market is bleeding badly, but it will not effect the bitcoin market as it is a global market and it is not centered around one region, but one thing we have to be aware is the legal structure around bitcoin and if there is a blanket ban then the Indian market will bleed while the rest of the world move forward and the current government did not do anything that will aide the market and if there is a change in government then we can expect some clarity in the market.

RapTarX

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Quote from: jak3 on May 07, 2019, 06:52:18 PM

I don't get it, how is Lok Sabha election is going to affect Bitcoin price. Isn't the Bitcoin price was made on the basis of exchanges like demand and supply stuff.

I am not sure what the point of OP here but I guess there's way of being connected. During the election, a huge amount of money is being transferred for various purposes and I guess they can use bitcoin too, however, it barely have a relation with the price, I believe.

jak3

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I don't get it, how is Lok Sabha election is going to affect Bitcoin price. Isn't the Bitcoin price was made on the basis of exchanges like demand and supply stuff. even if people are scared about the government taking actions upon us we are not going to withdraw money from Bitcoin to banks that are going to be much riskier then leave your money on exchanges and by the way not ignoring the fact that the exchange is also not getting hacked.

lordquanta

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Quote from: eaLiTy on May 05, 2019, 07:05:18 AM

Quote from: lordquanta on May 04, 2019, 01:10:23 PM

Impact of India and Indian election on the price of bitcoin or for that matter any alternative-crypto-currency is nothing but zilch. Yes, that is correct. Bitcoin and alt-crypto currency related communities, companies and trading-markets are almost extinct from India. Either majority of them have moved their base to other countries, where bitcoin is a legal, or shut down their business altogether.
India had no impact on bitcoin globally and give current situation there wont be any in near foreseeable future as well.

There might not be much of a difference at this moment when it comes to the global market of bitcoin, but who would have imagined India to be a force in the IT industry twenty years back, i am sure no one would have predicted that, but it is a global leader in IT down the line and with the immense population , i bet it could be a major force in the bitcoin market too, the problem is the political parties without any vision and until that is sorted out there is not much hope.

On a funny note, there was an impact on the price of LPG, after the elections they have increased the price Cheesy

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History till date is concerned India's impact on bitcoin is next to null. As far as future impact is concerned then anything is possible and anyone could predict anything. There is no remedy for wishful thinking without basis. Coming towards IT industry, it is better not to comment on it as it will diverse current topic.
From time to time, empirical data has shown clear impact of an election on not only LPG price but also on other commodities as well.

eaLiTy

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Quote from: lordquanta on May 04, 2019, 01:10:23 PM

Impact of India and Indian election on the price of bitcoin or for that matter any alternative-crypto-currency is nothing but zilch. Yes, that is correct. Bitcoin and alt-crypto currency related communities, companies and trading-markets are almost extinct from India. Either majority of them have moved their base to other countries, where bitcoin is a legal, or shut down their business altogether.
India had no impact on bitcoin globally and give current situation there wont be any in near foreseeable future as well.

There might not be much of a difference at this moment when it comes to the global market of bitcoin, but who would have imagined India to be a force in the IT industry twenty years back, i am sure no one would have predicted that, but it is a global leader in IT down the line and with the immense population , i bet it could be a major force in the bitcoin market too, the problem is the political parties without any vision and until that is sorted out there is not much hope.

On a funny note, there was an impact on the price of LPG, after the elections they have increased the price Cheesy

.

lordquanta

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Quote from: avikz on March 07, 2019, 03:22:41 PM

As you all know that 17th LokSabha election is just around the corner and most probably it will be held during the month of May and June.

Also a lot of people are aware that the current government is exploring opportunities to regulate cryptocurrencies in India. They have appointed a law firm to submit suggestions and Subhas Chandra Garg panel also submitted a report. Deliberations are ongoing on regulating (not banning) cryptos are ongoing.

Do you think there will be any positive impact on the crypto prices in India if the current government wins again? Or do you think a new government will treat cryptocurrencies in a better way? Share your views!

Impact of India and Indian election on the price of bitcoin or for that matter any alternative-crypto-currency is nothing but zilch. Yes, that is correct. Bitcoin and alt-crypto currency related communities, companies and trading-markets are almost extinct from India. Either majority of them have moved their base to other countries, where bitcoin is a legal, or shut down their business altogether.
India had no impact on bitcoin globally and give current situation there wont be any in near foreseeable future as well.

vennali

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Quote from: deadley on April 18, 2019, 07:58:37 AM

Bitcoin price is drive by overall world demand and supply like other commodities in world. In India price suddenly rise more than world price when demand raised so much 1 of the reason because very low number of miners in India because of high electricity cost. So miner can't afford to run miner easily until they have cheap electricity.
2nd points when there is politics involved in anything and panic mode come, price always dropped so hard, and that drop was only in India not it was on world. When that budget was announcing. And after some days all recover when everyone know the pin points of budget. Normally you won't find abusrd pricing of bitcoin if nothing much happening. So it's clear again India market is too small for impacting price.

Price of bitcoin is hardly dependent on these factors alone. The black money involved around elections is crores of rupees. The hawallas I spoke about before, usually have an increase in the number of such transactions. Buying/selling during these times definitely will have an impact on bitcoin.

btcdevil

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Quote from: Virtual miner on April 20, 2019, 09:44:33 PM

Quote from: avikz on March 07, 2019, 03:22:41 PM

As you all know that 17th LokSabha election is just around the corner and most probably it will be held during the month of May and June.

Also a lot of people are aware that the current government is exploring opportunities to regulate cryptocurrencies in India. They have appointed a law firm to submit suggestions and Subhas Chandra Garg panel also submitted a report. Deliberations are ongoing on regulating (not banning) cryptos are ongoing.

Do you think there will be any positive impact on the crypto prices in India if the current government wins again? Or do you think a new government will treat cryptocurrencies in a better way? Share your views!

Trust me or not there is a lot of money laundering being done by different political parties in form of cryptocurrencies. Fundraising is being done from business houses in form of cryptocurrencies by some parties too. This is secure and untraceable which has invoked them to use this method. This was the major reason why Indian govt. was reluctant to ban cryptocurrencies anywhere before the elections. Now just after the elections you might see the ban on cryptocurrencies as the first news that follows.

So you mean to say that which ever government will come in force will take first step to ban the crytpocurrencies. But OP was telling that current government is thinking of regulating the crypto currencies. But as much i know if the current government was thinking to regulate the cryptocurrencies then they would have not ban the crypto exchanges to trade in crypto and tell all banks through RBI to ban the accounts which are in cryptocurrencies trading. So i dont think that current government is interested in regulating cryptocurrencies and even no government is interested in regulating cryptocurrencies.

Virtual miner

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Quote from: avikz on March 07, 2019, 03:22:41 PM

As you all know that 17th LokSabha election is just around the corner and most probably it will be held during the month of May and June.

Also a lot of people are aware that the current government is exploring opportunities to regulate cryptocurrencies in India. They have appointed a law firm to submit suggestions and Subhas Chandra Garg panel also submitted a report. Deliberations are ongoing on regulating (not banning) cryptos are ongoing.

Do you think there will be any positive impact on the crypto prices in India if the current government wins again? Or do you think a new government will treat cryptocurrencies in a better way? Share your views!

Trust me or not there is a lot of money laundering being done by different political parties in form of cryptocurrencies. Fundraising is being done from business houses in form of cryptocurrencies by some parties too. This is secure and untraceable which has invoked them to use this method. This was the major reason why Indian govt. was reluctant to ban cryptocurrencies anywhere before the elections. Now just after the elections you might see the ban on cryptocurrencies as the first news that follows.

SummerBliss

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I don't believe elections would make any difference. The thing is India doesn't have many Crypto users. So it isn't a significant topic for the government. Even supreme court is just postponing the hearing. It isn't really important for them at this particular time.

deadley

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Quote from: webtricks on April 17, 2019, 12:03:11 PM

Quote from: deadley on April 16, 2019, 04:07:16 PM

Quote from: vennali on April 15, 2019, 10:55:35 AM

Quote from: deadley on April 15, 2019, 10:05:10 AM

Quote from: vennali on April 15, 2019, 08:14:24 AM

~

In my experience, friends who used to trade bitcoin used to tell me stories on how Hawallas and people from Chandni Chowk used to trade their cash into bitcoin and vice versa every now and then. This was fairly common in the past 3 years, but since last year this has significantly reduced, and it is because of the fear that bitcoin is illegal in India, even though it is not. Black money will certainly not reduce, but the ability to cash out or buying bitcoin gets limited because of new laws as it creates fear, so it indirectly does have an effect on the transactions happening in bitcoin and hence somewhat the price.

Indian bitcoin market even not 0.1% of whole world tx. So how it will impact price of bitcoin? For your information all big deal happen in btc through only cash deal not now even when it was available through bank deal because margin of trader not much who buy/sell btc, so they can't show their transaction through bank until it was registered company, now RBI closed that bank route so all deal happening through cash, and don't worry, you will find buyer or seller or any amount of btc doesn't matter how big it is. Just try to search little deep.

There is no single price of Bitcoin across the globe. Every market has it own price. Even though spread of Bitcoin in India is relatively low when compared to rest of World but still local market is competent enough to determine its own price. Let's go little back in time. Back in 2017, the highest Bitcoin ever been in International market was $19,600 (approx.) equivalent to Rs. 13,30,000 while in India it went to Rs. 14,50,000 on Zebpay marketplace. At most of the time in 2017-18, Bitcoin used to sell at premium of 5-10% in Indian market due to high demand. After Finance Bill of 2018, Bitcoin fell dramatically in Indian market. It was trading for around Rs. 2,50,000 3,50,000 in local markets while international price was equivalent to Rs. 6,00,000 - Rs. 7,00,000. This discounted price was due to decrease in demand after fear of ban.
So yes, Indian market too decide and have impact on local price of Bitcoin.

Bitcoin price is drive by overall world demand and supply like other commodities in world. In India price suddenly rise more than world price when demand raised so much 1 of the reason because very low number of miners in India because of high electricity cost. So miner can't afford to run miner easily until they have cheap electricity.
2nd points when there is politics involved in anything and panic mode come, price always dropped so hard, and that drop was only in India not it was on world. When that budget was announcing. And after some days all recover when everyone know the pin points of budget. Normally you won't find abusrd pricing of bitcoin if nothing much happening. So it's clear again India market is too small for impacting price.

webtricks

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Quote from: deadley on April 16, 2019, 04:07:16 PM

Quote from: vennali on April 15, 2019, 10:55:35 AM

Quote from: deadley on April 15, 2019, 10:05:10 AM

Quote from: vennali on April 15, 2019, 08:14:24 AM

~

In my experience, friends who used to trade bitcoin used to tell me stories on how Hawallas and people from Chandni Chowk used to trade their cash into bitcoin and vice versa every now and then. This was fairly common in the past 3 years, but since last year this has significantly reduced, and it is because of the fear that bitcoin is illegal in India, even though it is not. Black money will certainly not reduce, but the ability to cash out or buying bitcoin gets limited because of new laws as it creates fear, so it indirectly does have an effect on the transactions happening in bitcoin and hence somewhat the price.

Indian bitcoin market even not 0.1% of whole world tx. So how it will impact price of bitcoin? For your information all big deal happen in btc through only cash deal not now even when it was available through bank deal because margin of trader not much who buy/sell btc, so they can't show their transaction through bank until it was registered company, now RBI closed that bank route so all deal happening through cash, and don't worry, you will find buyer or seller or any amount of btc doesn't matter how big it is. Just try to search little deep.

There is no single price of Bitcoin across the globe. Every market has it own price. Even though spread of Bitcoin in India is relatively low when compared to rest of World but still local market is competent enough to determine its own price. Let's go little back in time. Back in 2017, the highest Bitcoin ever been in International market was $19,600 (approx.) equivalent to Rs. 13,30,000 while in India it went to Rs. 14,50,000 on Zebpay marketplace. At most of the time in 2017-18, Bitcoin used to sell at premium of 5-10% in Indian market due to high demand. After Finance Bill of 2018, Bitcoin fell dramatically in Indian market. It was trading for around Rs. 2,50,000 3,50,000 in local markets while international price was equivalent to Rs. 6,00,000 - Rs. 7,00,000. This discounted price was due to decrease in demand after fear of ban.
So yes, Indian market too decide and have impact on local price of Bitcoin.

deadley

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Quote from: vennali on April 15, 2019, 10:55:35 AM

Quote from: deadley on April 15, 2019, 10:05:10 AM

Quote from: vennali on April 15, 2019, 08:14:24 AM

If Congress was to come to power, you could expect more black money in circulation and hence could contribute towards a rise in the bitcoin price. If BJP comes to power again, it will probably have no effect on bitcoin price.

Lol, you are really noob, Indian politicial system is really small for bitcoin. Doesn't matter who come into power, nothing change in btc price. Other thing whoever come in power, black money won't reduce because Indian economy is cash rich economy.

In my experience, friends who used to trade bitcoin used to tell me stories on how Hawallas and people from Chandni Chowk used to trade their cash into bitcoin and vice versa every now and then. This was fairly common in the past 3 years, but since last year this has significantly reduced, and it is because of the fear that bitcoin is illegal in India, even though it is not. Black money will certainly not reduce, but the ability to cash out or buying bitcoin gets limited because of new laws as it creates fear, so it indirectly does have an effect on the transactions happening in bitcoin and hence somewhat the price.

Indian bitcoin market even not 0.1% of whole world tx. So how it will impact price of bitcoin? For your information all big deal happen in btc through only cash deal not now even when it was available through bank deal because margin of trader not much who buy/sell btc, so they can't show their transaction through bank until it was registered company, now RBI closed that bank route so all deal happening through cash, and don't worry, you will find buyer or seller or any amount of btc doesn't matter how big it is. Just try to search little deep.

vennali

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Quote from: deadley on April 15, 2019, 10:05:10 AM

Quote from: vennali on April 15, 2019, 08:14:24 AM

If Congress was to come to power, you could expect more black money in circulation and hence could contribute towards a rise in the bitcoin price. If BJP comes to power again, it will probably have no effect on bitcoin price.

Lol, you are really noob, Indian politicial system is really small for bitcoin. Doesn't matter who come into power, nothing change in btc price. Other thing whoever come in power, black money won't reduce because Indian economy is cash rich economy.

In my experience, friends who used to trade bitcoin used to tell me stories on how Hawallas and people from Chandni Chowk used to trade their cash into bitcoin and vice versa every now and then. This was fairly common in the past 3 years, but since last year this has significantly reduced, and it is because of the fear that bitcoin is illegal in India, even though it is not. Black money will certainly not reduce, but the ability to cash out or buying bitcoin gets limited because of new laws as it creates fear, so it indirectly does have an effect on the transactions happening in bitcoin and hence somewhat the price.

deadley

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Quote from: vennali on April 15, 2019, 08:14:24 AM

If Congress was to come to power, you could expect more black money in circulation and hence could contribute towards a rise in the bitcoin price. If BJP comes to power again, it will probably have no effect on bitcoin price.

Lol, you are really noob, Indian politicial system is really small for bitcoin. Doesn't matter who come into power, nothing change in btc price. Other thing whoever come in power, black money won't reduce because Indian economy is cash rich economy.

Topic: Impact of Loksabha election on bitcoin price (Read 551 times)