Topic: Impact of Loksabha election on bitcoin price (Read 512 times)

Quote from: deadley on April 18, 2019, 08:58:37 AM

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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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, 10:44:33 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.

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Quote from: webtricks on April 17, 2019, 01:03:11 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: deadley on April 16, 2019, 05:07:16 PM

Quote from: vennali on April 15, 2019, 11:55:35 AM

Quote from: deadley on April 16, 2019, 05:07:16 PM

~

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: vennali on April 15, 2019, 11:55:35 AM

Quote from: vennali on April 15, 2019, 11:55:35 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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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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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: Btra on April 13, 2019, 11:08:05 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.

vennali

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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.

SaShiRaJaVu

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There is nothing will affect the Bitcoin price in India because of the Loksabha election. This because Bitcoin is the global currency and the price movement will occur as per the market demand and supply. If, India has the potential of largest user of the Bitcoin then it may impact on the price a little.

It might be a global market, but if you look at the historical price of bitcoin in Indian markets before the RBI regulation, the price in the market was much higher than the global market, if a new government is elected and if there is a regulation where the exchanges can deal with the baking industry, it will make a major change in price in the Indian market.

Btra

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MYID

There is nothing will affect the Bitcoin price in India because of the Loksabha election. This because Bitcoin is the global currency and the price movement will occur as per the market demand and supply. If, India has the potential of largest user of the Bitcoin then it may impact on the price a little.

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Quote from: CoinFellow on March 18, 2019, 12:56:24 AM

2) The one thing which can be debated is regulatory framework in India related to usage of Cryptos getting impacted by one or the other parties winning elections. As a keen student of Indian politics, I can say with some amount of confidence that current NDA government will return to power though might be with lesser majority. Even then, it might not make much of a difference because things like Crypto usage is far from any government's mind with a very minuscule people involved in it. Unless and until there a global push for usage of Cryptos will any government in India move towards making any framework towards its usage. But at least the current dispensation has talked about it in their budget speeches and setting up different committees and is forward looking.

The committee you are mentioning here, has already submitted their reports. Even though it is not available for public viewing as a lot of deliberation is still awaited, some sources say that the committee led by Mr. Subhash Chandra Garg had mentioned cryptos as a great threat to the Indian economy and suggested to bring in punitive measures for the users of crypto. What good you can make out from this one? I see none!

On a separate case, Supreme Court has given 4 weeks of time to Government of India to submit their views on the cryptos. I don't think it is going to be anything positive! Watch the twitter handle of Cryptokanoon to stay up to date.

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Quote from: eaLiTy on March 16, 2019, 11:47:50 AM

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!

1) Price of Bitcoin is not an Indian phenomenon as someone pointed out earlier. Either the present government comes back to power or some other party wins election, I can hardly see that Bitcoin price getting impacted by this as a whole.

2) The one thing which can be debated is regulatory framework in India related to usage of Cryptos getting impacted by one or the other parties winning elections. As a keen student of Indian politics, I can say with some amount of confidence that current NDA government will return to power though might be with lesser majority. Even then, it might not make much of a difference because things like Crypto usage is far from any government's mind with a very minuscule people involved in it. Unless and until there a global push for usage of Cryptos will any government in India move towards making any framework towards its usage. But at least the current dispensation has talked about it in their budget speeches and setting up different committees and is forward looking.

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Quote from: avikz on March 11, 2019, 12:26:34 PM

If there is a betting ongoing on loksabha election results, I would bet my entire crypto networth in favor of the current government.

I would think twice before putting my bet on the current government yet again, we might see a coalition government in different states but they will not win the majority like they did last time.

Same thought here. I doubt current government would come into power in the next election. I am not biased to any political party but, I do have second thoughts about the ruling party.

About the price, I don't think there would be any price impact on cryptocurrency due to the Loksabha election. Bitcoin adoption is not that high in India.

eaLiTy

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Quote from: 100bitcoin on March 09, 2019, 12:53:54 PM

I'm sorry to say, your choice of television channels were poor.

It might be my poor choice of television, but could you pin point certain positive aspects from the current government that they can uphold and brag about in the next general elections so that the people going to the election booth will vote for them yet again, i have searched many news online and i really could not find anything that had an impact on the general population.

Quote from: avikz on March 11, 2019, 12:26:34 PM

If there is a betting ongoing on loksabha election results, I would bet my entire crypto networth in favor of the current government.

I would think twice before putting my bet on the current government yet again, we might see a coalition government in different states but they will not win the majority like they did last time.

webtricks

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Quote from: eaLiTy on March 08, 2019, 03:42:45 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!

I don't think General Elections in any way are going to impact the prices of Bitcoin or any other cryptocurrency. Elections are fought on issues and cryptocurrencies are not the minutest of the issue. If we see the Indian population, after the closure of direct exchanges such as Zebpay only 50-60 lakh people are engaged in cryptocurrencies in one way or the other. I don't think any political party is going to care issue which can only give 50 lakh votes. So don't expect anything big for crypto from these elections. However, if the current government returns to power, capital market (inc. share markets and mutual funds) is gonna surge exponentially. So as a by-effect, crypto market may grow a little too.

Quote

If there is a betting ongoing on loksabha election results, I would bet my entire crypto networth in favor of the current government.

Agree beyond doubts. Wink

avikz

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I really do not see any way the current government will come into power in the next term, all they did was to create religious polarization and nothing else and it is better they do not come into power as all the discussions i have seen from Indian televisions in the past few years are about religion and beliefs and not the problems faced by the common people, i am not sure who will come into power the next time around but not the present government for sure.

No one will be happier than me if the current government losses the election but I don't see it happening. After Pulwama terrorist attack on out brave soldiers, the kind of nationalist propaganda used by the ruling party, will make them win the election again! They are playing as per the rules of Chanakya Neeti and using nationalism as their main weapon to win over the election!

If there is a betting ongoing on loksabha election results, I would bet my entire crypto networth in favor of the current government.

100bitcoin

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Quote from: eaLiTy on March 08, 2019, 03:42:45 PM

Quote

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!

I really do not see any way the current government will come into power in the next term, all they did was to create religious polarization and nothing else and it is better they do not come into power as all the discussions i have seen from Indian televisions in the past few years are about religion and beliefs and not the problems faced by the common people, i am not sure who will come into power the next time around but not the present government for sure.

I'm sorry to say, your choice of television channels were poor.

Subal_Damudar

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loksabha people with show banana to bitcoiners.

Modu just wants to politicize india pak issues and become the spineless dicktater that he is.

eaLiTy

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