India put an exhorbitant tax on importing gold into the country and they have very little native gold. That is partly why gold has gone down in price. The Indians buy a lot of gold during the last 3 months of the year except for this year.
That money has to go somewhere.
What we need right now is a country to rule that bitcoin can be used as a currency. China ruled that bitcoins is gold and see what happened.
Ok, in all honesty, and I've been preaching this, but Africa could be bitcoin's true future for use as a currency. Africa is RIPE for bitcoin adoption on a massive scale. They use mobile phones/sms payments now, are (probably) sick of hyper inflation, sick of monetary corruption, lack a strong banking sector to resist and compete, and already are semi-familiar with non-gov backed currencies. (LR back in the day, etc). If we could get even one small African country to officially adopt bitocin, that would be excellent - harder to fight something which is a legit currnecy without diplomatic consequences, but it'd be an excellent proof of concept.
We need to get the bitcoin foundation to push this HARD. I heard somewhere that around 30% of Kenyans have already downloaded the bitcoin software (I HEARD that, not saw it, it's a rumor). Anyway, interesting if true.
