Topic: What if India or China declares bitcoin as legal tender in the country ? - page 3. (Read 429 times)
October 21, 2024, 10:33:28 AM
As far as I can think of, an announcement by India or China that Bitcoin is legal tender could result in a temporary but very significant price surge due to their economies' and populations' sizes. However, as far as I know, India still sees Bitcoin with much skepticism and has loaded heavy taxes on it, while China has on several occasions straight-out banned crypto transactions. Thus, their current regulatory positions, while sounding exciting, would indicate that it isn't likely to happen anytime soon, and even if it did, the overall global impact might not be quite as huge as might be anticipated.
October 21, 2024, 10:23:41 AM
What if India or China declares bitcoin as legal tender in the country ? What impact will it have on the bitcoin prices and other crypto coins ?
China is the second largest economy in the world, while India is the fifth. These nations have a higher GDP than El Salvador, so I predict that the price of Bitcoin will increase. However, the impact will be higher if it is the US that adopts Bitcoin as a legal tender because the US economy is bigger than the combination of both China and India. However, there is no significant level of chance that these nations will ever make such a law. 
October 21, 2024, 10:08:05 AM
Expect to see the pump and dump if that happens. It has already proven and tested before, even fake news, Bitcoin price is always reacting but sometimes it will go back immediately.
With this big countries, India and China, it will create big impact, that is what I can see right now to happen first.
With this big countries, India and China, it will create big impact, that is what I can see right now to happen first.
October 21, 2024, 10:00:22 AM
What impact will it have on the bitcoin prices and other crypto coins ?
Take a wild gues what would happen if two most populous countries in the world (together they make more than 1/3 of world population) decide to make bitcoin a legal tender? Since no way in hell that happens, imho no point in daydreaming.
October 21, 2024, 09:52:42 AM
China and India are big countries, if they really make bitcoin legal tender in their country it will have a significant impact on the price of Bitcoin and other crypto, since making Bitcoin legal tender means legalizing Bitcoin to be used not only for payments but more than that, and it will increase the market demand for Bitcoin.
But is that really happening? I don't think so, because making Bitcoin legal tender is quite complex in a country as big as China and India. And especially they are protective of their economy, so legalizing Bitcoin as legal tender in their country is just a dream, because it will never happen.
But is that really happening? I don't think so, because making Bitcoin legal tender is quite complex in a country as big as China and India. And especially they are protective of their economy, so legalizing Bitcoin as legal tender in their country is just a dream, because it will never happen.
October 21, 2024, 08:27:18 AM
What if India or China declares bitcoin as legal tender in the country ? What impact will it have on the bitcoin prices and other crypto coins ?
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