Zebpay, an app based bitcoin exchange, today announced that bitcoins have reached an all-time high of US$3000 mark. Amidst positive global adoption, bitcoins globally have seen 300% increase in value over the last one year.
In the recent past, countries around the world including, Japan, Russia and Australia have shown greater acceptance to bitcoin as mainstream currency, with bitcoins continuing to dominate cryptocurrencies market with overall market capitalization of over US$46 billion. Last month, Japan declared bitcoins as a legal tender resulting in price of crypto-currencies rising by 80 percent. Further, Australia declared that it will accept bitcoins as legal currency from July 2017 exempted from goods and service tax, while Russia is planning to adopt bitcoin as a legal payment method in 2018.
Closer to home, the demand for bitcoins in India is rising exponentially with Indians actively exploring bitcoins as an alternative investment option. Recently, the Indian government set up a committee to study the virtual currencies including bitcoins and deliberate guidelines.
Commenting on the adoption of bitcoins in India, Sandeep Co-founder and Chief Operating Officer, Zebpay said, “Trade volumes at Zebpay are significant for India but still tiny compared to global trade volume of Rs 20,000 crores per day. Buoyed by positive industry growth, Zebpay has crossed 500,000 downloads and is adding 4,500 users every day. While it is encouraging to see growth in bitcoins adoption and scale, we are still at the tip of the iceberg vis-à-vis globally large trade volume. Nevertheless, we remain optimistic about the growth potential of bitcoin globally and in India as an emerging asset class.”