Step aside USA and European countries, other countries are leading the charge for Bitcoins and other crypts in the world. Experts predict that the next boom in crypto is going to be the result of the popularity of the digital currency in three important countries.
In this article, we look at how India, China, and Iran are going to be the epicenters for the next wave of growth in the industry. We are also going to discuss the factors for the same and take into account some speculations that analysts are talking about.
China: The Dragon has woken to the possibility of Global Digital Currencies
Ever since Xi Jinping talked about the benefits of Blockchain and digital currencies in October 2019, the world has been waiting with bated breath about what China is going to do. Sure enough, when the world was reeling under the impact of Coronavirus, China announced the creation of the ‘Digital Yuan.’
China has had a love-hate relationship with cryptocurrencies, especially Bitcoin. The country was the center of 70% of the world’s Bitcoin mining activity. However, the government cracked down hard on cryptocurrencies in 2017, announcing a complete ban.
In recent years, China’s central banks have been working overtime to create their own digital currencies. While it is different from Bitcoin in many ways, it heralds the possibility of the world moving towards a global digital currency.
The Supreme Court of India’s Judgement and what it means for Cryptocurrencies
The fastest-growing economy in the world was kept isolated from cryptocurrencies for a very long time. Not anymore. India’s Supreme Court overturned a ban by the country’s central bank to make cryptocurrency legal in the country.
Even though the judgment has only taken place two months back (March 2020), and the country is under lockdown, there have been significant activities. Crypto Exchanges in India are experiencing record numbers and investments.
For example, according to an interview with a reputed crypto forum, one of the CEOs stated that they have already hit their yearly targets in under a month. Figures in excess of $10 Million USD are being invested on a weekly basis. Given the country’s fascination with good financial investment options, India is definitely going to emerge as a major player in this landscape.
Iran: The new center for Mining in the world
Iran as a country has been entangled in turmoil because of a number of sanctions. However, that warrants a separate article altogether. In the presence of widespread sanctions, the country is looking to raise revenues in different ways.
Iran has recently handed over Mining contracts to Turkey-based miner to mine Bitcoins and another crypto. It is looking to increase its state revenue collections by exploring options. Miners find Iran a lucrative place as the country has a very low process for electricity usage and relaxed land laws owing to centralized leadership.
Iran, like China, has a long history with Bitcoins. The country was initially favorably disposed of cryptocurrencies. However, issues like the currency manipulating the country’s local economy and evading the laws forced it to adopt a hard stance. However, this is expected to change, given Iran’s problems over sanctions.
Conclusion
Bitcoin is in the midst of a great run. The halving is expected to drive prices even further. The Coronavirus crisis has also exposed the problems inherent in fiat currencies of different nations in the world. Smart nations are learning from the experience and trying to evolve ways and means of isolating themselves from the next time such an event takes place.
The rise of Bitcoin trading platforms and the option of normal people to earn using cryptocurrency is definitely helping in spreading popularity.
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