It is looking more and more likely that India will ban the trading and mining of all cryptocurrencies in the country soon. News of the possible ban began spreading earlier this week, with the proposed bill being one of the world’s strictest policies against cryptocurrencies. It would criminalize possession, issuance, mining, trading, and transferring crypto-assets, according to an official source close to the matter.
Should you sell Bitcoin?
Definitely not based on these reports because Bitcoin — as well as the crypto market at large — is far from illegal.
Will Bitcoin be banned globally?
This seems very unlikely given the popularity of the currency in modern society. India has not yet passed any restrictions, and even if it should, that is but one country out of hundreds.
As well as this, it is becoming far more mainstream, with companies such as Square (NYSE: SQ), Tesla (NASDAQ: TSLA), and more beginning to invest in Bitcoin and other cryptocurrencies. It has even gotten to the point where we will have a $100 billion direct listing soon via Coinbase, a digital currency exchange headquartered in San Francisco.
It doesn’t look like cryptocurrency is going anywhere for now. If anything, it is likely to get more regulated before more countries start banning it.
How much is the global cryptocurrency market worth?
The global cryptocurrency market is estimated to be worth more than $1 trillion.
What are the biggest cryptocurrencies you can buy?
- Bitcoin (BTC)
- Ethereum (ETH)
- Binance Coin (BNB)
Want to read more about Bitcoin investments?
- Square’s Stock Price Is Now Directly Tied To Bitcoin’s Performance
- Tesla Doubles 2020 Profits Through Its Bitcoin Investment
- What Does Tesla’s Bitcoin Bet Mean For Investors?
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Editor at MyWallSt
Jamie is the Content Editor here at MyWallSt. His favorite stock is Apple, which is also the first stock he ever bought. Jamie is not only a big fan of its products, but he believes that the tech giant has a whole lot more to give the world, and hasn't even scraped the surface of its potential.