Cryptocurrency

United

Rupee

Bitcoin

April

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 <p class="paragraph">It has been a tough month for the Indian Rupee (INR), as India’s legal tender currency has lost meaningful value in the forex market, despite the recent price disinflation observed in the country.</p> 
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 <p class="paragraph">Notably, the US dollar (USD) reached an unprecedented high of ₹83.44 a<a rel="noopener noreferrer nofollow" title="gains" href="https://thebittimes.com/tag/gains.html">gains</a>t the INR in August 2023, which evidences the loss of international purchasing power for the Indian Rupee.</p> 
 <p class="paragraph">In this context, Bitcoin (BTC) can also be considered as a value index in the financial market, due to its characteristics of a global and supranational monetary system, which can also be used as a store of value, means of exchange, and unity of accounting. And BTC is ‘crushing’ INR in price performance.</p> 
 <h2 class="wp-block-heading" id="h-btc-inr-price-analysis">BTC/INR price analysis</h2> 
 <p class="paragraph">Only in 2023, Bitcoin has overperformed the Indian Rupee with a 74.39% price appreciation. Moving from ₹1,657,684 on January 1, to ₹2,884,539 per BTC on September 23, at the time of publication.</p> 
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  <img decoding="async" loading="lazy" width="1024" height="662" src="https://cdn.thebittimes.com/images/2023/09/23/b9222c827b50919084c2ffac52c3a6b8.webp" alt="BTC/INR 2023 price chart." class="wp-image-129686" srcset="https://cdn.thebittimes.com/images/2023/09/23/b9222c827b50919084c2ffac52c3a6b8.webp 1024w, https://cdn.thebittimes.com/images/2023/09/23/b9222c827b50919084c2ffac52c3a6b8.webp 300w, https://cdn.thebittimes.com/images/2023/09/23/b9222c827b50919084c2ffac52c3a6b8.webp 768w, https://cdn.thebittimes.com/images/2023/09/23/b9222c827b50919084c2ffac52c3a6b8.webp 1536w, https://cdn.thebittimes.com/images/2023/09/23/b9222c827b50919084c2ffac52c3a6b8.webp 1875w" sizes="(max-width: 1024px) 100vw, 1024px"> 
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    BTC/INR 2023 price chart. Source: <em>TradingView</em> 
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 <p class="paragraph">In September alone, Bitcoin made over 3% monthly <a rel="noopener noreferrer nofollow" title="gains" href="https://thebittimes.com/tag/gains.html">gains</a> a<a rel="noopener noreferrer nofollow" title="gains" href="https://thebittimes.com/tag/gains.html">gains</a>t the INR, even in a negative month for the leading cryptocurrency a<a rel="noopener noreferrer nofollow" title="gains" href="https://thebittimes.com/tag/gains.html">gains</a>t the USD.</p> 
 <p class="paragraph">Moreover, BTC got over 300% more expensive to be accrued with India’s currency since April 2020 — the first quotation registered in the retrieved data from <em>TradingView</em> at <em>BitBNS</em> centralized exchange.</p> 
 <h2 class="wp-block-heading" id="should-india-adopt-bitcoin-to-avoid-the-loss-of-its-peoples-purchasing-power">Should India adopt Bitcoin to avoid the loss of its people’s purchasing power?</h2> 
 <p class="paragraph">This is a complex question to answer, but there are clear signals of crypto <a rel="noopener noreferrer nofollow" title="adopt" href="https://thebittimes.com/tag/adopt.html">adopt</a>ion going on in this Asian country, as India is the second largest country by cryptocurrency owners in the world, according to a report by <strong>Finbold</strong> in June 2023, with data retrieved from <em>Triple-A</em>.</p> 
 <figure class="wp-block-image size-large"> 
  <img decoding="async" loading="lazy" width="1024" height="318" src="https://cdn.thebittimes.com/images/2023/09/23/fb5a72494cfc99747b85d9a0d99c0f84.webp" alt="Top Countries by number of crypto holders:
USA 46 million, India 27 million, Pakistan 26 million, Nigeria 22 million, and Vietnam 20 million." class="wp-image-129687" srcset="https://cdn.thebittimes.com/images/2023/09/23/fb5a72494cfc99747b85d9a0d99c0f84.webp 1024w, https://cdn.thebittimes.com/images/2023/09/23/fb5a72494cfc99747b85d9a0d99c0f84.webp 300w, https://cdn.thebittimes.com/images/2023/09/23/fb5a72494cfc99747b85d9a0d99c0f84.webp 768w, https://cdn.thebittimes.com/images/2023/09/23/fb5a72494cfc99747b85d9a0d99c0f84.webp 1536w, https://cdn.thebittimes.com/images/2023/09/23/fb5a72494cfc99747b85d9a0d99c0f84.webp 2048w" sizes="(max-width: 1024px) 100vw, 1024px"> 
  <figcaption class="wp-element-caption">
    Top Countries by number of crypto holders. Source: <em>Triple-A</em> 
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 </figure> 
 <p class="paragraph">There are circa 27 million declared crypto holders in India, only behind the 46 million from the United States.</p> 
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/should-india-adopt-bitcoin-btc-is-up-74-against-the-indian-rupee-in-2023-tbt63799.html">https://thebittimes.com/should-india-adopt-bitcoin-btc-is-up-74-against-the-indian-rupee-in-2023-tbt63799.html</a></p>

Should India adopt Bitcoin? BTC is up 74% against the Indian Rupee in 2023

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