The global crypto community reacted strongly after reports of a potential ban on cryptocurrency assets in India. According to Michael Saylor, the CEO of MicroStrategy, every nation that allows its citizens to own private property will adopt Bitcoin.
Saylor called Bitcoin ‘Digital Property’ and highlighted its benefits for the global financial system. “Bitcoin is Digital Property and is going to be adopted as a store of value/asset in every nation that allows citizens to own private property. A stable coin is digital currency for use as a medium of exchange and will be issued by chartered banks,” Saylor commented.
Discussion around Bitcoin and other digital assets is heating up in India. The cryptocurrency bill will be an important topic during the Parliament’s winter session that starts on 29 November. While the Indian government is in full support of a central bank digital currency, its financial authorities are against the adoption of private digital assets.
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The adoption of Bitcoin has increased significantly in the last few months. Despite a ban in China, the crypto asset has gained immense popularity among institutional investors and even among a few countries. El Salvador is a prime example of that. The country adopted BTC as legal tender in September this year. Moreover, El Salvador is officially holding Bitcoin. A major reason behind the adoption of BTC is its nature as a tool for hedging against rising inflation.
Commenting on the latest devaluation of the Turkish Lira and rising inflation, Saylor said: “The problem is clear to see and getting worse. It is also not isolated to Turkey (see Argentina et al.). The best solution available to corporations, families, & individuals in economies with collapsing currencies is Bitcoin.”
The price of BTC is recovering from the latest correction. After touching a low of $55,000 on 19 November, Bitcoin regained the price level of $58,000 on Thursday.