• Blog
  • News
  • India Is Open To Cryptocurrency: Tim Draper Is Considering Investing In Local Blockchain Startups
Crypto India The Country Is Open To Cryptocurrency - Binaryx
News

India Is Open To Cryptocurrency: Tim Draper Is Considering Investing In Local Blockchain Startups

US investor Timothy (Tim) Draper is convinced that Bitcoin will emerge victorious from the financial crisis. If earlier he was skeptical about attracting cryptocurrency to the Indian market, now his mood has changed dramatically. The investor notes that “the best ideas win” and the introduction of Bitcoin in the economy is one of the best solutions.

Draper optimistic about changes in the Indian market

Previously, Timothy Draper was negatively inclined towards the idea of ​​expanding investment in the Indian market by attracting cryptocurrencies. In 2019, the question was raised about whether citizens from other countries can accept local citizenship only at the expense of religious beliefs. Even then, a well-known investor was skeptical about the possibility of making this decision at the legislative level.

Previously, behind the initiative of the Reserve Bank of India (RBI), the use of cryptocurrency was banned at all levels. The situation changed in early March when the Supreme Court gave a “green signal” to attract cryptocurrency to the country.

The lifting of the ban on the use of cryptocurrency in India opens up great opportunities for digital assets. Given the fact that India is included in the ranking of the largest countries in terms of population, cryptocurrency can well establish its position here. Binance together with the local cryptocurrency exchange WazirX is already taking measures aimed at attracting cryptocurrencies to the development of startups. In particular, they created a $ 50 million Blockchain for India fund to support projects that use blockchain.

The popular investor Draper commented on this situation:

“The Supreme Court made the right decision. It is very good that the Government of India supports cutting-edge ideas. ”

He also announced the possibility of investing in some startups

“I already talked with the organizers of some startups based on the blockchain. I would be happy to support their development financially ”

Prospects for Bitcoin Bull Run

Draper has always remained a sincere adherent and “advocate” of Bitcoin. Previously, he voiced the idea that the younger generation should invest in the most popular digital currency since its price can rise to $ 25,000 in a few years. Due to the current situation in the global market, Draper believes that Bitcoin will show its strengths during the next recession.

“The current crisis will open people’s eyes to the benefits that Bitcoin has. Many people realize that Bitcoin is a great alternative to the banking system, which has already outlived itself and is showing its inefficiency. Bitcoin will be the best way to save and spend money. ”

The crypto community is optimistic, despite the current difficult situation around the world. Many analysts draw a parallel with the previous recession and believe that Bitcoin will form a solid foundation for further growth during the current crisis.

Draper is convinced that there is no need to panic over Coronavirus and resort to the massive sale of digital currency, following the example of many investors. He believes that the collapse of Bitcoin is a passing phenomenon and soon everything will return to their places.