Assesment of bitcoin in the near future and beyond 2023

Abstract

According to a Bloomberg study from June, around 15 million individuals in India trade cryptocurrency. According to several analysts, India cannot afford to remain a laggard while the globe is quickly adopting blockchain technology. Hence, there are rumors in the market that there is a possibility of cryptocurrency to be permitted in India, however, the government has not approved it yet to be considered as a legal cash. These investments in cryptocurrencies, indicating remarkable growth in a country where families are more likely to invest in gold and other stable assets. The country's younger demographic is driving a shift in the financial paradigm, as seen by the rising number of crypto users. While the government had previously stated that private cryptocurrencies would be banned, it has now changed its mind, with authorities implying that trading operations may be controlled, a scenario that is supported by all major cryptocurrency exchanges in the nation. These speculations spark numerous questions including the factors affecting the price of Bitcoin and the future of Bitcoin in near future.