Bitcoin is more than just price

Bitcoin is for the millions, not the millionaires. At its core, Bitcoin is about people, not price, and it has the power to offer a real alternative to traditional finance. While Bitcoin has been making headlines for years, it’s time we focused on using it to connect people to the global financial economy.

As the use of Bitcoin and cryptocurrency grows around the world, India is already recognized as a top emerging market. According to the 2021 Global Crypto Adoption Index by Chainalysis, India ranks second in adoption, just behind Vietnam. People are using Bitcoin as an investment vehicle and are discovering that you can access liquidity from anywhere in the world. While there is huge potential for mass adoption of Bitcoin in India, there is still work to be done.

Bitcoin beyond speculation and investment

Beyond trading and investment, Bitcoin can be used as a medium of exchange through its true use cases – remittance, payments, e-commerce, wealth preservation and social good. Bitcoin can empower economies and provide opportunities for those locked out of traditional banking systems. It is only with education that we can reach mass adoption.

1. Bitcoin as a medium of exchange

If you want to see what global Bitcoin adoption looks like, look to India, Africa and Latin America. In countries like El Salvador, there are small business owners and merchants who accept Bitcoin as payment along with US dollars. By limiting India, people have turned to Bitcoin to grow and expand their business without limitations. Take for example Gurvi, a freelancer in India who learned about Bitcoin in 2020. At the time, he only used Bitcoin to exchange payments between himself and his clients. Today, Gurvi uses Bitcoin for both remittances and entrepreneurial ventures. Stories like Gurvi’s remind us how Bitcoin can open doors and be a path to financial freedom.

Bitcoin as an alternative to traditional finance

Unlike assets such as real estate or precious metals, Bitcoin is actively used Right now as a substitute for fiat currency. When we look at money transfers, sending a cross-border payment is not always easy – especially for people living in countries with low access or restrictions on banking services. With low fees, faster speeds and 24/7 access to banking services, Bitcoin is a more efficient option.

Bitcoin is for everyone

For the nation’s youth, immigrants, the non-profit sector, the unbanked and underbanked – Bitcoin can be a gateway to a brighter economic future. As an immigrant myself, I really believe that this is possible. That’s why I’m asking businesses and governments to stop neglecting the demographic that needs Bitcoin the most. The Bitcoin Lamborghini story is eye-catching, but it is not going to feed the millions of Indians who need financial solutions and opportunities.

Future of Bitcoin in India

Looking at the overall Bitcoin adoption in India, the country has introduced new rules around Bitcoin. We are pleased that more stakeholders such as governments, policy makers, academics and investors are all paying closer attention to the Bitcoin economy. We should not be afraid of regulation, as it helps to give a new perspective and enhance our understanding of the technology. P2P platforms are focused on working with all interested parties to ensure that the Bitcoin economy remains a solid financial solution for as many people as possible – and that it becomes even more inclusive, robust and secure for its users.

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