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Indian Government Believes Bitcoin Poses Major Threat to Rupee

  • Alex Morris
    📰 News

    Forget drugs and terrorism. Bitcoin’s potential to replace fiat currencies is the main reason why governments reject it


Indian Government Believes Bitcoin Poses Major Threat to Rupee
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Those who scoff at the possibility that Bitcoin could eventually replace fiat money have a lot of homework to do. According to Quartz India, Subhash Chandra Garg, the current Economic Affairs Secretary of India, is certain that cryptocurrencies pose a serious threat to India’s national currency.    

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Bitcoin as a disruptor  

Bitcoin is constantly bashed by critics as a breeding ground for money laundering and even terrorism. However, its disruptive potential is also one of the main reasons why China and other countries retain a hawkish stance towards crypto.

According to one industry insider, who wanted his name to remain undisclosed, the fact that Bitcoin could destabilize the local market remains a major concern for the Garg panel that is tasked with drafting cryptocurrency regulations in India.

An overreaction

Koinex’s Rahul Raj states that such concerns are completely irrational, given that the pace of Bitcoin adoption is way too slow to pose a serious threat to the global financial system. For that scenario to turn into reality, Bitcoin has to solve its scalability pain points.

U.Today reminds readers that cryptocurrency trading was banned by the Reserve Bank of India (RBI). Such a move drew ire from the cryptocurrency community.

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Bitcoin's April 2 Breakout Was Reportedly Orchestrated by One Trader


Bitcoin's April 2 Breakout Was Reportedly Orchestrated by One Trader
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It’s been over two weeks since Bitcoin’s astronomical surge on Apr. 2, but new theories about what might have caused this bullish uptick continue to pop up. According to crypto-oriented analytical firm CoinMetrics, that epic surge was causes by a single trader.

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Mammoth-size trades

CoinMetrics claims that ‘a single committed trader’ concocted a plan to push the BTC price, and he successfully managed to do that by picking the time of the day when the global liquidity is at its lowest level.


(Source: CoinMetrics.io)

(Source: CoinMetrics.io)  

The report also suggests that the trader started to execute his plan on HitBTC (500,000 USDT were traded for Bitcoin prior to the price movement). After that, large trades were observed on Coinbase and Bitfinex.      

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Focusing on the future

Meanwhile, as reported by U.Today, another theory states that the rapid price surge was triggered by the expiration of the CME futures contracts and heavy spot and over-the-counter buying. One expert went as far as claiming that a simple April joke about the Securities Exchange Commission (SEC) could do the trick.

While no one is quite sure about what could have triggered the short-living rally, there is even a bigger disconnect when it comes to Bitcoin price predictions. While some share their bullish predictions for 2019, another report states that it could take 22 years for Bitcoin in order to match its current ATH of $20,000.

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