The price of bitcoin fluctuates time and again due and majorly depends on the location of the market. Every country gets a different price in exchange for a bitcoin. A bitcoin’s price can be determined only by formulating how much a market would be able to pay. To put it simply, the more people interested in bitcoin, the higher would its price go. Additionally, if several people want to sell it, this may reduce 1 btc to inr price.
Why is the price high in India?
There are several reasons why bitcoin investors find a price hike in India. Some of these are mentioned below:
- The high number of interested people:
As mentioned earlier, the Bitcoin price would be determined by the number of interested people. India has a huge population that wants to invest in Bitcoin and earn profits. Due to this, its pricekeeps on increasing.
- Not many sellers:
The Indian population using Bitcoin doesn’t seem very eager in selling off the bitcoin and reduce the price. As there are not many sellers around, the prices aren’t coming down.
- The currency:
Another major reason for 1 btc to inr hike could be the currency that works on the principle of capital controls. Transaction taxes, prohibitions, and the limits are the measures thatare based on residency that control the capital flow.
The price of Bitcoin cannot be decreased until more sellers come up. The price can only be controlled by hiking the price even more so that the people are ready to sell off their Bitcoin.