Should India adopt Bitcoin? BTC is up 74% against the Indian Rupee in 2023

It has been a tough month for the Indian Rupee (INR), as India’s legal tender currency has lost meaningful value in the forex market, despite the recent price disinflation observed in the country.

Notably, the US dollar (USD) reached an unprecedented high of ₹83.44 against the INR in August 2023, which evidences the loss of international purchasing power for the Indian Rupee.

In this context, Bitcoin (BTC) can also be considered as a value index in the financial market, due to its characteristics of a global and supranational monetary system, which can also be used as a store of value, means of exchange, and unity of accounting. And BTC is ‘crushing’ INR in price performance.

BTC/INR price analysis

Only in 2023, Bitcoin has overperformed the Indian Rupee with a 74.39% price appreciation. Moving from ₹1,657,684 on January 1, to ₹2,884,539 per BTC on September 23, at the time of publication.

BTC/INR 2023 price chart.
BTC/INR 2023 price chart. Source: TradingView
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In September alone, Bitcoin made over 3% monthly gains against the INR, even in a negative month for the leading cryptocurrency against the USD.

Moreover, BTC got over 300% more expensive to be accrued with India’s currency since April 2020 — the first quotation registered in the retrieved data from TradingView at BitBNS centralized exchange.

Should India adopt Bitcoin to avoid the loss of its people’s purchasing power?

This is a complex question to answer, but there are clear signals of crypto adoption going on in this Asian country, as India is the second largest country by cryptocurrency owners in the world, according to a report by Finbold in June 2023, with data retrieved from Triple-A.

Top Countries by number of crypto holders: USA 46 million, India 27 million, Pakistan 26 million, Nigeria 22 million, and Vietnam 20 million.
Top Countries by number of crypto holders. Source: Triple-A

There are circa 27 million declared crypto holders in India, only behind the 46 million from the United States.

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