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 that we focus on using it to connect people to the global financial economy.
As adoption of Bitcoin and cryptocurrency grows around the world, India is already being recognised as a top emerging market. According to the 2021 Global Crypto Adoption Index by Chainalysis, India ranks second in adoption, right behind Vietnam. People are using Bitcoin as an investment vehicle and discovering that you can access liquidity from anywhere across the world. While there is massive potential for mass Bitcoin adoption in India, there is still work to be done.
Bitcoin beyond speculation and investment
Beyond trade and investment, Bitcoin can be used as a means of exchange through its true use cases – remittance, payments, e-commerce, wealth preservation, and social good. Bitcoin can strengthen economies and provide opportunities for those shut out from traditional banking systems. It’s only with education that we can reach mass adoption.
- Bitcoin as a means 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 are accepting Bitcoin as payment alongside the US dollar. Narrowing in on India, people have turned to Bitcoin to grow and expand their businesses without limitations. Take Gurvi for example, a freelancer in India who learned about Bitcoin in 2020. Back then, he only used Bitcoin to exchange payments between himself and his clients. Today, Gurvi is using Bitcoin for both remittance and entrepreneurial ventures. Stories like Gurvi’s remind us how Bitcoin can open doors and be a pathway to financial freedom.
Bitcoin as an alternative to traditional finance
Unlike assets like property or precious metals, Bitcoin is actively being used right now as a substitute for fiat currency. Looking at remittances, sending a cross-border payment is not always easy –especially for people living in countries where there is low access or restrictions to banking. With low fees, faster speeds, and access to banking 24/7, Bitcoin is a more efficient alternative.
Bitcoin is for everyone
For the young people of the nation, immigrants, the nonprofit sector, the unbanked and underbanked—Bitcoin can be a gateway to a brighter financial future. As an immigrant myself, I truly believe this is possible. That’s why I am calling for businesses and governments to stop neglecting the demographics that need Bitcoin the most. The Bitcoin Lamborghini story is eye-catching, but that’s not going to put food on the table for the millions of Indians who need financial solutions and opportunities.
Bitcoin’s future in India
Taking a look at overall Bitcoin adoption in India, the country has introduced new regulations around Bitcoin. We are excited that more stakeholders such as governments, policymakers, academics, and investors are all paying closer attention to the Bitcoin economy. We should not be afraid of regulation as it helps provide a fresh perspective and amplify our understanding of the technology. P2P platforms are focused on collaborating 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, resilient, and safe for users.
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