For the First Time, Bitcoin Trades Above $30,000

CIOReviewIndia Team | Monday, 04 January 2021, 09:10 IST

  • No Image

On Sunday, the Bitcoin trades clocked a record high of $34,800, all thanks to the 800 percent surge, grading Bitcoin a good look this New Year. On Monday, the trades closed at $33,176 in Asia, indicting the global trend of investors to continue on betting for digital currency as a mainstream payment method. Prior three weeks, the world’s largest trending cryptocurrency went over $20,000 for the first time.

Now, the investors believe that just like the surge of the gold rates during the pandemic, the scarce supply of bitocoin has been a predominant reason for the surge. In addition, the cryptocurrency’s potential for the quick gains has also gained demand from large United States’ investors, stretching equities for usual traders.

In India, the rate of bitcoin points at Rs.24,17,939.56, and the government plans to accept the proposal for imposing the 18 perent goods and services tax (GST) on bitcoin transactions. The amount is calculated to be around Rs.40,000 crore per year. And the Central Economic Intelligence Bureau (CEIB), an arm of the finance ministry, has submitted a proposal to the Central Board of Indirect Taxes & Customs (CBIC), that the government could be able to collect Rs. 7,200 crore annually as bitcoins trading tax in the country.

🍪 Do you like cookies?

We use cookies to ensure you get the best experience on our website. Read more...