Tim Draper, the billionaire investor and one of the most prominent Bitcoin (BTC) bulls, is currently eyeing the Indian crypto market for future investments. In his Inc42 interview, Draper said that he had gone to the country and met other Bitcoin enthusiasts and startups for potential collaboration.
It’s worth noting that the Indian cryptocurrency market is once again making waves following the decision of its Supreme Court against the Reserve Bank of India’s (RBI) banking ban. Crypto companies are now allowed to transact with banks, which, according to Draper, would revive the once nascent market for crypto assets.
Draper also emphasized that the Supreme Court’s decision reflects the notion that the best decisions ultimately prevail during times of need. It’s no secret that the world is currently facing financial difficulties, and Draper noted that it’s an excellent timing for Bitcoin and other cryptocurrencies to show their strengths during this global crisis. Notably, this time would open the eyes of people to see that Bitcoin presents a better way of holding and spending money compared to the traditional banking system.
Interestingly, it was not only Draper who sees the promising crypto market of India. On March 16, Binance and WazirX revealed that they had allotted a Blockchain fund for India worth $50 million. Earlier than that, CoinDCX had launched a program that aims to promote crypto awareness and adoption. A pool of crypto exchanges has also announced their intention to enter India’s crypto market, such as KuCoin and Kraken.
However, while the news can be considered a massive push for the crypto sector, it cannot be denied that the future remains uncertain for crypto enthusiasts. India, as of now, is still waiting for the potential ramifications of a controversial bill from 2019 dubbed the “Banning of Cryptocurrency and Regulation of Official Digital Currency.”