The covid-19 pandemic came as a surprise leaving the whole world in a devastated and helpless state. Lots of lives were lost before the virus could be understood. India which is the second-most populous country in the world suffers a hit from the virus and is currently suffering a second wave of the virus. Covid-19 is a family of the coronavirus. A virus that is named because of its crown-like spikes. It causes a range of illnesses in humans from the common cold to fever, tiredness, and cough.
Covid-19 Crises in India
The only way to remain financially stable during the covid-19 was to buy bitcoin in India and invest in other cryptocurrencies. The rate of 1 bitcoin price in India moved from a low of 382,016 INR to a high of 4,000,000 INR through the tick of the coronavirus pandemic.
Bitcoin served as a safe haven against other currencies and yielded a massive ROI against other investment options during the pandemic in 2020.
As the world recovered from the horrors of the covid-19 pandemic in 2021, we believed the darkest days were behind us till the resurgence of the pandemic on the Indian subcontinent.
This resurgence has killed so many people and left survivors traumatized. Over a 26million cases have been confirmed from January to date. Over 185million administered doses of vaccines and about 300,000 deaths.
Sustaining the response to the pandemic becomes more challenging with each new day. There are financial challenges and aid continues to pour in from foreign governments and NGOs to assist Indians suffering from the pandemic.
The state of the covid-19 pandemic in India indicates a need for all possible help available, even including financial relief from the cryptocurrency community, a victim of heavy criticism in the country.
Global Growth of Cryptocurrency
In May 2021, the global market capitalization of all cryptocurrency coins stood at $1.6 Trillion, and Bitcoin alone accounts for $720 billion out of this massive market cap. It indicates a large pool of monetary resources available to crypto bulls and enthusiasts.
The majority of this monetary pull is not bound by government control and can be easily mobilized to render aid to regions in urgent need such as India with this covid-19 resurgence. This quick allocation of financial allocations, avoiding government red tape and signatures is essential in a public health crisis where every second counts.
There has been strong opposition to the growth of cryptocurrency in India by the government, including bans on cryptocurrency trading in 2019 before the removal of restrictions against holding cryptocurrency assets in local bank accounts by The Supreme Court in March 2020.
Covid-19 pandemic in 2020 was accompanied by a wild growth in cryptocurrency globally and so many people were advised to take advantage of the rise in Bitcoin price INR and buy BTC. The surge to buy bitcoin in India came at the perfect moment when restrictions were relaxed in the country.
The growth of the crypto community in India in 2020 following its victory in the Supreme Court was a blessing to the millions of Indians stranded by the covid-19 pandemic. Now is the time for most who have benefited from this crypto rave to assist the country in the covid-19 recovery by donating generously to the relief.
The ability of cryptocurrency to positively affect host communities was demonstrated by the recent crowdfunding of $300,000 within twenty-four (24) hours following a tweet by Sandeep Nailwal, the co-founder of Polygon seeking relief for the covid-19 crisis in India.
The ability of these coins to assist relief and even alleviate its population can no longer be ignored.
Can Cryptocurrency Bulls provide relief to India?
Since we have looked closely at the growth of cryptocurrency market capitalization, we have affirmed that Indians are part of the beneficiary of the massive profit and have been donating generously to the welfare of people that can’t afford oxygen and ventilators. Another important question to ask is can cryptocurrency bull provide relief to India.
The answer to the question is not far-fetched. Yes, Cryptocurrency bulls can provide relief to India. Not only can the cryptocurrency bulls provide relief to India some have started lending a helping hand. We have established that the international crypto community has started donating by creating digital assets in the form of NFTs that will be auctioned and the money will be directed to the Crypto Relief funds. An example of crypto bulls who have donated is Vitalik Buterin who is the co-founder of Ethereum who donated over $600,000 worth of crypto and some others.
If individuals, groups, or institutions with a large amount of crypto can donate generously to the relief funds, it is only a matter of time before oxygen and ventilators become saturated and are given to the people in need in the most rural part of the country. Therefore, cryptocurrency bulls can definitely provide relief to India through their donations.
How crypto relief can help improve adoption and the number of people that’ll buy Bitcoin in India?
It is no more news that the Supreme Court at first has some reservations about the use of cryptocurrency in India. Although they have allowed the Holding and investing in cryptocurrency, these relief funds will increase the adoption of cryptocurrency in India. More people will buy Bitcoin in India and will be more comfortable using it in their daily transactions. The number of people that will buy Bitcoin in India will also increase.
It is however unfortunate that some Indian banks are at war with cryptocurrency traders and limiting the accounts of customers that are involved in cryptocurrency trading or investment. This development has made it almost impossible for people to buy bitcoin in India or cash their BTC to INR.
Indian banks have restricted the automation banking systems that allow crypto traders to buy bitcoin from their bank account, thus making it nearly impossible to buy or sell bitcoin through these exchanges. The only legitimate way to buy bitcoin in India now is through Remitano P2P exchange, thanks to their unique and secure fiat wallet feature.