Bitcoin markets have been reacting to the government’s comments related to the cryptocurrency. And the reaction hasn’t been all that great. The Indian finance minister, Mr Arun Jaitley went all out against the bodies and individuals using cryptocurrencies for trading.
The Finance Minister of India, Mr Arun Jaitley, as the experts believe, just took on the Cryptocurrency market in India by a storm as he insinuated that legislation are in the works that would make the cryptocurrencies illegal in India.
The union budget speech delivered by the finance minister (Feb 1, 2018) comprised a bunch of statements and proposals which made the Cryptocurrency investors and users uncomfortable. Finance minister going all out against Bitcoin and other cryptocurrencies is definitely a reason for grave concern for the Indian cryptocurrency investors as he said that the government does not consider these virtual currencies as a legal tender.
While there were no direct implications made by the government about the crypto, the media has made it a really tough situation for the people who have invested hugely in the cryptocurrencies such as Bitcoin.
The major media publishing houses have released articles stating that the government has killed the cryptocurrency party and what not.
This has led to people believing and expecting the worst and eventually selling their bitcoins. The demand for the bitcoins in the country has decreased, and so has the rates. The rates have literally nosedived since the finance minister released the union budget.
So, who is to blame for this? The media houses who exaggerated the situation with the articles, or just the public for their lack of faith? Only time will tell.