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<ul><li><keyword id="6354947" type="UNKNOWN" weightage="20" keywordseo="bitcoin">Bitcoin</keyword> has smashed past the $20,000 mark for the first time, doubling in value since the beginning of 2020.</li><li>Bitcoin has seen growing interest and participation from renowned global investors, including billionaire Alan Howard and insurance giant MassMutual.</li><li>Industry insiders believe there’s more to come in this bully rally in the cryptocurrency.</li><li>Payment giants Visa, MasterCard, and PayPal have also thrown their weight behind Bitcoin, leading to a boost in investor confidence.</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a></li></ul>Bitcoin has gone past the crucial $20,000 barrier for the first time, setting a new record in the cryptocurrency’s history. The latest breakout in Bitcoin comes after it was hovering around the $20,000 mark for the last one month. Since the beginning of 2020, Bitcoin has doubled in value – it has increased from $11,100 in the beginning of this year to $22,000 as of December 17, and there are two more weeks left this year. That is a 100% increase in Bitcoin’s value, making it an increasingly lucrative option for a lot of investors. At the time of writing this story, 1 Bitcoin was valued at over $22,000, which is another crucial range for the cryptocurrency. Industry insiders believe there’s more to come. “The more respected companies that join the BTC rally, the more reputable and wanted of an asset it becomes. Not to mention, those large buyers created somewhat of a shortage in Bitcoin liquidity. The price is only going upwards from this,” said Ray Youssef, co-founder and CEO of Paxful. “This time BTC has not just revisited $20,000 but has gone ahead to rally beyond $22,000. We are noticing more and more BTC (Bitcoin) leaving exchanges across the world, 19% more transfer than the 2017 price increase, which is a signal that investors are holding BTC as long-term investments,” said Vikram Subburaj, co-founder and CEO of Giottus Cryptocurrency Exchange. <div type="Article" hostid="261" msid="76063794" title="Bitcoin hodl waves indicate 60% of the cryptocurrency is being hoarded – analysts suggest a bull run could be in the offing" mstype="2" mssubtype="0"></div> <div type="image" title="Bitcoin 01_01_20 to 17_12_20" msid="79775530" hostid="261" caption="&amp;lt;p&amp;gt;Bitcoin&amp;#39;s value crashed in March but since then the surge has become almost impossible to stop&amp;lt;/p&amp;gt;"></div> Investor backing has helped Bitcoin double its value in 2020 The rally in Bitcoin is not just because of a demand-supply gap. Industry sources believe Bitcoin investments from renowned global investors has also stoked the bull rally. Sumit Gupta, CEO and co-founder of CoinDCX said, “Bitcoin breaking above $20,000 is a milestone in a year which saw numerous ups and downs in the global economy. This is mainly due to numerous global renowned investors, institutions putting their weight behind Bitcoin.” Some of the big names investing in Bitcoin recently include billionaire Alan Howard-backed One River Asset Management, insurance giant MassMutual, Ruffer Investment, among others. “With more players joining the bandwagon we will be noticing more price increases in the days to come,” Subburaj further added. Alan Howard’s firm is <a href="https://www.bloomberg.com/news/articles/2020-12-16/bitcoin-whale-surfaces-with-1-billion-and-alan-howard-s-backing">eyeing holdings</a> to the tune of $1 billion in Bitcoin and Ether by 2021. Bringing Bitcoin to the masses Payment giants like Visa, MasterCard, PayPal and even Square have thrown their weight behind Bitcoin and other cryptocurrencies. MasterCard has <a href="https://www.businessinsider.com.au/mastercards-garry-lyons-davos-fintech-mastercardlabs-blockchain-bitcoin-2016-1">invested in Bitcoin company</a> Digital Currency Group, while Visa has launched a credit card that <a href="https://www.businessinsider.in/finance/news/visa-will-offer-a-credit-card-that-rewards-purchases-in-bitcoin-rather-than-cash-or-airline-miles-in-early-2021/articleshow/79533024.cms">rewards purchases in Bitcoin</a>. PayPal has announced that it will allow users to buy and sell cryptocurrencies, giving Bitcoin a big push to the masses. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/the-winklevoss-twins-said-buying-bitcoin-is-the-trade-of-the-century-and-predicted-a-30x-return-in-a-recent-interview-here-are-the-9-best-quotes/articleshow/79722959.cms">The Winklevoss twins said buying Bitcoin is the 'trade of the century' and predicted a 30x return in a recent interview. Here are the 9 best quotes</a> <a href="https://www.businessinsider.in/stock-market/news/insurer-massmutual-scoops-up-100-million-worth-of-bitcoin-and-billionaire-mike-novogratz-noted-it-as-the-most-important-news-in-crypto-this-year/articleshow/79681890.cms">Insurer MassMutual scoops up $100 million worth of Bitcoin, and billionaire Mike Novogratz noted it as the most important news in crypto this year</a> <a href="https://www.businessinsider.in/stock-market/news/an-incoming-senator-believes-bitcoin-is-a-better-store-of-value-than-paper-money-and-plans-to-teach-congress-how-to-use-it-to-reduce-the-national-debt/articleshow/79744309.cms">An incoming Senator believes bitcoin is a better store of value than paper money and plans to teach Congress how to use it to reduce the national debt</a>

Bitcoin has doubled investor wealth in 2020 — and industry insiders say there's more to come

Homegrown crypto exchange <keyword id="11973589" type="General" weightage="80" keywordseo="unocoin" source="Orion">Unocoin</keyword> on Monday launched deposits via <keyword id="12241589" type="General" weightage="20" keywordseo="UPI-wallets" source="Orion">UPI wallets</keyword> in the Indian currency for a faster top-up to buy and sell <keyword id="6395759" type="General" weightage="20" keywordseo="bitcoins" source="Orion">Bitcoins</keyword> and other <keyword id="2420795" type="General" weightage="20" keywordseo="cryptocurrencies" source="Orion">cryptocurrencies</keyword> on the platform. To trade on the Unocoin platform, a minimum top-up of ₹1,000 is required. The maximum that the user can deposit can range up to ₹2 Lakh via UPI mode and ₹1.5 crore via bank IMPS/UPI/NEFT/RTGS mode, the startup said in a statement. During the recharge process through UPI account, on clicking on ‘submit', the app will share a link via SMS that will help the user make the payment via UPI ID. One can also directly go to the UPI app to make the payment. "There is still uncertainty among the prospective users regarding the usage of cryptocurrency in comparison to real money. We want all our users to have the ease of trading or exchanging on our platform," said Sathvik Vishwanath, CEO and Co-Founder, Unocoin. "While there were other modes of banking options available since the app's inception, UPI payment under INR deposits will add the convenience of instant and hassle-free proceedings," he added. Started in 2013, Unocoin operates India's largest BTC-INR trading platform which enables the people to buy, sell, store, use and accept <keyword id="6354947" type="General" weightage="20" keywordseo="bitcoin" source="Orion">Bitcoin</keyword>. At its peak, Unocoin processed transactions worth more than ₹2 billion per month for its more than 13 lakh customers. Unocoin last month enabled FASTag payment services for its users. The application will support a top-up starting from a minimum of ₹100 to a maximum of ₹10,000 and unlimited transactions through the day, while ensuring that there is enough bitcoin in the user account to cover it. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/the-crypto-market-crash-made-it-less-attractive-to-steal-cryptocurrencies/articleshow/86754774.cms">The crypto market crash made it less attractive to steal cryptocurrencies</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/bitcoin-surges-9-as-it-punches-through-2-key-technical-resistance-levels/articleshow/86683582.cms">Bitcoin surges 9% as it punches through 2 key technical resistance levels</a>

Unocoin launches deposits via UPI wallet to buy and sell Bitcoins and other cryptocurrencies on the platform

<ul><li>With the cryptocurrency bill looming large, consumers have been worried about their investments in <keyword id="2420795" type="PERSON" weightage="20" keywordseo="cryptocurrencies">cryptocurrencies</keyword> like <keyword id="6354947" type="UNKNOWN" weightage="20" keywordseo="bitcoin">Bitcoin</keyword>, Ethereum and others.</li><li>We spoke to industry sources and exchanges to answer your questions, and help you understand if you should sell your Bitcoin and Ethereum investments.</li><li>One of the key takeaways is that you should not panic.</li><li>Read on to find out what you should do in case cryptocurrencies are banned.</li></ul>One of the biggest questions in the minds of Indians holding cryptocurrencies is if they should sell their crypto investments before the Indian government bans them. It is not an easy question to answer as there is little information from the government in this regard as of now. If you are panicking about your investments in Bitcoin, Ethereum, dogecoin and other cryptocurrencies, we are here to answer your questions. <cmsannotation type="cmsannotation" annotationid="Should I sell my cryptocurrencies?" comment="subhead" text="Should I sell my cryptocurrencies?">Should I sell my cryptocurrencies?</cmsannotation> Don’t panic. Panic selling could prove to be counterproductive, especially since we don’t have enough information about the bill. “Cryptocurrency holders in India should not panic. They should wait for the government to reveal all the details about what is being banned or not, and then take a decision accordingly,” said Nischal Shetty, co-founder of WazirX. “Consumers need not panic and sell their crypto investments. CoinDCX has put in safeguard measures to ensure investors are protected, and we have the liquidity to help consumers liquidate their investments if they want to,” said Sumit Gupta, co-founder and CEO of CoinDCX. “Consumers who are holding cryptocurrencies should not sell their investments in haste. The information in the public domain is incomplete, the details are still not finalised and ban may not materialize,” said Arjun Vijay, co-founder of Giottus Cryptocurrency Exchange. What happens if the government bans cryptocurrencies? The government will likely give investors some time to liquidate their cryptocurrency holdings, so you should not worry about it right now. “Even if the government bans cryptocurrencies, it will likely give some time to Indian investors to liquidate their assets,” Vijay further added. Will the government ban holding cryptocurrencies in foreign countries? The details are not available right now, so it is suggested that you wait and watch for official information from the government. Can I invest in cryptocurrencies via the Liberalised Remittance Scheme? It might be possible to invest in foreign countries taking advantage of the Liberalised Remittance Scheme that allows resident individuals in India to invest up to $2,50,000. However, in view of absence of details about the crypto ban, you should adopt a wait and watch approach. Will banks freeze my account if I invest in cryptocurrencies? This is unlikely as your bank account and cryptocurrency investments are not related. Will I be able to withdraw money from cryptocurrencies into my bank account? As things stand right now, there is no restriction on selling cryptocurrencies and withdrawing those funds into your bank account. Even if the government bans cryptocurrencies, it is likely to give some time to investors to liquidate their assets. “Consumers need not worry about cashing out their investments and receiving money in their bank accounts,” Gupta added, assuring that your money will not go down the drain. According to Shetty, millions of Indians hold over INR 10,000 crore in total in various forms in cryptocurrency investments. The government will give them a way out even if it bans cryptocurrency trading. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/heres-what-6-crypto-experts-said-about-teslas-1-5-billion-investment-into-bitcoin/articleshow/80754586.cms">Here's what 6 crypto experts said about Tesla's $1.5 billion bitcoin investment</a> <a href="https://www.businessinsider.in/stock-market/news/a-crypto-fear-and-greed-indicator-is-flashing-a-warning-signal-that-shows-investors-are-being-extremely-greedy-as-top-cryptocurrencies-hit-record-highs/articleshow/80771973.cms">A crypto 'fear and greed' indicator is flashing a warning signal that shows investors are being extremely greedy as top cryptocurrencies hit record highs</a> <a href="https://www.businessinsider.in/stock-market/news/bitcoins-spike-drives-rebound-in-hard-hit-crypto-mining-stocks/articleshow/80589491.cms">Bitcoin's spike drives rebound in hard-hit crypto mining stocks</a>

“Should I sell my cryptocurrencies?” and other questions answered on India’s proposed Crypto Ban bill

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Bitcoin has doubled investor wealth in 2020 — and industry insiders say there's more to come

Rounak Jain

Unocoin launches deposits via UPI wallet to buy and sell Bitcoins and other cryptocurrencies on the platform

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“Should I sell my cryptocurrencies?” and other questions answered on India’s proposed Crypto Ban bill

Rounak Jain

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