Coinbase Global allowed to offer cryptocurrency services in India, potentially benefiting Bitcoin and XRP

From Nasdaq

March 18, 2025 5:00 AM:

Coinbase Global (NASDAQ: COIN) has received permission from the Financial Intelligence Unit of India to offer cryptocurrency investments and services in the country. This move could lead to a surge in capital inflows for Bitcoin (CRYPTO: BTC) and XRP (CRYPTO: XRP), as well as attract new developers to the crypto sector, potentially benefiting investors.

The entry of Coinbase into India could open up opportunities for both Bitcoin and XRP due to the country’s high inflation rate and the significant remittance payments received by Indian residents. With the potential to provide more cost-effective and efficient transfer solutions, XRP may see stronger gains than Bitcoin as a result of this development.

While the long-term impact of Coinbase’s entry into India is promising, it may take time for these benefits to translate into noticeable price increases for Bitcoin and XRP. With Bitcoin’s market cap at $1.6 trillion and XRP’s at over $135 billion, substantial buying pressure would be needed to drive significant price movements in the near term, despite the positive outlook for the future growth of the crypto market in India.

Investors should not solely base their decisions to invest in Bitcoin or XRP on the recent developments in India. While the market for cryptocurrency investing in India is projected to grow, factors such as a 30% capital gains tax on crypto could impact participation. Consider other reasons beyond the India market growth for investing in these coins.

The Motley Fool Stock Advisor team did not include Bitcoin in their list of top 10 stocks to buy now, highlighting other potential investment opportunities that could yield significant returns. Investors are encouraged to explore alternative investment options beyond Bitcoin, considering the historical performance of recommended stocks by the Stock Advisor service.

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