How Jaitley punctured Bitcoin mania: Global prices slid 25% after Budget

The issues around cryptocurrency use and taxation remain; the segment insists it is committed to helping stop illegitimate use, suggests the govt should work with it

Finance Minister Arun Jaitley’s thumbs-down in Budget 2018 to Bitcoin, and the global crypto payment ecosystem has severely hit the Bitcoin price.

Before Jaitley spoke about Bitcoin in his Union Budget speech on Thursday, the popular cryptocurrency was trading in the international market at $10,232. And then came the minister’s statement: "The government does not consider cryptocurrencies legal tender or coin and will take all measures to eliminate the use of these crypto assets in financing illegitimate activities or as part of the payment system.” Suddenly, the price started falling and it dropped to