Bitcoin Price Correction Is Not Surprising – Unocoin Co-Founder Sunny Raybr>
Sunny Ray is the Co-founder and President of Unocoin, India’s most popular bitcoin company.
Ray has over 15 years of experience in business development in the robotics and financial industries. He is an Electrical Engineer from University of Toronto.
Unocoin started as a platform to buy, sell, send and receive bitcoins in India. The company later expanded and started offering a mobile phone recharge service (airtime) through bitcoins. After that, Unocoin developed a unique Systematic Investment Plan (SIP). SIP allows users to commit to a fixed INR amount on bitcoin on a regular schedule regardless of the price.
The company offers merchants a payment gateway as well. With this, Unocoin plans to offer many advantages to merchants and other payment receivers to accept bitcoin on their websites.
BLOCK TRIBUNE: How did you first hear about bitcoin and what inspired you to start a bitcoin company?
SUNNY RAY: I think I first heard about it from a co-worker and then learned about it a second time from seeing it on twitter. I was living in India in 2012 / 2013 and realized that there was no easy way to buy and sell bitcoin in India. This led us to band together with Sathvik, Harish and Abhi to start Unocoin.com.
BLOCK TRIBUNE: Tell me what the company is working on now.
SUNNY RAY: Unocoin makes it easy to buy, sell, send, receive and accept bitcoin in India. We have nearly 1.5 million users and growing at nearly 10,000 new users a day. We are backed by Blume Ventures, Digital Currency Group, Boost VC, Funders Club and many other very reputable investors.
BLOCK TRIBUNE: What is your take with the recent plunge in cryptocurrency prices? What causes the decline?
SUNNY RAY: The price of bitcoin is determined by buyers and sellers in the global market place. The bitcoin rise in price from 1 year ago is quite significant and thus a correction will not be surprising. The price is quite volatile and its best to use systematic investment approach like the one offered by Unocoin which allows users to buy a small amount of bitcoin periodically.
Since the price has gone up from $900 to nearly $20,000 in less than a year, it was expected that a lot of the weaker hands would sell once the price started dropping. This selling has caused the decline. Many people who came in expecting to get rich quick didn’t have the confidence to hold through dips in the market, so once their capital started to decrease in value, they started pulling out of the market. Fundamentally, what causes the price of anything to drop is that there are simply more sellers than buyers.
This is why its important to never put more money into bitcoin than you can afford to lose. These are still early days.
BLOCK TRIBUNE: There are somewhere between 1000 and 1500 coins and tokens on the market. Will this endlessly expand? Or can we expect a pull-back?
SUNNY RAY: There will be more and more coins and tokens in the marketplace. The price will pull back in the near term but I believe that bitcoin will continue its upward trend in the long term.
BLOCK TRIBUNE: How does the crypto trading regulation in South Korea affect the industry?
SUNNY RAY: What happens in South Korea does not really affect matters in India all that much. The dust has yet to settle on what exactly is happening in South Korea. What’s been interesting to watch is how the people have begun to come together and petition the government with respect to bitcoin.
BLOCK TRIBUNE: How do you see the regulatory aspect of cryptocurrencies playing out in India in the coming years?
SUNNY RAY: The Indian government has cautioned users against the risks of cryptocurrencies (i.e. volatility, security, etc.). We are encouraging the industry to take a self regulatory approach so as to reduce the cost on the government while leveraging the knowledge base of the industry at large.
BLOCK TRIBUNE: Tell us about the Indian bitcoin industry. Is there a lot of camaraderie and cooperation? What do you do to foster a sense of community?
SUNNY RAY: Co-opition would be the best word. We do work together at times and compete in other ways. There is a strong sense of community and we are happy to see the Indian bitcoin community grow and prosper.