The Bitcoin trades hit a record high of $34,800, as a result of the 800 percent surge, rating Bitcoin a good look this New Year. On Monday, the trades closed at $33,176 in Asia, indicting the global trend of investors to continue betting for digital currency as a mainstream payment method. Prior to three weeks, the world’s largest trending cryptocurrency went over $20,000 for the first time.

However, in India, the rate of bitcoin points at Rs.24,17,939.56, and the government plans to accept the proposal for imposing the 18 percent goods and services tax (GST) on bitcoin transactions. The amount is calculated to be around Rs.40,000 crore per year. And the Central Economic Intelligence Bureau (CEIB), an arm of the finance ministry, has submitted a proposal to the Central Board of Indirect Taxes & Customs (CBIC), that the government could be able to collect Rs. 7,200 crore annually as bitcoins trading tax in the country.

Now, the investors believe that just like the surge of the gold rates during the pandemic, the scarce supply of bitcoin has been a predominant reason for the surge. In addition, the cryptocurrency’s potential for quick gains has also gained demand from large United States investors, stretching equities for usual traders.