Has Cryptocurrency Become Every Indians Dream Investment
 

Has Cryptocurrency Become Every Indians Dream Investment, Cryptocurrency investments in India have gained significant momentum over the past year, blockchain information indicates, and despite the ambiguity of the regulatory situation in the country, more than 15 million Indians have bought or sold cryptocurrencies.

 

Has Cryptocurrency Become Every Indians Dream Investment

The online newspaper, Crypto Daily News, specialized in cryptocurrency, shed light on the reasons why Indian millionaires switched from investing in gold to cryptocurrencies.

 

In this regard, the American “Bloomberg” news network reported, quoting cryptocurrency analysis agency Chainalysis, that investments in cryptocurrencies rose from about $200 million to nearly $40 billion.

 

This record high was monitored regardless of the uncertain future of decentralized digital cash in the world's second most populous country.

 

Following the abolition of the Central Bank of India’s ban on digital currencies by the Supreme Court, Indians are rushing towards investing in these currencies, as “Bitcoin”, for example, reached a high of 50,40,806 rupees on the 19th of April 2021,

 

Cryptocurrency

Even more than that, cryptocurrencies have outperformed gold, and experts believe that they will be the new investment option instead of gold.

 

The report added that more than 15 million Indians are shopping and promoting cryptocurrencies, ignoring the proposed ban on buying and selling those currencies.

 

The distinct improvement in cryptocurrency purchases is mainly related to Indians between the ages of 18 and 35, according to Sandeep Goenka, co-founder of cryptocurrency firm Zebpay.

 

Goenka, who has been representing the trade in regulation talks with the federal government, identified that younger individuals are finding it much easier to speculate in cryptocurrency than gold.

 

New gold

Historically, gold has been a very popular source of financing in India, where household holdings of the precious metal amounted to about 25,000 tons, however, the latest information from the World Gold Council indicated that adults under the age of 34 are less interested in gold of the older Indians.

 

And one of the reasons why Indians invest in cryptocurrency is because they have found that this world is more transparent than gold and one can get returns in a short period of time.

 

For example, a young businessman who left gold and turned to cryptocurrency has invested more than 1 million Indian rupees (about $13,400) in Bitcoin, Ethereum and Dogecoin since last December.

 

The report revealed that in the last 12 months alone, cryptocurrency trading (buying and selling) values ​​on a daily basis have increased by almost 900%, meanwhile, India has only had to take full rules of the booming cryptocurrency industry, and the lack of readability appears This has put off many potential buyers and dealers.