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.
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