Crypto in India is booming. While there’s a lot of doubt in the cryptosphere these days about the market’s future, there is always a ray of light somewhere. And in this case, that is the fact that Indian investments in cryptocurrency have risen to nearly 20,000% in a single year according to new findings from Coingecko.
Since last year, the top four crypto exchanges in India have had an increase of daily trading. From $10 million all the way up to new findings of $100 million. India has now become one of the world’s top crypto markets in the world.
Why people in India would rather buy Bitcoin than Gold
This is a strong reversal from India’s love of gold. Though it appears that the country has hopped onto the digital assets train even if the Indian government has threatened to ban it. A native young entrepreneur, Richi Sood, said that she is more interested in crypto than physical assets at the moment. She said:
“I’d rather put my money in crypto than gold. Crypto is more transparent than gold or property and returns are more in a short period of time.”
It turns out that Sood is quite a savvy trader however. She sold a part of her positions earlier in February when Bitcoin broke new grounds in the $50,000 price range. After the big crash in May, Sood bought back her position with the profits she made.
Earlier in this month it was documented that the Indian government is currently reviewing a proposed legalization that would see crypto banned in India. However, it was revealed by an anonymous source that the government is also seriously considering a form of legalization that would not ban cryptocurrencies and other digital assets.
However, not everyone is dismayed by the news. Sood in particular commented in regards to this:
“I have a risk-taking appetite, so I’m willing to take a risk of a ban.”
It appears the big shift comes from the younger generations who is willing to take on higher risk investments like cryptocurrencies.
The founder of an Indian crypto exchange told Bloomberg:
“They find it far easier to invest in crypto than gold because the process is very simple. You go online, you can buy crypto, you don’t have to verify it, unlike gold.”
On that point, pioneers in the crypto field have done an excellent job in providing liquidity for the crypto market through the novel inventions of liquidity pools and automated market makers.
If anything, this story shows that even in countries that threaten to ban crypto l like India, crypto can continue to not only exist, but thrive. If you are interested in learning more about cryptocurrencies in India you might enjoy: Startup in India proposes Crypto Regulations
Aaron is passionate about blockchain and has been an investor in cryptocurrencies for the past years. He enjoys engaging with other people in the cryptocurrency community online, particularly on Telegram, and learning from experts.