With the achievement of the $40 billion milestone, India’s investment in cryptocurrencies has grown rapidly
With the milestone of over 40 billion U.S. dollars, India’s crypto investment has exploded compared to last year.
Compared with last year, the rapid growth of cryptocurrency
According to Bloomberg report, Indian investors now hold US$40 billion in virtual assets, a significant increase from US$200 million a year ago.
Traditionally, precious metals such as gold have always been the first choice of Indian investors. However, young people are realizing the potential of digital currencies.
Currently, about 15 million Indians use encryption, Which is only 8 million less than the 23 million in the United States.This is also far more than the UK’s 2.3 million
Although this number is not so impressive compared to the huge population of 1.3 billion, it is still an incredible increase in a country where a family owns 25,000 tons of gold.
Not only the general public, the Indian government also does not support cryptocurrency. The Reserve Bank of India (RBI) has repeatedly tried to block digital asset transactions in the country in the past.
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However, last year, the Supreme Court overturned the 2018 policy that banks cannot trade digital assets.
As soon as this happens, investment floods in. Nevertheless, there is still uncertainty as to how the government will deal with cryptocurrency-related work next.
Just 6 months ago, the government put forward a ban on digital currency transactions. Despite all this, According to the data of chain analysis, investment has increased substantially.
“I would rather put my money in cryptocurrency than gold,” said young investor Richi Sood, who has taken out $13,400 from gold in the past 7 months and invested in Bitcoin, Dogecoin and Ethereum $13,400.
Encryption is more transparent than gold or property, and returns higher in a short period of time.
Nevertheless, due to regulatory concerns, many investors are still hesitant to invest funds in digital currencies. Even many people who have already invested do not want to talk about it publicly because they worry that future income tax and other regulations may have retrospective effect.
Bitcoin price and the Indian crypto market
The Indian market certainly has a lot of potential, and it will be interesting to see how fast it can grow in the next few years.
Approximately US$160 billion in Chinese investment is about four times that of Indian investment, and as the past month has shown, the Chinese market can have a significant impact on the price of Bitcoin.
As Indian investment continues to grow, its market may also affect global prices. If a huge population like India continues to maintain such a huge growth, then in the long run, cryptocurrency will definitely benefit.
immediately, BitcoinThe price of is approximately US$34,000, a 5% increase in the past 7 days.
BTC price rebounds after the low | Source: BTCUSD on TradingView