After the Supreme Court overturning the Central Bank’s crypto ban, Indians are rushing towards the cryptocurrencies.
Now, the cyptocurrency has outperformed gold and experts believe that it is the new investment option for the growing and transforming India.
India is adopting the digital cryptocurrencies. The investors showing shift to their eyeballs to cryptocurrency from gold. This number of crypto investors in India has now more than one crore.
In the previous year, crypto currencies in India grew from $200 million to nearly $40 billion in 2020 alone.
The driving force for this increasing number of crypto investment is obviously the emergence of multiple domestic crypto exchanges in the country.
Investment in crypto is very transparent than gold and also a short period for returns. This could be another reason why Indians are investing crypto.
Though RBI and other authorities are not embracing cryptocurrencies, it seems that investing in cryptocurrency stocks in India will not stop now.
Indian’s crypto market has however, not a smooth journey. While Supreme Court repealed the ban by RBI on March, they are constantly coming up with new legislations.
The India is one of the largest IT countries with new breakthroughs accelerated in the market. This makes it stands out from the rest of the countries.
Sandeep Goenka, Co-founder of ZebPay, a local crypto exchange platform, analyzed that Indians with ages 18 to 35 are showing more interest in the digital assets and wish to invest in them.
These age groups are however not holding large sales volume and also they come from short term traders, indicating that they want instant profits.
The age group above 35 is however making investment in cryptocurrency for a longer period of time.
Though Central Bank is showing privacy concerns on cryptocurrency, finance minister of India, Nirmala Sitharaman said that the windows for cryptocurrencies in India will never shut down.
Co-CEO of ZebPay, Avinash Shekhar, suggests the investors first to educate themselves on the fundamental value of different cryptocurrencies.