Swati Daga, an Indian businesswoman from New Delhi, India , acquired bitcoin for the first time in 2017, when it was worth less than $3,000. They doubted her decision to invest in digital currency, she claims. Daga, a food vendor near New Delhi, urged me not to spend my money.
She hasn’t regretted her decision because bitcoin’s value has surged 15-fold. Daga still invests up to 10% of her savings in bitcoin and Ethereum. She told the news service she enjoys the thrill and risk of investing in volatile currencies. Daga also dislikes stock markets.
Since the pandemic began, many Indians have been purchasing and selling cryptocurrencies. Despite the fact that Indian authorities have long been concerned about digital currencies, and even considered outlawing them at one point. Because of its large internet user base, the country might become a crypto superpower. However, many people have been online for a long time.
Young Individuals are Driving the Growth
According to a survey by blockchain data company Chainalysis, India ranked second in terms of fastest growing cryptocurrency use last year. Vietnam came first.
According to CNN Business, the growth is mostly coming from young people who aren’t older than 35. Many of them come from small cities and towns.
CoinDCX CEO and co-founder Sumit Gupt says that many Indian millennials have started their investing journey with crypto. He told CNN Business that in the past, Indians kept their money in gold or savings accounts. As far back as 20 years ago, they chose to invest in gold. She said that more people are interested in having bitcoin as part of their investments.
Gold is an excellent investment and part of the culture of India. According to the World Gold Council, India is a major gold market. Hindus and Jains consider it lucky and utilize it in various religious events. Last year, Mumbai-based CoinDCX became India’s first crypto unicorn, backed by Coinbase Ventures and B Capital Group. These investors helped CoinDCX reach a $1.1 billion valuation. 70% of its 10 million users are between 18 and 34.
Many people in the western state of Rajasthan are talking about cryptocurrencies at the tea shops where they live. Often, college students are the most active participants, he said, adding that bitcoin’s huge rise last year has sparked a lot of excitement in India.
WazirX claims that Indians adore meme currencies like dogecoin and shiba inu. Both companies reported a significant increase in female users, albeit on a limited scale. It’s been 18 months since he declared Indian ladies prefer crypto to the stock market. There are 15% women, which is the global average.
Bitcoin Relationship that Comes and Goes
The excitement about crypto is growing in India, even though the country has had an on-and-off relationship with digital currencies in the past.
The central bank has long said that cryptocurrencies could be used for money laundering and to fund terrorism. Last year, a cryptically worded proposal on the Indian parliament website even said that the government was thinking about putting a stop to all private cryptocurrencies in India.
However, this year started out better for people who enjoy it. Before this month, the Indian government said that they were going to tax income from virtual digital assets at 30%, which many experts’ thoughts was a sign that crypto trading wouldn’t be banned after all. The government also said that it would start making digital rupees in the next few months.
Announcing that virtual digital assets, or crypto, are going to be taxed is a step in the right direction, Gupta said at that time. It gives the industry a lot of clarity and confidence.
Afterward, WazirX co-founder Siddharth Menon said that the number of people who signed up each day went up by more than 50%. He also saw a rise in the number of Indian developers and other professionals interested in joining the crypto industry.
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