Cryptocurrency 'Superpower'? Young investors in India prefer bitcoin over gold and "interesting" stocks.
Entrepreneur Swati Daga first bought Bitcoin in 2017 when the cryptocurrency was trading below $3,000. His decision to invest in digital currency caught the attention of his family, he recalls. Elderly people in my family told me not to waste money,” said Daga, who runs a grocery store near New Delhi. But the 33-year-old does not regret his decision. Since then, the value of Bitcoin has increased 15 times. — And continues to invest 10% of his savings in cryptocurrencies, including Bitcoin and Ether. I think the stock market is boring," he told CNN Business, adding that he likes the "excitement" and "carelessness" that comes from investing in volatile currencies.
he is not alone India has seen significant growth in cryptocurrency trading since the outbreak of the pandemic, but authorities in Asia's third-largest economy have expressed concern about digital currencies and even tried to ban them for years. An industry insider told CNN Business that the country has the potential to become a cryptocurrency powerhouse as it is one of the hottest internet markets in the world. According to a report released in October by blockchain data platform Chainalysis, India ranked second after Vietnam on the list of countries with the fastest growing adoption of cryptocurrencies last year.
The government has not counted the number of people involved in cryptocurrency trading, but industry experts estimate that there are currently more than 20 million cryptocurrency investors in the country. The founders of two of India's largest cryptocurrency exchanges told CNN Business that growth is being driven by young investors. According to Sumit Gupta, founder and CEO of the CoinDCX exchange, many Indian millennials have embarked on a “crypto investment journey”.
Referring to how Indians traditionally choose to invest their money, Gupta said that although their parents chose to invest in gold 20 years ago, these young people are "more interested in Bitcoin as part of the portfolio their". or savings. Invoice. According to the World Gold Council, buying gold is both an investment and a cultural practice in India, one of the largest markets for the precious metal. It is also considered auspicious by Hindus and Jains and plays a central role in many religious ceremonies. Mumbai-based CoinDCX became India's first crypto unicorn to reach $1.1 billion last year after raising funds from investors such as Coinbase Ventures and B Capital Group. The company says 70 percent of its 10 million users are between the ages of 18 and 34. Data shared by rival WazirX tells a similar story. WazirX has over 10 million users and has called 2021 a "wonderful year" for cryptocurrency trading in India. The company was acquired by Binance, one of the world's largest cryptocurrency exchanges in 2019. According to the company's latest report, more than 65% of users are under the age of 35, and "interest is growing with a with 700% of participants from smaller cities like Guwahati, Karnal and Bareilly. In rural and semi-urban areas. "In urban areas".
Cryptocurrency trader Pritish Kumawat from a small town in western Rajasthan said he can now find conversations about cryptocurrencies in almost every tea shop in his area. Most of the participants are students, adding that last year's massive bitcoin boom fueled panic in India. Bitcoin hit an all-time high of $68,990 in November, but has since fallen to around $43,000. Besides Bitcoin, according to the WazirX report, meme coins like Dogecoin and Shiba Inu are also popular among Indians. Excluding small-town investors, both companies saw their platform's female users grow by more than 1,000 percent. Gupta said Indian women's participation in cryptocurrencies has seen "big gains" over the past 18 months and is "very high and very healthy compared to the stock market."
According to the company's data, 15% of all users are women, which is also a global trend.
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In India, interest in cryptocurrencies is growing despite their relationship with digital currencies. Central banks have expressed concern that cryptocurrencies could be used for money laundering and terrorist financing. An undisclosed proposal published on the Indian parliament's website last year also said the government was looking at a plan to "ban all private cryptocurrencies in India."
But this year is off to a happy start for fans. Earlier this month, the Indian government announced a 30% tax on income from virtual digital assets, which many industry experts saw as a sign that cryptocurrency trading would not be banned. The government has also said it will launch a digital rupee in the coming months. "Taxing virtual digital assets or cryptocurrencies is a step in the right direction that will provide much-needed clarity and certainty to the industry," Gupta said at the time of the announcement. Siddharth Menon, founder of WazirX, told CNN Business that daily subscriptions on his platform have increased by more than 50% since the announcement. It has also seen a growing interest from Indian developers and other experts to get involved in the crypto industry. He said he is now "getting LinkedIn messages" from senior executives in India who are bullish on the company. In the past, exchanges in India have struggled to hire and retain skilled workers due to a lack of clear regulations. However, the Indian government quickly calmed down, explaining that cryptocurrencies are not yet legal in the country.
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