The third richest man of Mexico, Ricardo Salinas Pliego recently stated that Bitcoin is the “New Gold”, and the crypto connoisseurs across the country also believes that Bitcoin is the digital replacement of Gold, and this mantra seems to have influenced the Indian minds. India is known as the country with a maximum number of gold holders. According to a report, Indian households are so obsessed with the gold investment that they own more than 25,000 tonnes of gold in total.
Being a Gold-hooked country, it is surprising to see Indians leaning towards crypto investments despite the proposed trading ban towards the asset class. In the past year, crypto investments have risen to $40 billion. The Indian investors who tried their luck with crypto, are really confident and says that they would rather put their money in crypto as it is much more transparent than any other asset, such as property or gold.
Notably, there are now 15 million Indians buying and selling the virtual currency and the number is significantly growing and will be soon competing with the number of traders in the UK and US. According to a survey by one of the cryptocurrency exchanges in India, this change of heart towards gold can be mostly seen in the investors from age 18 to 35 years, whereas the older customers are still stuck to gold. It is assumed that one of the reasons behind preferring crypto over gold is the easy process of investment. To buy crypto, all you need to do is, Go online and buy without any verification process or overthinking.
Though Indians are enthusiastically welcoming the cryptocurrency, the uncertain regulations are resisting the citizens to adopt the currency on a wider scale, as India had already faced a trading surge after the trading ban on crypto in 2018. Where the citizens are keen to put their money in crypto, the Indian authorities are not giving any indications of a positive step towards the adoption of cryptocurrency. After the legalization of cryptocurrency in different countries across the globe, all eyes are on the Indian government, it will be amusing to see whether the country embraces crypto or not.
No matter if the currency is facing a struggle for worldwide acceptance, but the crypto enthusiasts are really optimistic about the future of cryptocurrency all across the globe, and they say out loud, Crypto is here to stay.