Unconcerned about regulatory crackdown threats from crypto lawmakers, investors in India amassed nearly $ 40 billion in crypto in 2021.
Despite India’s unclear regulatory status regarding crypto assets, the wave of investments in crypto in the country has grown significantly. In particular, since mid-2020, investments in cryptocurrencies have increased 19,900% across India.
According to data from Chanalysis, a blockchain analytics firm, crypto investments in India have increased since around mid-2020 before following a parabolic path at the end of the fourth quarter when the market rose to all-time highs.
Chainalysis estimates that the total amount of crypto investments across India has increased from $ 200 million to $ 40 billion. The company estimates that around 15 million Indians have been exposed to cryptocurrencies.
The data shows positive effects of the March 2020 decision by the Supreme Court of India to lift a Reserve Bank of India ban on financial institutions providing banking services to banks.
However, since the Supreme Court of India announced the lifting of the RBI ban in March 2020, the cryptocurrency market has not been “calm”. Because in the last 15 months the legislature has constantly threatened a new ban on crypto currencies.
Despite ongoing threats of new regulatory action, Sandeep Goenka, co-founder of ZebPay, a local cryptocurrency exchange, has whetted the appetite for digital assets. According to Goenka, Indians between the ages of 18 and 35 prefer to invest in cryptocurrencies rather than gold.
“They find it a lot easier to invest in crypto than gold because the process is so simple. Just go online and you can buy cryptocurrency. You don’t have to verify yourself when buying crypto, which is not the same as gold. ”- CEO of ZebPay told Bloomberg.
Richi Sood, a 32-year-old businessman, is also one of those who gave up to get into the cryptocurrency market. Since December 2020, Sood has invested more than $ 13,000 in cryptocurrencies and raised a sum when Bitcoin (BTC) surpassed $ 50,000 in February 2021. After that, Sood reinvested in Bitcoin as the cryptocurrency saw several significant price drops from mid-May 2021 to the present day.
“I would rather invest my money in crypto than gold. Cryptocurrencies are more transparent than gold or other assets and can generate more returns in a short period of time, ”said Richi Sood.
Synthetic
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