The cryptocurrency market continues to be volatile. There have been some significant drops. For the better part of this year, there have been discussions in India about a possible ban on cryptocurrencies.
Despite this, Indians continue to invest in prominent cryptocurrencies such as Bitcoin, Ethereum, and others. According to BrokerChooser, a broker discovery and comparison platform, the country already has more than 10 crore cryptocurrency owners. India now has a total of 10.07 crore cryptocurrency owners, putting it ahead of any other country on the planet.
What’s remarkable is the gap between India and the United States, which is narrowing by the second. The United States has 2.74 million cryptocurrency owners, followed by Russia (1.74 million) and Nigeria (1.74 million) (1.30 crore). This has to do with the population as well. Despite having a large crypto community, India ranks fifth in terms of crypto ownership as a percentage of the population. Crypto-coins are owned by over 7.30 percent of India’s population.
Ukraine tops the list, with 12.73 percent of the population owning cryptocurrency, followed by Russia (11.91%), Kenya (8.52%), and the United States (8.52%). (8.31 per cent). The United States had the most crypto-related searches, followed by India, the United Kingdom, and Canada.
Cryptocurrency – How indians invest?
The high number of Indians investing in cryptocurrencies is surprising, especially given the legal uncertainties surrounding their legality. A bill banning all private cryptocurrencies has been suggested by the government ahead of this year’s Union Budget. However, the law was not introduced, and a committee was constituted to provide recommendations. Since then, the government’s attitude on cryptocurrency has changed, and a total ban is unlikely.
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The growth of famous crypto coins like Bitcoin has coincided with an increase in crypto owners. Since the beginning of the year, the cryptocurrency has returned 50%. Others, like Ethereum, Ripple, and Dogecoin, have also performed well. Bitcoin, the world’s most popular cryptocurrency, has risen by more than 50% since the beginning of the year. The one-year rise is about 400 percent, which is encouraging more Indians to use cryptocurrency exchanges.
According to a survey performed by Kantar, 19% of urban Indians aim to invest in virtual tokens in the next six months. When it comes to cryptocurrency ownership, Bitcoin takes the lead with 75% of the vote, followed by Ethereum with 40%, Binance coin with 23%, and XRP with 18%. One of the most appealing aspects is the possibility of making large gains by investing little amounts of money. WazirX allows investors to invest as little as Rs.100-500 in bitcoin.
The majority of Indians who hold cryptocurrencies are between the ages of 21 and 35 and live in metropolitan areas. According to the poll, the owners have a “greater risk appetite,” since they choose crypto and mutual funds to fixed deposits and life insurance.
So it’s not unexpected that crypto exchanges and platforms like CoinSwitch Kuber (CSK), WazirX, CoinDCX, ZebPay, Unocoin, and BuyUcoin have seen a surge in popularity in recent months.
A bill on cryptocurrency is expected to be introduced in the winter session. According to reports, the finance ministry has organised a special committee to investigate whether crypto-trading profits can be taxed. Meanwhile, by the end of 2021, the RBI plans to launch its first official digital currency as a regulated “central bank digital currency (CBDC).” Much of the scepticism derives from the fact that the global bitcoin boom has given rise to a plethora of phoney trading platforms.
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