Indian Investments in Crypto Have Exploded: Report
Crypto investments in the country have surged to $6.6 billion from $923 million a year ago.
Indians' investments in the crypto market have surged to $6.6 billion, data from blockchain analytics firm Chainalysis reveals.
The figure compares with last year's $923 million, according to the firm who told CoinDesk via email the leap represents a 612% increase year-over-year.
The surge demonstrates a shift in thinking among the country's youngest investors away from the precious metals that older generations in the country typically favor, Bloomberg reported Monday.
“I’d rather put my money in crypto than gold,” said entrepreneur Rishi Sood, who was cited in the report. “Crypto is more transparent than gold or property and returns are more in a short period of time.”
More than 15 million Indians are now trading crypto, roughly 8 million fewer than in the U.S. and many more than the U.K.'s 2.3 million, according to the report.
Despite the regulatory roller coaster Indians have faced from the country's central bank, courts, and political corridors, crypto is beginning to take root in the country of 1.33 billion.
Meanwhile, India's financial regulators are considering classifying bitcoin as an asset class under a bill that could be presented as soon as next month.
Correction (July 2, 2021, 2:10 UTC): This article previously stated figures as reported by Bloomberg. New figures of the total year-over-year increase and total dollar amount have been corrected.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.