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.
“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.
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.