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Breaking News: Celsius Founder Alex Mashinsky Receives 12-Year Prison Sentence

Indian Investments In Crypto Grow Rapidly As $40 Billion Milestone Is Reached

Keshav Verma
Keshav Verma
3 years ago
2 mins read
Crypto India

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India is seeing explosive growth in crypto investments compared to last year as the $40 billion milestone is crossed.

Rapid Growth In Cryptocurrency Compared To Last Year

As per a Bloomberg report, Indian investors now hold $40 billion in virtual assets, a massive increase from $200 million a year ago.

Traditionally, precious metals like gold have been the top choice of Indian investors. The young ones, however, are realizing the potential in digital currency.

Right now, around 15 million Indians use crypto, which is only 8 million less than the US figure of 23 million. It’s also much more than UK’s 2.3 million

While the number isn’t that impressive compared to the gigantic population of 1.3 billion, it’s still incredible growth in a country where families own 25,000 tonnes of gold.

Not just the general public, but also the Indian government is not supportive of cryptocurrencies. The Reserve Bank of India (RBI) has attempted to block digital asset trading in the country several times in the past.

Related Reading | How Polygon Became the Indian Tiger of Blockchain Platforms

However, last year, the Supreme Court overturned a policy set in 2018 according to which banks can’t trade in digital assets.

Investments came rushing in as soon as that happened. Though, there is still uncertainty in the air as to how the government will proceed next relating to cryptocurrencies.

It was only 6 months ago that the government proposed a trading ban on digital currencies. Despite all this, investments are massively up as per the data by chainalysis.

“I’d rather put my money in crypto than gold,” says Richi Sood, a young investor who took money out of gold, and put $13,400 in Bitcoin, Dogecoin, and Ethereum in the past 7 months.

Crypto is more transparent than gold or property and returns are more in a short period of time.

Nonetheless, due to concerns over regulation, many investors are still hesitant about putting their money in digital coins. Even many who have invested don’t want to speak about it publicly as they fear future regulations like income taxes might be retroactive.

Bitcoin’s Price And Indian Crypto Market

The Indian market certainly has a lot of potential and it will be interesting to see how much more rapidly it can grow in the coming years.

China at around $160 billion has about 4 times the investment India has, and as it has been clear in the past month, the Chinese market can majorly impact Bitcoin’s price.

Related Reading | Comparing Past Crypto Cycles Suggests Bitcoin Nowhere Near Top

As Indian investments continues to grow, its market might also influence global prices. If such a tremendous growth continues in a huge population like India’s, cryptocurrencies are sure to see benefit in the long-term.

Right now, Bitcoin‘s price is going around $34k, up 5% in the last 7 days.

BTC crypto Price

BTC price rebounds after the low | Source: BTCUSD on TradingView
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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