It appears that the ambiguous regulations and crypto ban have had no impact on Indian crypto investors. Indians, once known as one of the world’s largest gold holders, are now cheerfully abandoning their infatuation with the precious metal in order to purchase more Bitcoin
Bitcoin, the digital gold, is unmistakably becoming a popular choice among next-generation traders. We all know that holding and storing actual Gold is more difficult than holding and storing Bitcoin.
According to estimates, investors’ overall investment exposure to digital assets has risen from $200 million to $40 billion in the previous year in India, where families possess more than 25,000 tons of gold. Despite the government and central bank’s anti-crypto stance, this is an astounding 200 percent increase.
Richi Sood, a 32-year-old entrepreneur, is one of the cryptocurrency converts. Since December, she’s invested in little over Rs 1 million ($13,400) – part of it loaned from her father – into Bitcoin, Dogecoin, and Ether.
And she’s had good luck with her timing. She sold a portion of her Bitcoin investment when the price hit $50,000 in February then re-invested following the current drop.
“I’d rather put my money in crypto than gold. Crypto is more transparent than gold or property and returns are more in a short period of time.” Sood said. She’s one of a rising number of Indians who purchase and trade digital currencies.
For many Indian investors on the fence, the impending uncertainty from politicians has functioned as a barrier to entrance. “I am flying blind,” Sood explained. “I have a risk-taking appetite, so I’m willing to take a risk of a ban.”
One of the most significant obstacles that Indian crypto investors may face is the possibility of a blanket ban similar to that which exists in China. The government and the RBI have expressed their displeasure with digital assets on many occasions, but no concrete action has been taken.
According to the co-founder of India’s first cryptocurrency exchange, the 18–35-year-old group is driving growth in the country. According to the World Gold Council, Indian individuals under the age of 34 have a lower taste for gold than older customers.