Regardless of the unclarity in regulations surrounding the crypto scene in India, countrywide investment in the sphere has reportedly witnessed an approximate 19,900% growth throughout last year.
Specifically, per insights from blockchain analytics entity Chanalysis on June 28th, crypto investments experienced a rise throughout mid-2020, prior to undergoing a parabolic pattern as the markets skyrocketed to record-breaking highs, towards the end of the fourth quarter.
Estimation from Chainalysis reportedly suggested that the overall crypto-centric investments throughout India inclined from $200 million to $40 billion, within the period of one year. The firm suggested that around 15 million citizens in India have crypto exposure.
The insights reportedly offered visualization of the positive effect of the Indian Supreme Court’s March 2020 initiative, to carry out the reversal of the Reserve Bank of India’s move – barring financial entities to roll out banking service offerings to businesses, associated with virtual assets.
Regardless of a scenario of a renewed regulatory crackdown threatening the scene, Sandeep Goenka, the co-founder of local exchange ZebPay, reportedly emphasized developing appetites surrounding crypto assets, throughout Indian citizens 18 to 35 years of age – showcasing an investment choice leaning towards crypto rather than gold.
“They find it far easier to invest in crypto than gold because the process is very simple. You go online, you can buy crypto, you don’t have to verify it, unlike gold.”
32-year-old local entrepreneur, Richi Sood, is reportedly one of many individuals who have chosen crypto in place of gold for investing. Sood has dedicated $13,000 in digital assets since December, having cashed out a portion of her position when BTC plummeted below $50,000 in February, prior to the decision to invest again in the recent crash.