Indian’s share of the crypto market has surged to $40 billion in total, data from blockchain analytics firm Chainalysis reveals. The figure compares with last year’s $200 million, Bloomberg reported Monday.
It’s a considerable jump, demonstrating a shift in thinking among the country’s youngest investors away from the precious metals that have typically been primary asset choices among older generations within the country.
“I’d rather put my money in crypto than gold,” said entrepreneur Richi Sood, 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 a considerably larger number than the U.K.’s 2.3 million, according to the report.
Despite the regulatory rollercoaster Indian’s have faced from the country’s central bank, courts, and political corridors, cryptos are beginning to take root in a population of 1.33 billion.
With all that attention, thinking among the country’s financial regulators is also beginning to shift. They are now considering classifying bitcoin as an asset class in a bill that could be presented as soon as next month.
Source: Coindesk
