Gold-Obsessed Young Indians Invest Heavily In Crypto

[RSRS]

In India, some households own over 25,000 tonnes of gold. Interestingly, investments in cryptocurrency grew from nearly $923 million in April 2021 to reach $6.6 billion in May 2021, according to data acquired from Chainalysis.

The crypto mantra propagated that Bitcoin (BTC) is equivalent to digital gold appears to be winning many converts in the country that has the biggest investors and holders of the precious yellow metal.

These investments are happening despite the massive hostility toward the asset class from the central bank and a proposed cryptocurrency trading ban. One 32-year-old entrepreneur, Richi Sood, is one of the people who shifted from gold to cryptocurrency. Since December 2021, she has put in over 1 million rupees ($13,400) “some of it borrowed from her father “into Bitcoin (BTC), Dogecoin (DOGE), and Ether (ETH).

She appears to have been fortunate with her timing. She cashed out some of her position when Bitcoin surpassed $50,000 in February and invested back in after the recent plunge, enabling her to fund the international expansion of her education startup Study Mate India. Sood said:

“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.”

She joins other Indians, estimated to be over 15 million, in buying and selling various cryptocurrencies. That is now catching up with the 23 million traders of the assets based in the United States and largely overshadows the 2.3 million investors in the United Kingdom.

Sourch