Who would have thought, even as India struggles with cryptocurrency legal uncertainty, records show investment of such assets in the country jumped 19,900% in a year!
Chainalysis revealed the growth of crypto investment has increased from $ 200 million to over $ 40 billion with an estimated around 15 million Indians have been exposed to crypto investment.
It’s a rather interesting record given that India is notorious for a number of households owning over 25,000 tonnes of gold, but crypto investments won gold in the same period.
Like the story of a 32 -year -old entrepreneur, the suicidal Richi Sood invested over $ 1 million rupees (~ RM55,959) into Bitcoin (BTC), Dogecoin (DOGE) and Ethereum (ETH).
The woman who shifted her interest from gold to crypto was quite lucky because when Bitcoin hit $ 50,000 last February, she was said to have withdrawn her profits and bought the same assets during the recent market crash.
In fact, the profits were also used to fund the expansion of his education firm, Study Mate India, overseas.
"I am more willing to 'put' my money in crypto than gold. Crypto is more transparent than gold or real estate and the returns are faster, ”he explained.
India is ‘chasing’ the record of the United States (US) which now has a population of 23 million crypto investors, while 2.3 million in the United Kingdom (UK).
However, the country is still puzzled by legislation against crypto. Either way, even though the Supreme Court last year overturned a 2018 law banning crypto trading, the authorities on the other hand did not show a willingness to adopt the crypto sector.
Parliament is expected to reconsider the matter next July, which will involve a restructuring of more integrated policies on crypto.
