Indian crypto holdings have surged by nearly 20,000% in the past year as households are starting to choose digital tokens over gold, Bloomberg reported.
- Investments in cryptocurrencies rose to nearly $40 billion from $200 million in the past year, with investors citing more transparency and higher returns in a faster period versus gold.
- Indian crypto traders have hit 15 million and continue to grow at a steady pace. This compares with 23 million in the United States, and 2.3 million in the United Kingdom.
- Growth is driven by the 18 to 35 age group, as Indian adults younger than 34 find gold less attractive than older investors. They find investing in crypto easier due to the simple process available online.
Daily trading in the four biggest crypto exchanges climbed to $102 million from $10.6 million a year ago. The market is behind China’s $161 billion.
BTC/USD is up 3.50%.