Based on a new report by the analytical company Chainalysis, India, the second-largest consumer of gold in the world, has stepped towards the field of the crypto market.
The reported data showed that investments in cryptocurrency increased from $ 200 to $ 40 billion throughout the previous year. Despite India's proposed ban on cryptocurrency trading, there is a growing interest in the country. But in comparison with China, India's volume of investments is noticeably lagging. According to the analytical company Chainalysis, the difference is $ 161 billion.
It is no secret that Indian investors, like the Chinese, prefer gold as the best means of saving and protection. However, this belief is gradually shifting towards cryptocurrencies with the arrival of a younger generation who looks at the crypto space as digital gold.
According to entrepreneur Rishi Suda from Bloomberg reports, the yield of cryptocurrency in a short period of time is higher than the yield of gold.
To date, there are more than 15 million investors in India participating in the cryptocurrency space. It is worth noting that there are 23 million traders in the US and 2.3 million in the UK.
The future regulation of cryptocurrency in India is still in question. The government has not raised this topic since it was proposed to ban cryptocurrency trading in March.
At the same time, the demand for gold in India is not particularly active yet, although analysts believe that it should recover.