As of January 2018, the value of cryptocurrency investment in India has skyrocketed by 200% in a single year. While regulatory uncertainty persists (with the central bank of India still deciding on cryptocurrencies), the Indian crypto market has continued to grow. To better understand this trend, let’s take a look at the numbers.
When you think of the best-performing coins in 2017, most of the names are well-known. However, when it comes to the best-performing coins in 2017, you might not have heard about a handful of projects that finished ahead of Ethereum, NEO, EOS, and many other well-known coins. In this article, we look at some of the most successful coins from 2017 and provide a brief explanation of why they outperformed.
There is a buzz around cryptocurrencies in India these days, and it is not just limited to the urban elites. The investment in the space in the country is staggering, and it is still on the rise. According to reports, a total of ₹ 11,000 crore has been invested in cryptocurrencies since March 2017, with the numbers now touching ₹ 1 lakh crore.. Read more about what is crypto trading and let us know what you think.Despite the uncertain regulatory environment for crypto assets in India, investment in digital assets in the country grew by about 19,900% last year.
According to blockchain analytics firm Chanalysis, reported by Bloomberg on 28. June said investments in cryptocurrencies rose sharply in the mid-2020s and then went through a parabolic trend, with markets reaching new all-time highs late in the fourth quarter.
Chainalysis estimates that total investment in cryptocurrencies in India has grown from $200 million to $40 billion in the past year. The company estimates that 15 million Indians use cryptocurrencies.
Monthly value of Indian investments in cryptocurrencies: Chain Analysis
The data illustrates the positive impact of the Indian Supreme Court’s decision in March 2020 to overturn the Reserve Bank of India’s ban on financial institutions providing banking services to companies offering digital assets.
However, since the Supreme Court overturned the RBI ban in March last year, India’s cryptocurrency sector has not been entirely smooth sailing and lawmakers have often threatened new laws to ban cryptocurrencies over the past 15 months.
Despite the ongoing threat of further regulation, Sandeep Goenka, co-founder of local exchange ZebPay, sees a growing interest in digital assets among Indians between the ages of 18 and 35, noting that they prefer investing in cryptocurrencies over gold. He told Bloomberg:
It is much easier for them to invest in cryptocurrencies than gold as the process is very simple. You go online, you can buy cryptocurrencies, you don’t have to verify them, unlike gold.
Related: Current Indian law could impose a 2% tax on cryptocurrencies bought on offshore exchanges.
Local entrepreneur Richie Sood, 32, is among those who have abandoned gold in favor of cryptocurrencies. The Court has invested over $13,000 in digital assets since December. When BTC broke through the $50,000 mark in February, he cashed in some of his position, then reinvested during the recent plunge.
I’d rather invest my money in cryptocurrencies than gold. Cryptocurrencies are more transparent than gold or real estate, and their returns are higher over a short period of time, she added.
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