Cryptocurrency is not a new term in today’s situation. Maybe it is when you asked me literally years ago. But, today, cryptocurrency has been ruling the world, and as a result, there are so many Cryptocurrency users in India.
Yes, I am not bluffing. Maybe you are an Earlybird in knowing it. But, this article addresses those who lack information about Cryptocurrency and its related statistics.
Let us get into the article now.
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Cryptocurrency Users In India
India ranks second in Cryptocurrency adoption globally. After Vietnam, India has the highest Cryptocurrency users. Ahead of other countries, including the US, UK, and china, the cryptocurrency adoption index is huge in India. (source)
Globally, the cryptocurrency adoption rate has grown by 880 percent between June 2020 to July 2021. According to Finder, Asia is one of the top five countries in terms of Crypto adoption. The company also surveyed 47000 users worldwide. From the survey, 30 percent of those surveyed individuals in India have ownership of cryptocurrencies.
Among the multiple cryptocurrencies in India, Bitcoin is the most popular coin, followed by Ripple. Next to Ripple is the Ethereum, Bitcoin Cash, and other crypto coins.
Cryptocurrency Transactions in India
The prices of Cryptocurrencies are bound to increase recently. In the world of the largest virtual currency, Bitcoin, it has skyrocketed for one year. The transactions of Cryptocurrencies in India have risen upto 30 percent in volumes with Bitcoin, Ethereum, and other bitcoins as a base.
The price of Bitcoin has increased about 445 percent between March 1, 2020, to February 28, 2021. In the case of Ethereum, the rise is about 578 percent. And, for Binance Coin, it is 1074 percent. Lastly, for Cardano, the growth skyrocketed upto 2730 percent.
Still, among all the cryptocurrencies, Tether has recorded a fall during the respective period.
According to Businessline’s interview, Indians are open to any new investment vehicles. It follows the global trends. And, there is another reason for this sudden hype in cryptocurrency. It is due to that the younger generation in India is most eager to invest in something new. They are also skeptical about the financial setup.
They wish to set up an alternative backup to manage their financial crisis if it happens. This is why there is a huge surge in the increase of cryptocurrency in India.
Cryptocurrency Adoption in India
According to Bitex, the crypto industry in India has been creating a new asset class for investment. It also creates new software for various kinds of applications on the blockchain. Added, bitcoin was under $5000, and ETH was under $100.
This is the state before the lockdown. During the lockdown, the numbers hyped 10x. Unbelievably, this is a huge hike in the era. It is estimated that this hike counts about 10 million cryptocurrency users in India, and globally it would be 100 million users.
According to industry analysts, the cryptocurrency rise is expected in the future too.
Crypto adoption in India has been led by smaller towns. WazirX confirmed the rise that it had seen more than 2648 percent growth in user sign-ups. It has been witnessed from tier 2 and tier 3 cities in India. The exchange rate has also claimed to increase by 7.3 million users. It has clocked and has become an increased surge.
Is CryptoCurrency Demand Increasing In India?
Experts say that there is a demand for cryptocurrencies in the future. The untapped market has swelled with numerous users.
India has never been calm to cryptocurrencies. Global investors have made a huge bet on the country’s digital coin ecosystem.
According to Binance, the world’s largest cryptocurrency exchange has acquired WazirX (discussed before). The cryptocurrency space in India has been revolutionized for years. Apart from the regulations and violating rules, millions of Indians take part in cryptocurrency investments.
It is said that rather than in gold, Indian users have invested in cryptocurrencies. As a result, cryptocurrencies have grown from $923 million to $6.6 million within a year. It represents a 612 percent rise in the number of cryptocurrency users in the country. To be more particular, CoinSwitch Kuber, the largest Crypto platform in India, has had almost 6 million active users since 2020.
Even Women and Senior Citizen Invest in Cryptocurrency?
Yes, there is a little bulge curve when we investigate the investments made by Women and Senior citizens in India.
CoinSwitch Kuber’s CEO confirms it. According to the statement, even the elderly and women have become tech-savvy and are investing in cryptocurrency. Their interest in crypto investment has become a strength to build their numbers. The company also sees nothing strange in women investing in cryptocurrencies as they also wish to have a secure backup for the future.
Now that we have got a fair knowledge about cryptocurrencies and their numbers related to Indians. Undoubtedly, Cryptocurrency has become the rival for gold and other spontaneous investments made by Indian investors.