TL;DR Breakdown
- The stance of the authorities in India has been unclear on the crypto market.
- Despite multiple rumors of the crypto ban and the bearish market, people made their investments.
- From the last year, there has been an increase of 19,900 percent in the amount of investment.
Crypto investment has been a major point of discussion for people in India. Lawmakers have many times informed the introduction of new regulations on the crypto market. Regardless, the stance of people in India on crypto remains unchanged. Compared to last year, there has been an increase of 19,900 percent in the crypto investment in the country.
Crypto exchanges like WazirX and CoinSwitch Kuber recorded the highest traffic this year. WazirX, acquired by Binance, is India’s biggest exchange, and during April-May, the platform had crashed due to high traffic. Such growth wasn’t expected even by the Indian authorities. According to the data, around $38.8 billion have been invested in the crypto world this past year by Indians alone.
The surge in crypto investment in India
According to a recent study, the total crypto investment in the country increased from $200 million to around $40 billion, and this was just amazing. According to the research, there are about $15 million Indians who are investing in cryptocurrencies. It was also seen that in March 2020, when the Supreme Court decided to dismiss the proposal of the Reserve Bank of India to ban crypto investment, the surge in crypto adoption was accelerated.
Ever since the Supreme Court’s decision on cryptocurrencies, the RBI and other authorities have been threatening the citizens with the decision to impose new laws. But from 15 months, no new law has been formulated. According to one of the founders of ZebPay, a cryptocurrency in India, people between the age of 18-35 have preferred to invest in crypto rather than gold.
There are various examples of entrepreneurs and businessmen who have invested in Bitcoin and other altcoins, selling at the ATH in May and thereafter, buying the recent dip. It is clear that the citizens of India favor the adoption of cryptocurrency and crypto investment.
