Ground Report | New Delhi: Indians own cryptocurrency; Indians are leading the rest of the world when it comes to cryptocurrency adoption, while investors are still waiting for an official verdict on cryptocurrency exchanges in the country.
Indians own cryptocurrency
A study conducted by portal BrokerChoose’s annual crypto prevalence index shows that with over 100 million, India has the largest number of crypto owners in the world, followed by the US and Russia.
In the fastest-growing crypto markets in the world, three countries of Asia are on the top, in which Vietnam, India, and Pakistan are named respectively. Not only this, India ranks second in terms of cryptocurrency adoption across the world. Now a crypto company in India has also got a huge investment of $ 260 billion to increase the business.
The surprising thing is that the gap between India and the US ranks second. There are 27.4 million crypto owners in the United States, followed by Russia (174 million) and Nigeria (130 million). It is also related to population. Despite the huge base of crypto owners, India ranks fifth as a percentage of the total population of crypto owners. About 7.30 percent of India’s population own crypto coins.
The cryptocurrency market grew by 706 percent in the countries of Central and Southern Asia and Oceania between July 2020 and June 2021. Here the crypto market value reached $ 572.5 billion (about Rs 42,62,844 crore). These regions have emerged as the fastest-growing crypto markets in the world. These countries include the top three countries in Asia – Vietnam, India, and Pakistan.
According to a report by market research firm Chainalysis, cryptocurrencies are being adopted at the grassroots level in these countries. Not only this, India ranks second in terms of cryptocurrency adoption across the world. Crypto transactions in India accounted for 42 percent of the value of over $10 million (approximately Rs 74 crore). The trend of paying large funds in cryptocurrencies indicates that smart money adoption is increasing in many countries in Asia.
Impact on Gold
Cryptocurrencies have had a huge impact on gold. Experts say that people are turning to crypto to invest and make quick money. Earlier people only had the option of gold, real estate, and stock market for investment. But since the option of cryptocurrencies has been found, it has also become a great tool for investment and speculation. The trend of people towards crypto has increased tremendously in the last year.
According to experts, cryptocurrencies are also one of the reasons for the fall in gold prices because people’s money is going into crypto instead of gold. Gold traders say that according to the trend that was there two years ago, gold has gone down a lot, although China’s economy has also been affected by this.