The mantra of cryptocurrency enthusiasts Bitcoin being equivalent to digital gold has won converts among the largest holders of the precious metal.
Chainalysis reports that India’s investments in cryptocurrency rose from $200 million to almost $40 billion last year. This is despite the fact that Indian households have more than 25,000 tonnes gold. This is despite the fact that the central bank has expressed hostility to the asset class and proposed trading bans.
Richi Sood is a 32-year old entrepreneur who switched from crypto to gold. She has invested just over 1,000,000 rupees ($13.400) since December – some of which she borrowed from her father. This money was used to buy Bitcoin, Dogecoin, and Ether.
She’s also been very lucky with her timing. She sold a portion of her position in Bitcoin when it surpassed $50,000 in February, and then bought back in following the recent tumble. This allowed her to finance the international expansion of her education startup Study Mate India.
Sood stated that he would rather invest in crypto than gold. “Crypto is transparent than property or gold, and the returns are greater in a short time.”
She is part of an increasing number of Indians, now more than 15,000,000, who buy and sell digital coins. This is catching up to the 23 million U.S. traders of these assets, compared with only 2.3 million in Britain.
According to the co-founder and CEO of India’s first cryptocurrency exchange, the growth in India comes from the 18-35-year-old cohort. According to the latest World Gold Council data, Indians under 34 years old have less interest in gold than those who are older.
“They find it much easier to invest in cryptocurrency than gold because of the process being very simple,” said Sandeep Goenka who co-founded ZebPay. He spent many years representing the industry during discussions with the government about regulation. You can purchase crypto online and you don’t need to verify it like gold.