India was literally hit by an explosion in cryptocurrency investment. While in 2019 the Indians invested around $ 200 million in them, last year it was already $ 40 billion. And all this despite the government’s announced plan to ban cryptocurrencies in the country. That’s according to Bloomberg’s analysis.
Analysts explain this incredible leap by a radical change of mindset among younger Indian millennial investors. According to them, cryptocurrencies are a more preferred port for their savings than, for example, precious metals, where members of older generations typically invest.
“I’d rather put money in cryptocurrencies than in gold,” Indian businessman Rishi Sood told Bloomberg. He considers cryptocurrencies to be a more transparent asset than gold or real estate, and is said to provide better returns in a much shorter time.
Today, according to a Bloomberg report, there are more than 15 million people in India who invest their savings in cryptocurrencies. It is about eight million less than in the United States, but at the same time many times more than in the United Kingdom, where there are just over two million cryptocurrency investors. The popularity of cryptocurrencies in India has grown, although the government and the central bank have said that cryptocurrencies will be tightly regulated and talks about banning them.
