Bitcoin becoming the new gold as Indians pour billions into crypto
The cryptocurrency aficionados’ mantra that Bitcoin is equivalent to digital gold is winning converts among the world’s biggest holders of the precious metal.
In India, where households own more than 25,000 tonnes of gold, investments in crypto grew from about $200 million to nearly $40 billion in the past year, according to Chainalysis. That’s despite outright hostility toward the asset class from the central bank and a proposed trading ban.
a 32-year-old entrepreneur is one of those who swerved from gold to crypto. Since December, she’s put in just over 1 million rupees ($13,400) – some of it borrowed from her father – into Bitcoin, Dogecoin and Ether.
And she's been fortunate with her timing. She cashed out part of her position when Bitcoin smashed through $50,000 in February and bought back in after the recent tumble, allowing her to fund the overseas expansion of her education startup Study Mate India.
"I'd rather put my money in crypto than gold,” Sood said. “Crypto is more transparent than gold or property and returns are more in a short period of time.”
She’s part of a growing number of Indians -- now totalling more than 15 million -- buying and selling digital coins. That’s catching up with the 23 million traders of these assets in the U.S. and compares with just 2.3 million in the U.K.
Read more at: https://economictimes.indiatimes.com/markets/cryptocurrency/bitcoin-becoming-the-new-gold-as-indians-pour-billions-into-crypto/articleshow/83909304.cms