With the rising adoption of cryptocurrencies, Indian millennials are more and more preferring crypto trading instead of conventional investment means like stock trading.
Most younger people, primarily from India’s smaller cities, are investing in cryptocurrencies like Bitcoin, Ethereum, Solana, and Cardano, the Economic Times reports citing data provided by Indian crypto trading app CoinSwitch Kuber. The figures point out that amongst its 11 million customers, between 25-55% of the younger users are outside cities like New Delhi or Mumbai.
In response to the trading platform’s chief business officer Sharan Nair, millennials think about cryptocurrencies to stocks primarily since they grew up on the internet. According to Sharan:
“Many are techies like us who like to solve issues in the crypto world by contributing code. What can they do as shareholders of a bank whose website they don’t like?”
As we previously reported, data from cryptocurrency exchanges working in India indicated that traders from the smaller cities are more and more purchasing Bitcoin and other digital assets.
The younger traders are doubtlessly gaining inspiration from social media and aggressive marketing strategies adopted by players within the sector.
On the similar time, the consequences of the coronavirus pandemic have pressured many individuals to enterprise into crypto. Digital assets have emerged as a hedge towards moments of economic turmoil. Apparently, cryptocurrencies in India are considered to have a similar appeal to mutual funds, that are synonymous with older traders.
India crypto regulation status
The surge in crypto traders follows small strides in enacting friendly rules that have enabled players like CoinSwitch Kuber to develop their attain within the nation within just 18 months. The platform has even attracted funding from Silicon Valley enterprise capitalist Andreessen Horowitz.
Though India is among jurisdictions attempting to determine a clear crypto regulation framework, players in the sector are assured the federal government will do the right factor citing the potential influence on the economy.
The growing consideration of cryptocurrency investments by Indians highlights the general adoption of digital assets within the nation. In response to information from analytics firm Kantar’s research, about 83% of urban Indians know digital currencies, while 16% own them.