Annual Bitcoin, Dogecoin and Ether investments in India grow 19,900% to nearly $ 40 billion ⋆ ZyCrypto

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Investments in Bitcoin, Ether and Dogecoin in India have increased in just 12 months by a whopping 19,900% from 200 million US dollars to currently 38.8 billion US dollars.

According to a report by Reuters, the growth is coming primarily from the 18-35 age group consisting of Generation Z and Millennials. Bitcoin Analysis and Market Comment Handling Noticed on Twitter:

“Indian” has invested 38.8 billion US dollars in #Bitcoin and crypto in the last 12 months. Huge increase of 19,900% from $ 200 – just a year ago. “

Indians: Conversion of physical gold into digital gold

Indians are known to own gold, with households estimated to have owned over 25,000 tons of gold by May 2019. According to Chainalysis, despite the hostile crypto atmosphere, a huge part of this gold is being converted into crypto assets.

India has a population of around 1.39 billion people, composed mostly of young, tech-savvy individuals who are better adapted to cryptocurrencies in the context of emerging and viable technological trends.

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Data from Statista shows that the number of women who have invested in cryptocurrencies increased by 300% between December 2020 and March 2021.

“Between December 2020 and March 2021, the number of women in India who invest in Bitcoin or other cryptocurrencies increased dramatically … That means about one in five customers is female, with the majority of them belonging to an age group between 18 and 34 years of age.” . “

The high volume of trade has attracted investment from major cryptocurrency exchanges such as Binance, which the Indian crypto exchange WazirX acquired, while CoinDCX has attracted investment from BitMEX and Coinbase.

Experts believe the growing trend in crypto investments is likely to continue. Currently, the RBI advises all traditional banking institutions against dealing with crypto-related companies and urges citizens to fulfill their duty of care before getting involved in the cryptocurrency market.

RBI is still anti-crypto

The massive growth in crypto investments took place despite the existing tensions between the Indian government and the crypto community in the country, which began in 2018.

Six months ago, the Reserve Bank of India (RBI) proposed a bill to permanently ban Bitcoin and other cryptocurrencies due to their negative impact on the rupee and other related concerns.

In early June, the RBI also conveyed some key concerns about cryptocurrencies such as money laundering and terrorist financing to the Indian government.

“Nothing will change in the position of RBI. We have great concerns about the cryptocurrency we have reported to the government. “

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