Has Cryptocurrency Become Every Indian's Dream Investment?

The uncertainty of 2020 has increased the interest of the global public and large institutional investors in trading cryptocurrencies, a new age asset class. Increased digitization, a flexible regulatory framework, and the lifting of the Supreme Court ban on banks trading in crypto-based businesses have put a hold on investment from over 10 million Indians last year. Several major global cryptocurrency exchanges are actively investigating the Indian crypto market. The Indian crypto market has seen a surge in daily trading volume over the past year as prices plummeted as many investors sought worth purchases. As the cryptocurrency craze continues, many new cryptocurrency exchanges have popped up in the country, facilitating buying and selling by offering functionality through user-friendly apps. Air, India's largest cryptocurrency trading platform, has doubled its user base from 1 million to 2 million between January and March 2021. What is driving the world's largest cryptocurrency exchange to enter the Indian market? In 2019, Finance, the world's largest cryptocurrency exchange by trading volume, acquired Indian trading platform Air. . Another cryptocurrency startup, Coin DCX, has secured investments from Seychelles-based Bitter and San Francisco-based Coinbase. Indian cryptocurrency and blockchain startups have attracted US$99.7 million in investment as of 15 June 2021, bringing the total to nearly US$95.4 million in 2020. Over the past five years, global investment in the Indian cryptocurrency market has grown by a whopping, 1487%. Despite India's political uncertainty, global investors are betting on a range of factors. Older generations still prefer to invest in gold, real estate, patents, or stocks, while newer generations are embracing these exchanges because they are more adaptable to riskier cryptocurrency exchanges. India ranked 11th for global cryptocurrency adoption in the 2020 Chainalysis report, demonstrating the excitement about cryptocurrencies among the Indian population. Even the unfriendly attitude of governments towards cryptocurrencies and the rumors circulating about cryptocurrencies cannot shake the confidence of young people in the digital coin market. India has the cheapest internet in the world, with 1 gigabyte of mobile data charged around $0.26, while the global average is $8.53. Therefore, almost half of the billion users have affordable internet access, increasing the chances that India will become one of the largest crypto-economies in the world. According to SimilarWeb, the country is the second-largest source of web traffic to peer-to-peer bitcoin trading platform Paul. While the mainstream economy is still struggling from the "pandemic effect", cryptocurrency is gaining momentum in the country as it provides the younger generation a new and fast way of earning money. It is safe to say that cryptocurrency might make Indian millennials what gold is for their parents! * Rise of Fintech Start-ups The cryptocurrency craze led to the emergence of multiple trading platforms such as Air, Coin Switch, Conduct, Repay, Undoing, and many others. These cryptocurrency exchange platforms are highly secured, accessible across various platforms, and allow instant transactions, providing a friendly interface for crypto enthusiasts to buy, sell, or trade digital assets limitlessly. Many of these platforms accept IN for purchases and trading fees as low as 0.1%, so simple, fast, and secure platforms present a lucrative opportunity for both first-time investors and local traders. Air is one of the leading cryptocurrency exchange platforms with over 900,000 users that provides customers with peer-to-peer transaction capabilities. Coin Switch Uber offers Indians, the best cryptocurrency exchange platform, ideal for beginners as well as everyday makers. Undoing is one of the oldest cryptocurrency exchange platforms in India and through mobile applications he supports over 1 million traders. Conduct provides users with over 100 cryptocurrencies as exchange options and offers investors insurance to cover losses in the event of a security breach. Therefore, global investors are turning to India's numerous cryptocurrency exchange platforms to take advantage of the burgeoning market. * Government reaction has been mixed A cryptocurrency ban bill could come into force criminalizing anyone involved in owning, issuing, mining, trading or transferring crypto assets. However, Finance and Business Affairs Minister Animals Starman has eased some investors' concerns by saying the government has no plans to ban the use of cryptocurrencies outright. In a statement to Britain's leading newspaper, the Deccan Herald, the Finance Minister said: Allows certain opportunities to experiment with blockchain, bitcoin, or cryptocurrencies. " The government is still assessing the national security risks posed by cryptocurrencies before deciding on an outright ban. It is clear. In March 2020, the Supreme Court reversed the central bank's decision to ban financial institutions from trading cryptocurrencies, prompting investors to flood the cryptocurrency market. Undoing, one of India's oldest exchanges, added 20,000 users in January 2021 and February. Regarding the cryptocurrency scenario in India, the Finance Minister said in an interview with CNBC - TV18: Investors and stakeholders should not just sit on the sidelines until the government implements a ban on "private" cryptocurrencies and announces a sovereign digital currency. I would like to take advantage of it. Going to India with Cryptocurrency Male Entering the Cryptocurrency Market Once considered a' boys club' due to the majority of the male population being male, the number of female investors and traders continues to grow. Increasing gender neutrality in new digital forms of investment. The traditional way to invest, but now I put them on the ground and step into the Indian crypto space Coin Switch saw a 1000% increase in female users after the Supreme Court clarified the legality of India's cryptocurrency platform "virtual currency". Female investors still make up a small percentage of the cryptocurrency community, but face stiff competition in the Indian market. Women tend to have more than men, and more savings means more types of investments, such as high-yield assets like cryptocurrencies. Women are also more successful as investors because they are more analytical and better at assessing risks before making appropriate investment decisions. The uncertainty and panic caused by SARS-Ovid 19 led to a liquidity crisis even before the economic crisis hit. Bitcoin and Antoine prices plummeted as many investors turned their holdings into cash to secure funds. However, even though cryptocurrencies suffered a major crash, they still managed to remain the best performing asset class in 2020. With the increasing fragility of the system and the loss of trust in central bank policies and money in its current form, people are increasing their appetite for digital currencies, which is leading to the rise of cryptocurrencies. Due to the excellent performance of cryptocurrencies in the midst of the global financial crisis, uptrend are fueling interest in Asian and other global cryptocurrency markets. To foster society's demand for convenient and reliable transaction solutions, digital payment gateways like PayPal have also demonstrated support for cryptocurrencies that allow consumers to hold, buy, or sell virtual assets. Increase. Recently, Tesla CEO Elon Musk announced a $1.5 billion investment in the cryptocurrency market and the electronics company will accept Bitcoin from buyers. This caused the international bitcoin price to jump from $40,000 to $48,000 in two days. His Two of the world's largest payment platforms, Visa and Mastercard, also support cryptocurrencies by introducing them as a means of transaction. Visa has already announced that it will allow stablecoin trading on the Theorem blockchain, while Mastercard plans to start trading cryptocurrencies sometime in 2021. What is the future of the Indian cryptocurrency market? Indian cryptocurrency market is not immune to the dreaded cryptocurrency crash Despite huge investments from global partners, local investors are still staying away from crypto investments due to uncertainties regarding the legality of India's digital coin ecosystem and high market volatility. Cryptocurrency Although the market has been booming since last year, Indians own less than 1% of the world's bitcoin, which is a strategic disadvantage for the Indian economy. The Indian government plans to appoint a new agency to study the possibility of regulating digital currencies in the country, focusing on blockchain technology and proposing it for technological improvements. Blockchain technology's ability to provide a secure and immutable infrastructure has been recognized in various industries for providing transaction transparency. For a country with more than 15 million cryptocurrency adopters, the commission's new recommendations could be of great value in determining the future of cryptocurrencies in India. However, the stakeholders believe that the technical and economic power will make India a key player in the crypto and blockchain market. Gradually, the cryptocurrency is gaining mainstream acceptance, which could lead to higher adoption of digital currency. According to another Teaches Research report on "India Cryptocurrency Market By Offering (Hardware & Software), By Process (Mining & Transaction), By Type (Bitcoin, Theorem, Bitcoin Cash, Ripple, Dashing, Bitcoin, Others), By End User (Banking, Real Estate, Stock Market & Virtual Currency), By Region, Forecast & Opportunities, 2026", India cryptocurrency is anticipated to grow at a significant CAGR owing to increasing requirement for transparency and reduction in transaction costs. Additionally, rising adoption of digital currency and growing blockchain technology are fuelling India's cryptocurrency market. According to Teaches Research report on Global Cryptocurrency Market By Offering (Hardware & Software), By Process (Mining & Transaction), By Type (Bitcoin, Theorem, Bitcoin Cash, Ripple, Dashing, Bitcoin, Others), By End User (Banking, Real Estate, Stock Market & Virtual Currency), By Company, By Region, Forecast & Opportunities, 2025 ", the global cryptocurrency market is anticipated to grow at a robust CAGR of 7% owing to the high growth in venture capital investments and enhanced transparency in distributed ledger technology.