In India, where well-to-do citizens own more than 25,000 tonnes of gold, investments in crypto mushroomed from about US$200 million to nearly US$40 billion in the past year, which translates to a massive 19,900% jump.
Entrepreneur Richi Sood, 32, is one of those Indian citizens to have pivoted from gold to crypto. Since December 2020, she’s invested US$13,400 into Bitcoin, Dogecoin and Ethereum.
Sood’s timing has been fortuitous so far. She cashed out part of her position when Bitcoin broke through US$50,000 in February and then bought back in after the recent tumble.
I’d rather put my money in crypto than gold. Crypto is more transparent than gold or property and returns are more in a short period of time.
Indian entrepreneur, Richi Sood
Younger Cohort Cracks on to Crypto
Sood is just one of a growing cohort of Indians – now totalling more than 15 million – buying and selling digital coins. Much of the interest in India is centred on the 18-35 age group, says Sandeep Goenka, co-founder of India’s first cryptocurrency exchange.
They find it far easier to invest in crypto than gold because the process is very simple. You go online, you can buy crypto, you don’t have to verify it, unlike gold.
Sandeep Goenka, co-founder of ZebPay
India Mirrors Australian Crypto Trend
The crypto landscape in India mirrors the trend in Australia, where a survey earlier this year indicated investors were favouring cryptocurrencies over gold and expressing a high level of interest in crypto debit cards. As in India, younger people are also demonstrating the most enthusiasm for crypto, even favouring digital assets over real estate.
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