Cryptocurrency has created a revolutionary change in the fintech space. For the first time when Bitcoin entered the market, it was all chaos. People were unsure about what’s happening and what kind of change one could expect from the digital currency. However, Bitcoin mining took a boom and experienced significant highs and lows in no time.
Bitcoin is considered to be the most predominant cryptocurrency across the globe. But yet, it is still an unresolved mystery. Bitcoin’s creation and creator left everyone in radio silence. No one knows who created it, but it is always seen growing day by day. It has demand, value, and worth.
Today, despite all the ambiguity in regulations and extreme volatility, millions prefer to investing in cryptocurrencies, and in India, nearly 15 million Indians have invested in cryptocurrencies.
A recent statement from Chainalysis said, “In India, where households own more than 25,000 tonnes of gold, crypto investments grew from about $923 million in April 2020 to nearly $6.6 billion in May 2021.” This almost represents a 612% rise in cryptocurrency users in the country. CoinSwitch Kuber, India’s largest crypto platform, has boarded nearly 6 million active users since its inception in June 2020.
Although it is still uncertain, with several restrictions and bans on cryptocurrencies (across the globe), there is still a massive upward trend in the growth of cryptocurrencies. The government has also begun to realize the significance of the technology that could create a more effective and efficient economy of the currency itself.
In 2008, when the crypto was a full-on swing, several countries’ governments kept a ban on preventing banks from pursuing crypto transactions. The government was disbelieving cryptos due to their anonymous nature that could cause fraud and other criminal activities.
“In India, in May 2020, the supreme court quashed the ban stating that there were no grounds for placing such a ban on cryptocurrencies.” With this, crypto enthusiasts began to invest in cryptocurrencies and rushed to bag the digital assets. Since then, the trades in the crypto market have increased drastically and so have continued.
As the digital assets evolved, it was considered to be the new gold, especially in India. Bitcoin quickly became one of the favorite cryptocurrencies taking a seat beside the gold. Indians began to compete with the 23 million crypto users in the U.S. and way beyond the 2.3 million crypto users in the U.K. Interestingly, crypto users are mostly aged between 18-35, being first-time crypto investors.
Global platforms have also started to accept payments in cryptocurrencies. For instance, Microsoft (the early adopter), Starbucks, PayPal, Overstock, Newegg, etc., have begun to accept payments in cryptocurrencies.
The biggest development in the crypto space is women entering the crypto space.
Ashish Singhal, CEO and founder of CoinSwitch Kuber, said, “The elderly, too, are becoming more and more tech-savvy and see nothing strange in allocating their savings to assets via swipes on their phones in a bid to diversify their investment bouquet.” He added, “the interesting part is that their activity matches the young folks.”
In India, almost 15% of female investors are found in this tremendous volatile space. And in the last year, the count of women rose by nearly 1400% across all the exchanges. The uplift of female crypto investors or users took place across the globe, and hence, it has become a more exciting space today.
Of course, we have been talking about gold all these years, and today, cryptocurrencies have become more prevalent in India and across the world. Well, being in between a nascent stage to a developed stage, cryptocurrencies are booming everywhere. The largest firms accept crypto, traditional trading turning to digital asset-based trading, daily exchanges, instant price updates in crypto, make it more exciting than the Fiat currency. The increasing adoption of cryptocurrency is another sign of the world switching to less Fiat and more digital currency!