Even though there is legal mist surrounding the cryptocurrency market in India and its prices are whimsical too, but still, the number of crypto owners is said to be the highest in the world at 10.07 crore, this is what is being summed up by BrokerChooser which is a platform meant for broker discovery and comparison.
We are followed by the US which has 2.74 crores crypto owners while Russia stands third with 1.74 crores and then comes Nigeria with 1.30 crores proud owners of cryptocurrency.
Going parallel to the trend, as per data enabled by the BSE, stock investment has also garnered formidable interest, as the investors registered with BSE in India were 70 million in June 2021 which is soared to 80 million at present.
Calculating the percentage of crypto owners of the total population, India stands at the fifth spot with 7.30%, while the first spot is occupied by Ukraine with 12.73% minds of the total population have invested in crypto which is followed by Russia with 11.91%, Kenya stands at fourth place and the US is at 8.31%.
BrokerChoose’s annual crypto proliferation index has indicated such findings.
Mr. Shivam Thakral, CEO, BuyUCoin, a cryptocurrency exchange confirms, “The digital assets have caught everyone’s attention not only because it has emerged as the best asset class of 2021 but also because other asset classes are not able to fulfil the aspiration of the smart investors who want their money to grow in tandem with global growth rate.”
As a matter of factly, Bitcoin which is the world’s biggest cryptocurrency has risen to more than 50% since the beginning of this year.
In the case of India, RBI withdrew the ban on Cryptocurrencies in March 2020 and since then a great interest is shown by masses and Indian exchanges located in India registering user additions and witness a surge in trading volumes on daily basis.
This is evident from the fact that a few crypto exchanges have more users than India’s biggest stockbroker Zerodh. Where Zerodh has over seven million users, CoinSwitch has 11 million and WazirX has won 8.3 million hearts.
Besides, the BrokerChoose study also sheds light upon the number of searches made in various countries. In the US, there was the highest number of crypto-related searches made while India stands second to it and the UK and Canada follow.
Jay Hao, CEO, OKEx.Com, which is a global crypto exchange, maintains, “India’s crypto market is witnessing high trade volumes not only from the metro cities but from the entire country. Trade volumes from smaller cities show a high level of penetration of digital assets in India and with post-pandemic recovery, retail and institutional investors are looking for high returns on their investments, it looks like digital assets have become their choice to beat inflation”.
A bill was scheduled to be introduced in the Budget session of Parliament in February 2021, which was meant to ban “private cryptocurrencies” but the bill was not tabled and the legal status of cryptocurrency is still under a cloud in India. The government puts efforts to regulate cryptocurrencies in India, but the media is kept away from the contents of the bill.
Mr. Thakral opines, “More clarity from the government around crypto is the need of the hour and the entire digital asset industry is looking forward to an inclusive and growth-oriented crypto regulation bill in India”.
As Diwali is around the corner, prime faces of Bollywood pitch for crypto-currency as an option for gold shopping. Superstar of the millennium, Amitabh Bachchan promotes cryptocurrencies as the toplofty investment marked by ease, ahead of Dhanteras which is regarded as the most favourable day in the Hindu calendar to buy gold or to launch some new business. In fact, Indians have diversified their Diwali investments to include other assets such as real estate, diamonds and even stocks.
Ranveer Singh, in an advertisement for CoinSwitch Kuber, explains the simplicity of bitcoin trading in a rap.
By tapping celebrated faces as pitchmen, the crypto push has occurred and in Mr Bachchan’s case, a distinct dimension of respectability has been added.
RBI has been critical of cryptocurrencies and wants the government to ban them altogether and some officials even discussed the matter with Mr. Bachchan where the star has assured them of a re-think about his endorsement plan.
In the case of Singh, his fan base comprising YOLO millennials and he is liked among those living in small towns and his pitch is likely to create an impact.
Now, when we consider the global scenario, a slew of celebrities have helped create a strong atmosphere for digital coins. In the US, soccer star Tom Brady and supermodel Gisele Bundchen have sought a percentage in FTX and costar in ads. Further, Paris Hilton, Snoop Dog and Kim Kardashian have endorsed numerous crypto plays too.
Let’s see what turns out in the case of India, whether Indians will prefer crypto investment amid economic super slowdown and with a warlike situation with mighty squinty China.