Investments in cryptocurrency in India grew by 20,000% in 1 year

One of the markets where the competition between Bitcoin and gold is most pronounced is certainly India.where traditionally invested in precious metal.

Indian households are believed to own over 25,000 tons of gold, although bitcoin has also entered the country recently.

According to Chainalysis, over the last year alone, cryptocurrency investments in the country have grown from about $ 200 million to nearly $ 40 billion, which means a 20,000% increase.

</p>

However, the most surprising thing is that thisThe incredible increase came despite numerous efforts by the country's government and central bank to prevent, if not outright ban, investment in cryptocurrencies.

Thus, on the one hand, there aretraditional institutions trying to convince citizens not to invest in bitcoin, on the other hand, more and more citizens prefer to invest in bitcoin and cryptocurrencies.

Now there are over 15 million in the countrycrypto investors, less than 23 million in the US, but more than 2.3 million in the UK. However, with a population of over 1.3 billion, the proportion of Indians working in the cryptocurrency markets is still very low at 1%.

Of these 15 million, the largest share isMillennials, particularly Indians under 35, who are less attracted to gold than previous generations, according to the World Gold Council. They are also less risk averse.

It is worth noting that the size of the Indian crypto marketis still tiny compared to the size of gold, but the upward trend is clear, especially after the ban was declared unconstitutional last March.

In addition, many Indian families who owngold may be interested in experimenting with new investment opportunities, especially if they are convinced that they can bring high returns.

It is known that due to their volatility, cryptocurrencies can indeed bring large profits in a short period of time, and without much effort.

There is another factor that makessome Indians prefer bitcoin over gold - the ease of buying BTC. On many crypto exchanges and P2P platforms, investors can make purchases without having to go through verification.

Where is it more profitable to buy bitcoin? TOP-5 exchanges

For a safe and convenient purchase of cryptocurrencies with a minimum commission, we have prepared a rating of the most reliable and popular cryptocurrency exchanges that support deposits and withdrawals of funds inrubles, hryvnias, dollars and euros.

The reliability of the site is primarily determinedtrading volume and number of users. By all key metrics, the largest cryptocurrency exchange in the world is Binance. Binance is also the most popular crypto exchange in Russia and the CIS, since it has the largest cash turnover and supports transfers in rubles from bank cardsVisa / MasterCardand payment systemsQIWI, Advcash, Payeer.

Especially for beginners, we have prepared a detailed guide: How to buy bitcoin on a crypto exchange for rubles?

Rating of cryptocurrency exchanges:

#	Exchange:	Website:	Rating:
1	Binance (Editor's Choice)	https://binance.com	9.7
2	Bybit	https://bybit.com	7.5
3	OKEx	https://okex.com	7.1
4	Exmo	https://exmo.me	6.9
5	Huobi	https://huobi.com	6.5

The criteria by which the rating is set in our rating of crypto-exchanges:

• Work reliability&#8212; stability of access to all functions of the platform, including uninterrupted trading, deposits and withdrawals of funds, as well as the duration of the market and daily trading volume.
• Commissions– the amount of commission for trading operations within the platform and withdrawal of assets.
• Feedback and support– we analyze user reviews and the quality of technical support.
• Convenience of the interface– we evaluate the functionality and intuitiveness of the interface, possible errors and failures when working with the exchange.
• Platform Features– availability of additional features &#8212; futures, options, staking, etc.
• final grade– the average number of points for all indicators determines the place in the ranking.

</p>

Rate this publication