More than 100 million in India currently own cryptos: Report
Indian investors were also quick to jump on Shiba Inu's band wagon, when its prices increased by 300% last week
More than 105 million people, 7.90% of India’s total population currently own cryptocurrency, due to an increasing awareness on the working of the centralised financial system, according to crypto research and intelligence business firm CREBACO. Crypto investments from India have increased to more than $10 billion from $923 million in April 2020, as crypto markets touched all-time highs (based on IP traffic and crypto quantities of Indian users), the research firm said.
It also said that there is not much for the retail investors to worry about, however High Net-Worth Individuals (HNIs) and institutional investors will face a risk. Similarly, there are risks involved for those who are investing over $2,50,000 above the Liberalised Remittance Scheme (LRS) limit, it added.
CREBACO also said that the trading volume on Indian exchanges was noted to be $1 billion everyday. But, the traffic on international exchanges through Indian IPs indicate a massive incline by Indian traders which may go past $5 billion, which are totally unaccounted.
Bollywood adds fuel to fire in crypto investments
Many cryptocurrency exchanges experienced an increase in the number of investors as well as in their value of their assets. This comes, as multiple exchanges have released mew products, including Systematic Investment Plans (SIPs) to attract more investors.
Users of BuyUCoin increased by over 600% in the past one year. The valuation of assets held by investors increased by 1000% to touch $250 million in the same period.
The exchange said that positive bull cycles, global regulatory support, venture capital funding, big time influencers like Elon Musk, awareness on investment and education are the main reasons for the spurt. However, it cautioned that India needs to regulate crypto in order to maintain investor protection.
Indian investors were also quick to jump on Shiba Inu’s band wagon, when its prices increased by 300% last week.
Apart from handsome gains, one of the leading factors driving crypto adoption has been the high voltage ad-blitz featuring bollywood stars that have been unleashed by well funded crypto exchanges.