The world of crypto attracts young investors around the globe, but when it comes to one of the largest economies in the world, there is a real row in this that could have a positive effect on the prospects of the controversial market. India has 750 million people connected to the internet, and they are expressing a growing interest in crypto investments. With hundreds of millions more expected to connect to the network soon, the growth potential is far from being realized.
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According to estimates, already today there are 20 million private crypto investors and the hand is still tipped. While their parents have traditionally invested in gold – a very popular market in India – today’s young people, most of them under the age of 35, are interested in Bitcoin and Ethereum in their investment portfolio.
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The Indian government has recently changed its approach towards cryptocurrencies. For years, the Central Bank of India has expressed opposition to these currencies, fearing that they are used for money laundering and terrorist financing. Last year, the Indian Parliament discussed the possibility of banning crypto trading. This year, however, the Indian government decided to tax profits from crypto assets – which may be a significant step on the way to adopting these currencies as legitimate.
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India’s largest crypto exchange CoinDCX became the country’s first crypto unicorn last year thanks to a valuation of $1.1 billion. They report that 70% of their ten million merchants are between the ages of 18-34. The competing exchanges report similar data.