Indians investment in crypto touches $10 billion this week
Indians are investing in digital tokens more than ever with cryptocurrency exchanges breaking numerous records
With cryptocurrency on the roll since October 2021 with meme coins taking a lead, investment from India have seen multi-fold increase.
According to crypto research and intelligence business CREBACO report, Indians’ investment in cryptocurrencies has increased to over $10 billion this week, as compared to $923 million recorded in April last year with the market at an all-time high.
Indians are investing in digital tokens more than ever with cryptocurrency exchanges breaking numerous records both in terms of investors and sums invested, the report adds.
Speaking on this, CREBACO founder Siddharth Sogani said,
“People are more aware about how a centralised financial system works and once they know how flawed it is, they have no option but to move to decentralisation."
It was also found in the report that close to 105 million people or 7.90% of Indian citizens have invested in some kind of digital token, but these figures have been contested by many crypto experts who do not believe this number.
However, the increase in crypto investment is due to various awareness initiatives crypto exchanges have started in India.
Many exchanges have started advertising campaigns on national TV, news channels and some even started sponsoring cricket events, which has attracted lots of eyeballs and created buzz among younger audiences, which are attracted towards alternative finance.
Indians see huge potential for growth in the market with a predominantly young population. Apart from this Blockchain, the technology that underlies many cryptocurrencies has also favoured popular celebrities launching their own NFTs (non-fungible tokens) to sell memorabilia to carry their exclusive digital signatures.