BrokerChooser studied the cryptocurrency market and came to the conclusion that India surpasses the United States and Russia in the number of cryptocurrency owners.
Despite the challenges posed by the regulation of cryptocurrencies in India and the economy, the industry is growing and becoming one of the most popular investment options for the local population. According to statistics published on BrokerChooser, India
resides 100 million investors – the largest number of cryptocurrency owners per country in the world. The second place is taken by the USA – 27.4 million, the third is Russia – 17.4 million, Nigeria is in fourth place with 13 million cryptocurrencies.
The bulk of Indian investors are residents of large and medium-sized cities in India. They invest their money in cryptocurrencies, mainly to generate additional income.
Indian investors have started to show increased interest in cryptocurrencies since March 2020, when the Central Bank of India lifted the ban on cryptocurrency transactions. Since then, India’s cryptocurrency exchanges have recorded a significant increase in trading volumes, followed by an increase in the number of users. Nowadays, trading platforms are still recording an increase in the traffic of users who want to invest in cryptocurrencies.
Indian brokerage platform Zerodha reported that in 2020 it has witnessed the migration of investors from the stock market to the cryptocurrency market. Buying shares continues to be one of the popular investment options in India. But more and more investors are interested in the cryptocurrency market. This market is more profitable in terms of high profitability and the ability to generate additional money.
Teen investment is driving the rise in popularity of cryptocurrencies across India. Economic problems and government policies have forced Indian teenagers to invest in cryptocurrencies. In May 2021, youth investments reached $ 6.6 billion, last year they invested $ 923 million. Recently, the chairman of the Central Bank of India expressed concern about the rapid development of the crypto industry and its impact on the country’s economy.
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