There are over 100 million crypto owners in India, report finds 🚨 This article is 3 years old...
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There are over 100 million crypto owners in India, report finds
According to BrokerChooser, India beats the US in hosting roughly 100 million crypto owners in the world.
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Updated: Oct. 21, 2021 at 9:09 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Despite facing regulatory challenges and volatility issues in India, crypto trading continues to forge its way ahead in terms of being one of the most popular investment options for Indians.
As per stats issued by broker discovery and comparison platform BrokerChooser, India is home to the highest number of crypto owners in the world. It is followed by the US and Russia in second and third place respectively.
Why is cryptocurrency trading popular in India?
One of the primary reasons why cryptocurrency has managed to gain considerable momentum in India is the fact that this asset offers investors a chance to grow their money in sync with the global growth rates and upgrades.
The majority of investors belong to semi-urban and urban cities, who have developed a keen interest in cryptocurrency and have been investing their money in crypto to earn extra income.
Cryptocurrencies have managed to keep Indian investors engaged ever since the Reserve Bank of India had lifted the ban on digital currency in March 2020. The cryptocurrency exchanges established in the country had recorded a significant surge in trading volumes followed by increased user additions and continue to receive heavy traffic of people interested in investing in cryptocurrency.
Zerodha, a leading Stock Broker platform in India, has witnessed a blunt diversion of investors migrating towards crypto trading. While purchasing stocks remains one of the people’s favorite investment alternatives, crypto is lucrative due to its higher profitability and its ability to generate extra money.
Meanwhile, the data collected by BrokerChooser has revealed that the US holds the second spot in the list (27.4 million), followed by Russia being the third (17.4 million) and Nigeria as the fourth (13 million).
