India has more than 100 million crypto owners, report finds

Despite the fact that the cryptocurrency market in India is subject to governmental restrictions and volatility difficulties, crypto trading continues to be one of the most popular investment options for Indians.

According to statistics published by broker discovery and comparison tool BrokerChooser, India is home to the biggest number of cryptocurrency owners in the world, with 100 million. After that, the United States and Russia take the second and third positions, respectively.

What is it about cryptocurrency trading that is so popular in India?

Chance to boost their money

One of the key reasons why cryptocurrency has been able to gain significant traction in India is the fact that this asset provides investors with the opportunity to grow their money in tandem with global growth rates and technological advancements.

The bulk of bitcoin investors are from semi-urban and urban areas, and they have acquired a strong interest in cryptocurrencies and have been investing their money in cryptocurrency to generate additional revenue.

Indian investors have been captivated by cryptocurrencies since the Reserve Bank of India lifted the prohibition on digital money in March 2020, proving that the technology is here to stay.

Crypto exchanges on the rise

The cryptocurrency exchanges that have been formed in the country have seen a considerable growth in trading volumes, which has been accompanied by an increase in user additions. They continue to receive a large amount of traffic from people who are interested in investing in bitcoin.

Zerodha, a popular stock brokerage platform in India, has seen a huge increase in the number of investors moving their money into cryptocurrency trading.

However, while purchasing stocks continues to be one of the most popular investment possibilities, cryptocurrency is more profitable because of its better profitability and its ability to generate additional income.

Meanwhile, according to data gathered by BrokerChooser, the United States is second on the list (with 27.4 million people), followed by Russia and the United Kingdom.

 

Image courtesy of Cointelegraph News/YouTube

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