From Gold to Crypto: Indians are Investing Billions in Bitcoin

Indians are seemingly moving from gold to crypto from about $200 million to nearly $40 billion in the past year, according to data from Chainalysis despite a proposed trading ban.

Indians are Eyeing Towards Cryptocurrencies

Indian households reportedly hold over 25,000 tonnes of gold. Amid the glitter obsession, citizens are now eyeing the digital equivalent to gold, i.e. Bitcoin.

For instance, data from blockchain analysis firm, Chainalysis’s latest report indicated that Indians have invested more than $200 million to nearly $40 billion in the past year.

Richi Sood is among the many who have jumped from gold to crypto, having invested over $113,400 into Bitcoin, Dogecoin, and Ether. Reaping the benefits out of the leading cryptocurrency, Sood cashed out part of her position when BTC touched $50,000 in February while buying back during the latest dip, saying:

“I’d rather put my money in crypto than gold. Crypto is more transparent than gold or property and returns are more in a short period of time.”

She’s part of a growing number of Indians which includes more than 15 million who are into the nascent asset class.

Age group between 18-35 year are seemingly more interested towards the digital asset, according to the co-founder of ZebPay, Sandeep Goenka:

“They find it far easier to invest in crypto than gold because the process is very simple. You go online, you can buy crypto, you don’t have to verify it, unlike gold.”

In fact, the four biggest Indian crypto exchanges saw a daily trading jump to $102 million from $10.6 million a year ago, according to CoinGecko while the country’s $40 billion market is only behind China’s $161 billion, according to Chainalysis.

Bitcoin is the New Gold: Mexico’s 3rd Richest Man

Bitcoin (BTC) is definitively the “new gold”, according to the third richest man in Mexico, Ricardo Salinas Pliego. In a tweet on June 27, Ricardo Salinas Pliego recommended Bitcoin as an investment rather than fiat currencies or gold while revealing he is working to make his Banco Azteca the nation’s first bank to accept bitcoin.

That’s totally right, #Bitcoin is the new gold, but too much more portable, transport #Bitcoin is so much easier than having your in pockets gold bars 🤪… and i know that I’m going to be attacked by gold lovers 😜😌 https://t.co/aMMxd6OwFg

— Ricardo Salinas Pliego (@RicardoBSalinas) June 27, 2021

Pliego’s total net worth includes $15.8 billion. In November, Salinas revealed that he had 10% of his liquid portfolio invested in bitcoin.