Reasons that drive demand for Crypto in India

in hive-175254 •  2 months ago 

The Crypto segment has been growing significantly worldwide and India is not left behind. Its the that there is ambiguity for crypto regulation in the country but despite this fact, India has 15 million crypto holders. The last 6 months have shown amazing growth in new people onboarding and there are some reasons that have driven this fantastic growth in the country for crypto holders.

After the pandemic, last year in 2020 people started working from home and many got affected in their employment so they started looking for options to earn money online. Even the traditional stock market was crashed badly. Gold and commodity prices were also not doing well. Many people do stock trading along with their full-time job to earn some additional income and when the market was crashed then it made them put in a position to look for alternatives while being at home. The Crypto market works better than the traditional stock market because it runs 24x7 and that too the entire year so there is an operating window like we get with the stock market.

image.png

src

There was a banking ban for almost 1 and a half years and during that period crypto trading was not easy since very few exchanges were providing peer-to-peer options for crypto trade. During the banking ban, banks have revoked their services to exchanges that had resulted to no direct fiat deposit or withdrawal. This banking ban was removed by the court on 10th March and within a week few exchanges had enabled fiat deposit and withdrawals so before the lockdown crypto segment in India got easy access to crypto and this worked well to bring more users.

Earlier gold was safer and preferred investment instrument but after the covid situation, youngsters and people between 18 to 35 years find crypto a better option to invest as compared to gold. This shift has changed the narrative and the crypto market was growing well when almost all other markets were not doing well.

Bitcoin price was almost 8k USD in March 2020 when lockdown started and then within 2020 its crossed the mark of 50k USD which is another interesting factor that brought millions of Indian people in the crypto space. Although not everyone is the holder and many have come to trade and earn quick money daily like they used to do in the stock market but still there is a big chunk of people who are here with a long-term mindset and this has been confirmed by the Indian exchanges.

Indian exchanges started advertisement and this is another positive move that made many Indians explore crypto and now we can see a positive shift towards crypto by television media, print media, and even by the government. Indian exchanges like Wazirx, zebpay, Bitbns, and coindcx, etc have witnessed unexpected growth which they never expected and now they are doing a lot to bring even more people.

image.png
src

This growth did not limit itself here only as elderly and women also started investing in crypto. Now I know a dozen of people who have invested in crypto their mindset is for the long term. When I started my crypto journey that time banking ban was going on and at that time talking about crypto was like a crime. People used to think that its illegal and they must stay away from such things else govt might take action against them.


The shift in paradigm takes time and now after a couple of years which I can say from the last bull that we had in the first quarter of 2018 and now we are in the 3rd quarter of 2021. Its a period of 3 years and things have changed significantly whereas the most important thing is the mindset towards and now even the same media which earlier used to call crypto a ponzy scheme is now sharing the updates daily saying that crypto is the future. All this happens when we still don't have regulation so just imagine how things will be once we have regulation in place. I can see the future of crypto in India and can say that post-regulation in India we can see lots of innovation and it will drive for even better crypto growth in India.

Thank you so much

Stay Safe

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
Sort Order:  

Greetings @reeta0119 💕😊

Indian is one of the top countries I respect a lot when it comes to impacting BTC bullish effect and this is due to their increase in population.

Indian exchanges started advertisement and this is another positive move that made many Indians explore crypto and now we can see a positive shift towards crypto by television media, print media, and even by the government.

This is why we shouldn't Underestimate the Power of advertisement. From what you wrote here we can really see that advert is one of the reasons behind the crypto demand in India. We need to keep promoting cryptocurrency by a advertising to others to attract other people just like the way they did in India.

Thanks for sharing this great post with love from @hardaeborla and I hope you have a great day ahead 💕😊

I think the reasons you raise are valid, in fact the dynamics of cryptocurrencies somehow drives that behavior, because of how easy cryptocurrency transactions can be made, you will see that more and more the 3% of the world population will continue to grow in the adoption of cryptos.

Yes, you are right and we can see good growth in the coming years. Thanks

Hello friend.

Certainly the cryptocurrency market has grown, so India being an overpopulated country is not going to be left behind in the adoption and use of cryptocurrencies.

Greetings and thanks for sharing this valuable post.

cryptocurrencies are here to stay and after 3-4 years we can see much more of it. Thanks for stopping by

Hello @reeta0119

Wow, 15 million Crypto holders in my country would mean that about 60% of the population makes use of the crypto market to do their financial transactions, I don't know what the figure is in Venezuela. Although proportionally for India it is a relatively low percentage, as you put it 15 million is still a fantastic growth.

Best regards, be well.

As far as I know then people from Venezuela are so tech-savvy and so many people from there are part of the crypto revolution. thanks for stopping by

Hello friend certainly the paradigm changes are difficult, sometimes people close before many modern opportunities, it takes a few years but I already note that India has understood this new paradigm and people began to believe this market.

So long as you have a great weekend.

Thanks for sharing your valuable comments, my friend. Have a great day

greetings @ reeta0119

The cryptographic world is very dynamic and attractive.

I am sure that little by little these adoption initiatives will be replicated more and more, this number of processors that you mention is very significant.

There are still many people in the world who do not understand the world of blockchain and the benefits it provides for investments, congratulations for India.

Thank you very much for sharing

@tipu curate 2

Greetings, friend!
That there are 15 million crypto holders in India sounds fantastic, indicating that they value the crypto world and that cryptocurrencies may continue to rise in the next years.
I hope that other nations with little resources and large people adopt blockchain and cryptocurrency; it has the power to change their life because living on a low-income or no-income basis is extremely challenging.
Honesty, I admire this post for informing me about the level of awareness that exists in Asia.
Thanks for sharing.

The significance of cryptocurrency is been felt around the globe, people are doing so well to embrace the significant change. India with it's massive population will definitely not be left out. Stay safe buddy.

India Would be the next Crypto investor in the coming future. I tell you a small data of one exchange you will be amazed with the volume.

Wazirx is the Indian crypto exchange with the monthly volume of $2.3billion this is just one exchange.

And as per the population most of the people do t know about it only 15 million known think about if it increase to 50 million how would be the volume from just india.