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.
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.
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