Cryptocurrency trading platforms in India lament some regulatory gaps that make the market uncertain, to this day. Despite the typically volatile price levels, Bitcoin and other popular blockchain-based money are already an established digital investment option. Experts think they will continue growing for the foreseeable future.
Younger Investors Lead the Way
Currently, there are over 2000 cryptocurrencies being actively traded in the World (and more than double that amount in existence). The growing popularity of bitcoin and its sibling digital money is undeniable – it has been traced since its inception in 2009. News about crypto prices, innovation and blockchain operations has entered mainstream media and caught the attention of even the more conservative investor types.
While Bitcoin’s Market Cap is triple that of its closest competitor, Ethereum, a number of other crypto currencies such as Binance Coin and Dogecoin have a market capitalization in the tens and hundreds of billions of US dollars.
It comes as little surprise that India’s young and tech-savvy population does indeed find this digital transformation to be mostly positive. The main audience of online gambling and casual mobile gaming covers largely the same demographic as that of today’s digital investors.
Younger desi consumers have taken a more prominent place in everyday digital operations, giving more weight to these new forms of secure investment vehicles. Bitcoin casinos or gambling sites like PureWin.com, for example, are a natural way of putting together a popular pastime with a new generation digital asset.
Future Looking Bright for Crypto
In just over a decade, bitcoin went from a few pennies to passing the price of a kilogram of gold. In fact, at its peak in April of 2021, bitcoin reached Rs 50 lakh. For many hesitant investors crypto currencies might remain a possible yet unexplored solution. For some industry experts it is likely to grow into a go-to reserve investment vehicle just like the way gold has been in the past.
The truth is, India has been rapidly adopting the market logic behind blockchain as a whole and cryptocurrency popularity is only a natural consequence. Crypto has been growing both among Bharat urban youth and in remittance transactions from desi families abroad.
Decentralized, impossible to fake and always maintaining a desired level of privacy (yet transparent and easy to verify), blockchain technology stands behind thousands of new generation digital solutions in industry security, database structure, public services and many others. Finance, however, remains its most frequent use case to date.
At a time when e-commerce platforms have started regularly accepting crypto currency payments, the huge Internet desi population has also taken up a notch its awareness levels. Some attempt short-term resale profits, others already follow an “old-fashioned” long term investment approach. One figure is indicative enough about transaction volumes, however – the global market cap of crypto currencies is quoted at 2 trillion US dollars, with bitcoin accounting for more than a half of that.
The ongoing Covid pandemic did not really slow down this trend. It shook investor confidence as a whole but then online solutions and physical distancing became the norm and this only accelerated cryptocurrencies in their growth. Quite importantly, last year the nation’s Supreme Court declared illegal all restrictions on cryptocurrency trade imposed by the RBI at that time. This gave the blockchain currencies a further boost and the market has never looked back.
In their relatively brief existence, crypto assets have faced quite a few doubts, limitations and uncertainties. There is still no national or global regulatory framework to facilitate transactions on a market which is objectively hard to ignore or play down. Despite all that, crypto’s future continues to look bright.
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