There is an evident surge in the number of crypto adopters in India, particularly in the smaller cities of the country. The very fact was duly noticed and elaborated upon by the Indian crypto trading platforms who are of the view that once again crypto adoption is picking up pace in the country. A large number of new Indian crypto investors consist of people coming from multiple backgrounds but most of them are from the educated class whose focus is not only towards Bitcoin but also in other potentially beneficial cryptocurrencies.
India was amongst the few countries where crypto adoption went on to its extreme. However, when the Government saw interest of its interests diverting towards crypto, the Government started to curtail that interest. Rightly so because when crypto boom was present in India so was the Covid-19 crisis. But since Indian Government hadn’t tested cryptocurrencies at all, it did not want to take chances by relying upon crypto. Although many insisted the Indian Government to buy Bitcoins considering the profits, yet the Government refused to do so. In the meanwhile, the value of Bitcoin dropped to a dangerous level and so the Indian Government too became a believer that crypto volatility was bad.
Even in these circumstances, the Indian Government did not fail to recognize the potential of crypto adoption in the future. In fact, it approved the Indian central bank to start the project for digitalizing Indian Rupee. Meanwhile, crypto in India started to gradually lose its momentum and by the end of year 2020, the momentum was completely vanished.
Now once again the momentum has started to creep in. Evidently, the number of crypto adopters in India is rising into multiple thousands every day. This exponential growth of crypto adopters in India has been duly acknowledged by Indian crypto exchanges. Most importantly, the new influx of investors mainly consists of investors of all sizes. However, the majority of investors are from relatively smaller cities of India. This is a major achievement in terms of crypto adoption in the country because previously people mainly from larger cities were more interested in crypto.
According to India’s top crypto exchange WazirX, they are once again finding it difficult to facilitate crypto account subscriptions. Nischal Shetty, CEO of WazirX, said that he is astonished to see interest developing in the smaller cities. He suggested that currently the effects of pandemic have been sustained and the Indian Government is trying everything to fully resume various industries. He hoped that the Government will also seriously consider the crypto industry which is as important as any other.
Another important thing to note about rising crypto investors in India is that majority of them are from the highly educated class. This is very crucial aspect because educated people will encourage others and mass-level crypto adoption throughout India could be expected.