The cryptocurrency cognoscenti spell that Bitcoin is comparable to digital gold. I would rather invest in cryptocurrency than in gold or property, says Sood. According to her, crypto is more transparent as the profits are plentiful in a short span. This young entrepreneur is a part of the 15 million Indians who trade digital coins.
In our nation, where people spend money on tonnes of gold, cryptocurrency investments have brought in a change with quick profits. It has spanned from $200 million to nearly $40 billion in the past year, according to the survey from blockchain firm Chainalysis. Despite everything, the central bank put forward resentments towards the asset group. It also proposed to ban trading in India.
Richi Sood, a 32-year-old female entrepreneur, decided to move from gold to crypto. She invested around $13,400 under Bitcoin, Dogecoin and Ether. She even borrowed from her father. And for her fortune, she withdraws out a part of her investment when Bitcoin peaked at more than $50,000 and gained back in following the recent drop allowing her to raise the fund for her education startup – Study Mate India.
India seems to find its growth from upcoming 18-35-year-old groups, tells the co-founder of ZebPay. The recent World Gold Council reports show that Indians below 34 years have less desire for gold than older buyers. They find crypto to be easier for investment rather than gold. He also mentions that investors can buy crypto easily and need not have to verify it, unlike gold.
One of the restraining hurdles is that there are no certain regulations for its wider adoption. A year back, the Supreme Court revoked a 2018 edict to ban crypto exchange by banks, resulting in a high drop. However, authorities confer no assurances of adopting cryptocurrencies. The central bank has major concerns about this asset class and proposed a crypto ban six months ago.
I am sailing blind, says Sood. She wishes to take great risks even if it is banned. Some investors are also worried about the fact of tax against cryptocurrencies. One investor named Bloomberg announced that with no income tax laws at present, he is concerned about retrospective tax and also raid busts. If this prevails, we have to start saving in foreign banks.
As time passes by everyone is sure to choose it in every nation, says Keneth Alvares, a 22-year-old solo digital marketer who has invested approximately $1,300 in crypto so far. He also says, at present, this might seem scary with regulation. But it doesn’t bother me because I’m not thinking to exclude anything for now.