Crypto investment is rapidly rising in India, especially among young investors. According to the latest data, India is home to over 19 million crypto investors with 75 per cent of youngsters aged 18 to 35 years. Women comprise 9 per cent of the total investor base, a report by cryptocurrency exchange platform CoinSwitch stated. The rise is significant considering the regulatory hurdles in India for investing in cryptocurrencies.
Who are crypto investors?
Any person who invests in cryptocurrencies including, Dogecoin, Bitcoin and Ethereum among others. Notably, cryptocurrencies have received widespread attention among investors, regulators, and the media. Cryptocurrency facilitates alternative payment methods where the currency uses cryptographic techniques that facilitate secure spending by bypassing governments and banks.
It is imperative to understand that crypto investments are more volatile as compared to stocks as their value depends on investors. Cryptos are supported by a technology called blockchain which maintains a record of transactions reducing the chances of duplicity i.e., copies of holdings.
Which cities have highest investments?
The highest investment in crypto was recorded in Delhi-NCR with a share of a total of 20.1 per cent. Delhi-NCR was followed by Bengaluru with 9.6 per cent and Mumbai with 6.5 per cent. These three cities comprise a total of 36 per cent of crypto investments in India. it is the third year that Delhi-NCR has been the leading crypto investor.
Among other cities, Pune, Lucknow, Jaipur, Kolkata and Botad (Gujarat) also saw a major chunk of investors driven towards cryptos. In Pune, 86 per cent of the investors got positive returns this year. Kolkata and Botad remained at the 9th and 10th positions in crypto investment.
Among the most performing cryptocurrencies, Dogecoin topped the chart with a 55 per cent share. Bitcoin (BTC) and Ethereum (ETH) followed it by 7 per cent and 6 per cent respectively.