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Mumbai: The cryptocurrency aficionados mantra that Bitcoin is equivalent to digital gold is winning converts among the world s biggest holders of the precious metal.
In India, where households own more than 25,000 tonnes of gold, investments in crypto grew from about $923 million in April 2020 to nearly $6.6 billion in May of this year, according to Chainalysis. That s despite outright hostility toward the asset class from the central bank and a proposed trading ban.
Richi Sood, a 32-year-old entrepreneur is one of those who swerved from gold to crypto. Since December, she s put in just over 1 million rupees ($13,400) some of it borrowed from her father into Bitcoin, Dogecoin and Ether.
by Tyler Durden
Tuesday, Jun 29, 2021 - 08:25 PM
India has long been known for being a strong source of demand for gold - not only for wealth preservation, but also for cosmetic and jewelry purposes.
But now it looks as though something else has caught the country s eye: crypto.
This could mean that the mantra that
Bitcoin is equivalent to digital gold could actually be catching on, Bloomberg noted this week.
Households in India own more than 25,000 tons of gold and, despite this, investments in crypto across the country grew from about $200 million to a stunning $40 billion over the past year, the report says.
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The cryptocurrency aficionados’ mantra that Bitcoin is equivalent to digital gold is winning converts among the world’s biggest holders of the precious metal.
In India, where households own more than 25,000 tonnes of gold, investments in crypto grew from about $200 million to nearly $40 billion in the past year, according to Chainalysis. That’s despite outright hostility toward the asset class from the central bank and a proposed trading ban.
Richi Sood, a 32-year-old entrepreneur is one of those who swerved from gold to crypto. Since December, she’s put in just over 1 million rupees ($13,400) – some of it borrowed from her father – into Bitcoin, Dogecoin and Ether.