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.
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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.
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.
Latest World Gold Council data indicated Indian adults under age 34 have less appetite for gold.
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.