Why The Indian Cryptocurrency Industry Is Booming Inspite Of The Lockdown
by Mashum Mollah Investing 07 May 2020
India has implemented the biggest lockdown in the world. The Coronavirus pandemic is seeing a shutdown of all major commerce and industry in the world’s fastest-growing economy. Even though global organizations have reduced India’s projected growth rates, one industry seems to be flourishing in these testing times.
In the last two months, more and more Indians are trying to get involved with cryptocurrencies. Trading volumes in Bitcoins and other crypto has increased to the tune of 10x. The Indian Cryptocurrency Exchanges in India are betting big on Indian investors driving the next global spurt in crypto valuations and profits.
In this article, we will look at why this interesting phenomenon is taking place in the first place. We will also look at the psychology of Indian investors looking to invest in cryptocurrencies. We will also analyze why the Coronavirus lockdown has made investors skeptical of traditional stocks.
Indian Cryptocurrency : What changed in the recent past?
For people who are not aware, India’s highest court of the land, the Supreme Court passed a momentous piece of judgment on 5 March 2020. Cryptocurrency has drawn serious opposition from the Indian government and the Indian Central Bank, the Reserve Bank of India.
RBI had strictly warned individuals to stop buying, selling, exchanging or trading in any form of Indian Cryptocurrency. Even though there was no blanket ban, however, several circulars show how strict the government was. The Supreme Court of India reversed the order of the Reserve Bank of India and made cryptocurrency ‘a legal entity’.
In the history of Indian Cryptocurrency, this was something that an entire industry was waiting for. Exchanges, which were on the verge of shutting down, commenced operations with much fanfare and recorded astounding numbers within a few weeks.
With the lifting of the ban, more and more Indians are logging in to the internet trying to find out about Bitcoins and another crypto. They are interested in investing in financial assets. They are also interested in moving their investments from traditional stock options.
Indian Investors and Cryptocurrencies: what can you expect?
Indians are one of the most financially astute races in the world. They are very early to recognize the potential of growing assets and investment opportunities. For a very long time, serious and big investors were using offshore channels to invest in Bitcoins.
However, with the new judgment, the clandestine nature of investments is going to become more transparent and secure. According to the CEO of India’s biggest crypto exchange, Indians are sitting at home during the lockdown and thinking of ways and means of earning from cryptocurrencies.
It should also be noted that many Indian investors have lost a great deal of money in the crashing of global and national stock markets. They are looking up to Bitcoin as an asset, which is going to climb in the coming months. Experts studying the crypto market in India are also educating people on the theoretical foundations of Bitcoin and other cryptos. Furthermore, they also take notes of the market insights in India before making any investment decisions.
The idea of an asset, which is going to be recession and inflation-proof, is something that is attracting Indians to invest in Bitcoins. Just to give you an idea, exchanges are trading in volumes exceeding $10 Million every single week.
The rise of credible Bitcoin trading platforms in the country is going to shoot up. Great platforms are looking to help Indians trade Bitcoins and help generate generous profits. The future looks bright for Indian investors who have waited a very long time to dip their fingers in the world of cryptocurrencies.
If you are looking to start trading in Bitcoins and other crypto and earn handsome profits, you can log in to your account.