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Monday, February 6, 2023

Bitcoins And Nfts Are The New Gold For Young India And Youngistan

  • The fastest crypto adoption rate is in India
  • In a popular marketplace, more than 60% of traders are between the ages of 18 and 34
  • There are more than 20 million crypto investors in the country, according to experts

Cryptocurrencies have gained tremendous popularity in India since they were discovered on the web. Both geeks and laypeople have been flocking to get a slice of the virtual economy. Many people want to hop on the crypto curry train to get rich in the virtual promised land, but others find it a way of life in the post-tech era.

Technology that liberates us from legacy technology and luddite boomers. Millennials were the first to mine Bitcoin in the early 2010s, but Gen X and Y aren’t far behind. Younger generations are drawn to crypto just as millennials were to malls (sorry Bhai, couldn’t think of a better analogy). A Paxful user data from 2021 reveals that 32.21 percent of traders on a popular crypto marketplace are 18-24 years old, while 32.76% are between 25 and 34! So that leaves a motley crew of investors from the pre-millennial generation.

A recent story done by CNN reveals how Indian youngsters are increasingly investing in cryptos like Bitcoins, ETH etc., and even minting NFTs. Their interests seem to be focused on the virtual economy and (usually) completely disregard conventional bonds, stocks, funds, commodities, etc. According to CNN, CEO and co-founder of CoinDCX, Sumit Gupta, many Indian millennials have begun investing in cryptocurrencies. The first Indian crypto unicorn is CoinDCX, a very popular cryptocurrency marketplace based in India.

Taxes were levied earlier this year by the Indian government on all forms of virtual digital assets. That doesn’t seem to have deterred the youngistan! Only Vietnam currently outranks India in terms of fastest growth in crypto adoption. The baton is in the hands of young Indian investors.

All this chatter on the web, however Real change will occur when you’ll be able to buy your thele wali chai (and ciggy*), adde wali pav bhaji and anna’s idly vadai for crypto.

*Smoking is injurious to health bro!

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