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6 million people in India are now estimated to hold Bitcoin

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Shivangi Mujumdar Follow

CBW -External Analyst

INDIA

May, 03 2021

May, 03 2021

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As per the coindesk, the article says India’s Millennials Hold Digital Gold despite planned Bitcoin Ban updated as on 28th April 2021 

 

A crypto ban is flying above India, but the country's younger peers are still thrilled about bitcoin. 

 

Anecdotally, everybody I know in India is interested in getting contact with bitcoin, said the World Economic Forum's, Alpen Sheth. 

 

Bitcoin might turn out to be for India’s millennials what gold is for their blood relation, no matter what the government speaks. 

 

India, the fifth-largest country by nominal GDP, habitually makes headlines for its efforts to outlaw crypto, real or believed. 

 

But the government’s less-than-friendly approach toward crypto has not restricted Indians’ curiosity about it. 

 

Nor do reports scare away the giants of the crypto world. Just last week, Coinbase publicized it is planning to found its presence in India. 

 

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India has a population of 1.4 billion people (the biggest in the world after China) that is mostly young (average age is between 28 and 29 years old) and tech-savvy. Over the past few eras, India has become a creator hub for many tech projects everywhere in the world. 

 

India is one of the youngest countries in the domain, and these 28- to 29-year-olds are persons who want to be a part of the uprising, specified Indian crypto advocate and YouTube influencer Kashif Raza. 

 

India also has the second-largest online inhabitants after China, with over a billion users taking advantage of the inexpensive internet in the world. 

 

As per the BBC, one gigabyte of mobile data fees at $0.26 in India, related with $12.37 in the U.S. and a global average of $8.53. 

 

This means India has the prospective to become one of the biggest crypto economies in the world, stated Mohammed Roshan, earlier chief scientist at the Unocoin exchange and at present the CEO of GoSats, an app letting people earn bitcoin (BTC, -0.68%) prizes while shopping online. 


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Shivangi Mujumdar

CBW - External Analyst

INDIA

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