Investing
Even Gold-Obsessed Indians Are Pouring Into Crypto
- Daily trading values are up nearly 900% in last 12 months
- Investors pile in, regulators give conflicting signs on future
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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 $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.