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Even gold-obsessed Indians are pouring into crypto
By Suvashree Ghosh and Ronojoy Mazumdar
via Yahoo News, Sunnyvale, California
Friday, July 2, 2021
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.
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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.
And she's been fortunate with her timing. She cashed out part of her position when Bitcoin smashed through $50,000 in February and bought back in after the recent tumble, allowing her to fund the overseas expansion of her education startup Study Mate India.
"I'd rather put my money in crypto than gold," Sood said. "Crypto is more transparent than gold or property and returns are more in a short time."
She's part of a growing number of Indians -- now totalling more than 15 million -- buying and selling digital coins. That's catching up with the 23 million traders of these assets in the U.S. and compares with just 2.3 million in the U.K. ...
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