In September 2021, in what seems like the biggest crackdown on Cryptocurrencies in the World, the Chinese Government declared all Crypto transactions as illegal. Two months later there is news that the Indian Government will bring in a Bill that will prohibit all Private Crypto Transactions with certain ‘exceptions’ and will provide a framework for RBI’s very own Digital Currency.
General perception about Crypto is that people in Metro cities might be the investors but data suggests that in India more investors are from Tier-2 and Tier-3 Cities.
WazirX, One of the Crypto Exchange platforms added as many as 55% users from the Small Cities in 2021. Coin Switch Kuber which has roped in Ranveer Singh as their brand ambassador is the most popular with 10 million downloads on Google play store. CoinDCX is another popular application with around 5 million downloads.
The reason behind the mad rush to invest in Crypto started after Elon Musk’s announcement endorsing the Digital Currency. His tweets in support of DogeCoin with a catchphrase”to the moon” saw youngsters investing in the Digital Currency.
There are so many cryptocurrencies in the market like Bitcoin, Ethereum, Dogecoin, Shiba Inu, Kokoswap and many more. The reason people are investing their hard earned money in them is the returns they provide.
One Year ago, Bitcoins were trading at 15,300 $ and now they are trading around 58,565 $. Some of them rally around 1000% in a day. One crazy rally was of ARC Governance (ARCX) on 17th November, where it gained 28,54,000% in just 24 hours. That means an investment of Rs 100 turning into Rs 2.85 Crore in just a few minutes.
