Cryptocurrencies are becoming more popular around the world as more investors gain knowledge about the digital assets and the benefits they come with.
The development of various applications for cryptocurrency has placed them as a viable option on investment markets as the digital assets angle for mainstream adoption.
Cryptocurrency as an Investment Option
A recent study by Huru India revealed that there is a growing number of wealthy Indians that are interested in placing their investments in cryptocurrencies. About 10% of the surveyed individuals said that they are considering investing in cryptocurrencies in the near future.
This number makes cryptocurrency the fourth most preferred investment class, and given that these assets are relatively new on the market, it shows that they have made strides in gaining popularity among investors.
Most investors said that they would place their funds in real estate. Property remains the most attractive investment, and it is preferred because it is safe and maintains value over time. Stock and fixed income assets make the second and third places in terms of preferred investments as wealthy individuals prefer these traditional forms of investment.
It is worth noting that half of the surveyed individuals did not have a clue about what cryptocurrencies are.
Bitcoin remains a Top Investment option among Crypto Assets
The word cryptocurrency is usually associated with Bitcoin, and it isn’t without reason. The survey showed that individuals who are knowledgeable about cryptocurrency would pick Bitcoin as the digital asset they place their investment in.
30% of the respondents say that they would go for Bitcoin while 9% said that they would prefer Ethereum. 7% of the surveyed group said that they would go for XRP, which is one of the fastest-growing crypto assets on the market.
Bitcoin’s dominance over other cryptocurrencies has been going on for years as the leading cryptocurrency remains the most valuable crypto asset. As money markets experience low volatility, many investors are moving their funds into Bitcoin as they consider the cryptocurrency as a safe haven asset. Bitcoin’s desirability has driven its price to new heights, and crypto markets as a whole have benefited from this.
Indian Regulators and Cryptocurrency
India has one of the biggest crypto communities in the world, but the country’s authorities have expressed negativity towards cryptocurrencies.
The central bank of India ordered all financial institutions in the country to not engage in business with crypto related businesses. The government is considering a bill that would make crypto trading illegal in the country.