When cryptocurrency had its birth by the infamous crypto document by Mr. Nakamoto, its acceptance in India was not expected to rise in recent years due to the fact that it had a late arrival in the blockchain world. Today However, Indians have continued to invest in popular cryptocurrencies like Bitcoin and Ethereum. BrokerChooser, a broker comparison and discovery platform, estimates that India now has over 10 crore crypto users worldwide. India now has more crypto owners than any other country in the world with a total of 10.07 crore.
Astonishingly, India currently sits at the second spot in the ranking, while the US is at the ninth spot. Crypto owners in the United States number 2.74 million, followed by those in Russia (1.74 million) and Nigeria (1.30 million). Obviously, because of the large population, this is not surprising. Although India has a vast number of crypto owners, it ranks fifth in terms of the percentage of its population invested in crypto. Nearly 7.30 per cent of Indians own cryptocurrency.
According to this list, 12.73 per cent of Ukrainians own cryptos, followed by Russians (11.91), Kenyans (8.52%) and Americans (8.31%). The most crypto-related searches were made in the US, followed by India, the UK, and Canada.
It comes as a surprise to see how many Indians invest in cryptocurrencies, especially since its legal status is still unclear. Prior to this year’s Union Budget, the government has proposed a bill banning all private cryptocurrencies. A committee developed later to make suggestions was not formed, however, and the bill was not tabled. Government policy on cryptocurrencies has softened since then, so an outright ban seems unlikely.
As crypto coins like Bitcoin become more popular, the number of crypto owners is on the rise. The cryptocurrency has returned 50% so far in 2018. Other cryptocurrencies like Ripple, Dogecoin, and Ethereum have also delivered profitable returns.