As the craze for Crypto is boosting at a more excellent pace, we see many celebrities endorsing the virtual currency. Interestingly, in India, we see the mega star Salman joining the crypto bandwagon. He was seen releasing GARI, the first Indian crypto token with the option of a short video application known as Chingan. His endorsement has come very close to the heels of the veteran actor Big B (Amitabh Bachchan), who has come into the crypto space in a big way. Big B has remained the brand ambassador of the Indian crypto exchange known as CoinDCX, and he will now play a role in spreading Crypto in the market. He will be part of many Crypto based drives and campaigns to promote it globally. The involvement of two big stars from Bollywood speaks about the craze for virtual currencies in the Indian market. You can find more such stories on the sites like crypto-profit.io/-. While we get the overview of this story in this article, have a look:
The rise of Crypto as a craze
We have been hearing about the central bank being keen on banning Crypto, but the supreme court intervention in this matter speaks a lot about the craze in the market. Indirectly the FM of the country has allowed people to trade in Crypto. However, you need to pay the tax of 33 per cent of the revenue. Despite the issues like volatility, we see a legal ambiguity surrounding the coin. India has gained popularity for Crypto in the market in a big way. We see around 10.70 Crore people who own Crypto in this country. The reports from BrokerChooser, a comparison platform, also speak about similar things in the field. Also, several blockchain data talk about the same. The Indian crypto market and exchange platform CoinSwitch says a lot about it, and it has managed to invest 1.9 B USD in the Indian market. The latest investment through this platform has gone up by 260 M USD. Similarly, other crypto platforms known as CoinDCX have similar investments in digital coins.
As per the top man at CoinSwitch, we have seen a good rise of Series C in the market. On the other hand, Coinbase Ventures are now allowing the current investors, including Paradigm, Tiger Global, Sequoia Capital India and Ribbit Capital. The startup company has said that they can achieve unicorn status moving within the time frame of operations in any nation. We have seen the space holding many more immense promises, while Allied Market Research reports claim that the market’s value reached around 1.49 B USD in 2020 alone. It seemed to have projected to gain around 4.94 USD by 2030, thus growing the crypto market by 12.8 per cent within ten years.
The Pandemic Push
The crypto craze was witnessed more during the Pandemic times, and there is a good amount of insurgency in the digital currency market, particularly in India. As per the recent reports of NASSCOM, we have seen the Indian crypto market growing in a big way and later, it went on to expect to reach around 241 M USD by 2030 in India, while in 2026, it will reach up to 2.3 B USD. It is often attributed to people keen on looking for alternative sources of investment, growing the web and penetrating the same in the traditional financial atmosphere. However, people are not looking to pursue Crypto as money and Crypto, thus proving as an alternative to conventional investment mediums, claims experts. Many Fintech companies have realized this in the market.
One may find Covid 19 disrupting the world very badly, but at the same time, it has even caused a good revolution in the technology domain. On the face of it, you can find some hurdles and conventional technologies. These are now required to enhance the open opportunities for any relevant technologies needed to improve and gain some opportunities for any new and relevant technologies ready to take centre stage in the market claims experts. Recently, we have noticed a good boom in the crypto and Blockchain technology domain. These have given an alternative to the independent and modem or decentralized currency. We have seen a good rise in digital and mobile-based app adoption from payments to commerce and many more similar things. Crypto is certainly no different than any other place.