Records reveals that India is seeing a shift in interest among crypto investors. Now, smaller cities emerges as new hot spot for crypto investors in digital currencies.
Data from cryptocurrency exchanges in the country gathered data showing how crypto investors from smaller towns are turning their focus on bitcoin. This is not just for bitcoin as the data shows also for other digital assests, The Economic Times reports.
WazriX, among the exchanges notes it has a record o 2,648% growth in sign-ups from small cities. Small cities they classify as tier-2 and tier-3 cities.
“In fact, tier-2 and tier-3 cities have driven almost 55 percent of total user sign-ups on WazirX in 2021, thereby overtaking tier-1 cities, which demonstrated a sign-up growth of 2,375 percent,”
– Nischal Shetty, CEO at WazirX.
This new wave of investors has age and educational status variations.
The exchange shows a massive inflow of investors below 35 years old. These new crypto investors are mainly IT professionals, MBA graduates, engineers, and startup owners.
Additionally, the new investors are diversifying their investments. For instance, like from Bitcoin to potential technologies like the decentralized finance (defi) and NFTs.
Meanwhile, exchanges such as BuyUcoin records same trends among new crypto investors in the country. They notes that a city like Bhopal registers 100% increase in new investors in 2021.
This new trend has put pressure on exchanges in the country to introduce a wild of new products and services. Furthermore, This will follow systematic investment plans (SIPs), lending, staking, and margin-trading.
What Influences Crypto Investors
Experts reveals that social media and rugged massive marketing strategies are responsible for these trend.
Additionally, the coronavirus pandemic influenced the investment trend as many crypto investors looks for a way out financially.
Many workers who do remote working made investments in the growing crypto market to gain profit.
Of course, All these comes despite the country trying so hard to effect regulatory system around cryptocurrency. This country continues to thrive amid regulations and criticisms.
Additionally, exchanges now offer Peer-to-peer services in order to escape the regulatory limitations.