Cryptocurrencies are the new way of growing wealth. A cryptocurrency is a digital form of money that is growing rapidly day by day. As we know that now cricketers and Bollywood stars are also showing their interest in cryptocurrencies, which rekindled interest in cryptocurrencies in the country.
The market capitalization of the global crypto market hits $3 trillion. It also registers a higher number of users and is expanding its user base. Now the market of cryptocurrency is going to the next level because of some of the facts. Facts like rising in prices, the interest of teenagers, blockchain technology, and most important involvement of Bollywood superstars in this market.
Bollywood Entrance In The Cryptocurrency Market
According to the statement of the company now Amitabh Bachan is the brand ambassador of cryptocurrency. Crypto exchange Coin DCX choose Amitabh Bachan to aware people of India about cryptocurrency. Cryptocurrency is a super digital asset in which teenagers also interested.
Also, Ranvir Singh is the brand ambassador of CoinSwitch Kuber. Salman Khan is also involved in the cryptocurrency market, he comes with Bolly Coin and NFTs in December 2021.
Rise In Prices Of Digital Currency
According to the NASSCOM report the Indian cryptocurrency market has frequently grown over the last few years. It is expected that this market is growing up to $2.3 billion by 2026 and up to $241 million by 2030. It is an alternative source of investment for the people of India. Some of the examples of rising prices of cryptocurrencies in India like:-
Crypto exchange CoinDCX had announced a $1.1 billion valuation with its Series C round of $90 million in August 2021. As announced by the company also the CoinSwitch Kuber (cryptocurrency exchange) became India’s second crypto unicorn and valuable at a $1.9 billion valuation with the latest investment round of over $260 million.
Pandemic Effect
During the pandemic, the blockchain and crypto sectors boomed because they provided an alternative to investment. People have more time during the pandemic so that they study the digital currency and start to know the alternatives of investments so that it also increases the craze of Cryptocurrencies in India. As of free time, teenagers also invest their pocket money in this market for growing money which increases the craze for this market.
Many of the investors are from small cities. Crypto exchanges recorded more growth from small cities as compared to the metro cities. Basically, these are the reasons why the craze of cryptocurrencies in India. As we know that there are no regulations on cryptocurrencies in India but now our finance minister SMT NIRMALA SITHARAMAN put some meetings on this topic.
