Can Bitcoin topple gold as India's go-to store of value?

G20 and FATF frameworks, potentially paving the way for a more investor-friendly environment," he added.

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File photo of a signage for Bitcoin in Hong Kong, China.

(BLOOMBERG)

In March 2023, India took another significant step by bringing crypto activities under the Prevention of Money Laundering Act. This required all crypto exchanges and service providers to register with the financial intelligence unit-India and adhere to strict know your customer and anti-money laundering norms.

Despite the regulatory overhang, the crypto space has seen robust growth in India.

According to data provided by India Crypto Research, India processed roughly $269 billion in crypto transactions between July 2022 and June 2023, which dropped to about $150 billion during July 2023-June 2024 as domestic taxes reshaped behaviour. However, volumes rebounded to an estimated $300 billion in July 2024-Jun 2025. This puts India at the top of APAC region in 2025, contributing over 13% of the region's trading volume.

India now has about 119 million crypto holders, representing nearly 12% of the country's population. Adoption is driven by a young, digitally native audience, with 44% of investors aged between 26 and 35. The trend is concentrated in key urban hubs, with Delhi, Bengaluru, and Mumbai accounting for about 27% of all Indian crypto holders.

It's hard to find an asset as polarising as Bitcoin. For crypto crusaders, a $1 million price tag is inevitable, while its detractors insist its true value is zero.