Why crypto investors continue to HOLD

As rumours make the rounds that the Union government may bring a ban on cryptocurrencies, Jescilia Karayamparambil explores the size and motivations of the crypto investor community in the country

- Jescilia Karayamparambil

Many governments around the world are struggling to take a stand on cryptocurrencies (also called crypto). But a recent comment by Commonwealth Bank of Australia's Chief Executive Officer Matt Comyn on cryptocurrency may explain the psyche of crypto investors whose numbers keep swelling, despite uncertainty around this asset. Comyn states that one of the biggest risks banks face when it comes to this digital asset is being left out. But this fear is not limited to banks.

The fear of being left out is the exact reason why Sid, a commerce student from Mumbai (who did not want to give his full name), ventured into trading in cryptocurrencies. Sid's parents gave him a small amount of money, which he invested in stocks. The investment yielded profits which he then put in crypto. He explains, “I decided to invest in cryptocurrencies as a means to diversify my investment portfolio and also not to be left out as the cryptocurrency (investing) community grows."

According to broker discovery and comparison platform BrokerChooser, the total number of crypto investors in India is around 10.07 crore, making India home to the largest crypto investor base in the world.

As the buzz around cryptocurrencies increases, their popularity continues to skyrocket, claims Saurabh Tiwari, who began investing in crypto in 2016. “I have seen the ups and downs in this asset. I gained and even lost a lot of money. But that did not stop me.” Tiwari today has taken on the mantle as an advisor to companies and policymakers on this topic.