Indians’ investments in the crypto market have surged to $40 billion, data from blockchain analytics firm Chainalysis reveals. The figure compares with last year’s $200 million, Bloomberg reported Monday.
It’s a considerable jump, demonstrating a shift in thinking among the country’s youngest investors away from the precious metals that older generations in the country typically favor.
“I’d rather put my money in crypto than gold,” said entrepreneur Rishi Sood, who was cited in the report. “Crypto is more transparent than gold or property and returns are more in a short period of time.”
More than 15 million Indians are now trading crypto, roughly 8 million fewer than in the U.S. and many more than the U.K.’s 2.3 million, according to the report.
Despite the regulatory roller coaster Indians have faced from the country’s central bank, courts, and political corridors, crypto is beginning to take root in the country of 1.33 billion.
Meanwhile, India’s financial regulators are considering classifying bitcoin as an asset class under a bill that could be presented as soon as next month.
See also: Major Crypto Exchanges Seek India Entry Despite Regulatory Uncertainty: Report