Yet another government official is waking up to Bitcoin’s significance beyond its role as an asset. Rand Paul – Republican senator and well-known libertarian – recently questioned whether “cryptocurrency” could become the world reserve currency. As Bitcoin gains traction and legitimacy around the world, this reality grows ever-more plausible. Weakening Trust in Government Money Rand Paul aired his thoughts in an interview with Axios on Friday. The senator surmised that as trust in government decreases, “cryptocurrency” could “actually become the…
A rise in demand for digital coins in India might help the crypto landscape flourish in the region. For instance, the nation is currently leading the expansion of cryptocurrency markets. Also, a report from Chainalysis showed that India’s market grew by 641% over the past year.
Fastest-Growing Crypto Region
Chainalysis’ records show that Institutional investors are driving India’s cryptocurrency market expansion. Additionally, increasing decentralized finance activity has been one of its few catalysts. According to Quantstamp’s Sriram, DeFi activity continues to dominate India’s crypto space.
Moreover, Analysts in the country deduced that for several Indian investors, centralized exchanges have become harder to use. Businesses have seen an increase in regulatory scrutiny. Also, Sriram noted that consumers are looking for easier entry to crypto markets.
Moreover, Sriram added that the exchanges are becoming challenging to use for various jurisdictions. However, he praises DeFi because it doesn’t rely on where you’re from. Furthermore, it doesn’t care if it has a relationship with your bank.
Central, southern Asia, and Oceania are some of the thriving cryptocurrency markets globally. According to Chainalysis, CSAO locals’ diverse range of motivations for gaining exposure to cryptos. The assets include Bitcoin (BTC) and Ether (ETH).
India, Vietnam, and Pakistan are standing out in expanding cryptocurrency markets. The CSAO region crypto transactions surged 706% between July 2020 and June 2021. Also, the value of the transactions amounted to over $572 billion, or 14% of the global transaction value.
According to Chainalysis, transactions valued at over $10 million represented around 42% of transactions from India-based addresses. Pakistan represents 28% and 29% for Vietnam within the same period mentioned. Furthermore, crypto transactions valued at over $10 million falls under “large institutional” activities. Lastly, the figures suggest that India’s cryptocurrency investors are part of ultra-modern organizations.
Krishna Sriram, managing director at Quantstamp, said that they are observing significant growth. He pointed out that many developers are moving into the crypto space. Krishna noted that developers are looking for modern tech unicorns. Also, Krishna made the remarks to Chainalysis in the report. It’s name was “CSAO Have Steep Grassroots Adoption. However, Grounds Vary Greatly Across Countries.”
Professional Crypto Investors
Experienced traders are driving Vietnam and Pakistan’s crypto markets. Crypto transactions between $10,000 and $1 million represent the majority in those two countries. Chainalysis said transactions valued in that range came from advanced crypto investors.
According to local reports, India’s celebrities are now joining the sector. Also, Bollywood star Amitabh Bachchan has formed non-fungible tokens. Lastly, he is also a brand ambassador for CoinDCX.