The Rich in India Prefer Investing In Bitcoin to Altcoins

September 4, 2019 / by Crypto.IQ

India’s high net-worth individuals (HNIs) would prefer to invest in Bitcoin compared to other digital assets, according to the latest Hurun India survey. The survey revealed that cryptocurrencies are the fourth most preferred asset by Indians. Interestingly almost 50% of the respondents did not know anything about cryptocurrencies.

Although real estate is still a popular form of investment in India, HNIs have mulled the idea of investing in crypto. Around 10% of the respondents in the survey indicated that they are considering investing in cryptocurrencies within three years. Other forms of investment that HNIs prefer include fixed income and stock.

Over 30% of the HNIs who are interested in crypto prefer Bitcoin compared to other digital assets. Besides Bitcoin, other preferred options include Ethereum (ETH) at 9% and Ripple (XRP) at 7%. Only around 6% of the respondents indicated that they would consider other altcoins. 

Cryptocurrencies are increasingly becoming popular across the globe, and more people are starting to embrace them. For instance, Facebook CEO Mark Zuckerberg announced that the social media company was developing its own cryptocurrency. The launch of the Facebook cryptocurrency called Libra will be happening in 2020.

However, despite many people beginning to embrace cryptocurrency, some are still opposed to it. For instance, the Indian authorities have been opposed to private cryptocurrencies. Last week the Supreme Court asked the Central Bank to justify the ban on cryptocurrencies imposed in July of last year. The government told the Supreme Court that a panel of experts had recommended a complete ban on private crypto in the country.

The government is also planning to introduce a Cryptocurrency and Regulation Official Digital Currency Bill 2019. The bill will likely be before parliament in the next session.  An inter-ministerial committee recently stated that the government needs to launch its own cryptocurrency.