Ritesh Kalvellu, 25, a crypto investor, said, “Gold has given returns of about 158 percent since 2010. This investment has underperformed compared to bitcoin – the cryptocurrency giving annual returns of over 230%.” indianexpress.com. And he is not the only one who believes that crypto shines brighter than gold, which has traditionally enjoyed a strong position in India, especially during Dhanteras and Diwali.
According to a new report by Crypto Research and Intelligence Business (CREBACO), around 15 million Indians have adopted crypto so far and have invested around $10 billion in crypto assets. And this time, the allure of digital assets on Dhanteras is attracting many fans to crypto. For many GenZ and millennial investors, it is crypto over gold this Dhanteras.
“Gold is preferred as the safest form of investment due to its tangible form and aesthetic value. While it is true to say that gold may be a safe investment, cryptocurrencies can make you rich,” said 29-year-old Satwik Garuda explains, who are opting for cryptocurrencies with high returns during Dhanteras.
It is worth noting that crypto exchanges have added to the digital coin craze by tapping Bollywood stars, including Amitabh Bachchan And Ranveer singhTo woo young investors before Dhanteras
Garuda points out that with big names promoting crypto assets, it helps bring crypto into the mainstream and adds a measure of respect, especially in Bachchan’s case.
According to Eliasgar Merchant, Developer Relations Engineer and a crypto expert at Tendermint, the growing popularity of cryptocurrencies and a past record of many of them providing decent returns is now tilting the balance scale in their favor, especially those below 35. Between the ages of those who are more comfortable taking risks.
“What attracts people to digital currencies is the fact that one can buy even a fraction of crypto. Even if one commits to invest an amount of one thousand rupees every month, they have Would be a great alternative portfolio over a period of twenty years,” he explained.
But experts also say that for those who want to invest in this festive season, it is best to stick with known options. According to its Blockchain.com founder Hitesh Malviya, bitcoin and ethereum are safe investment options as they are both the top two listed cryptocurrencies, and have registered more than 40 percent gains since last month.
“These properties have the potential to deliver 100-200 per cent returns to investors in the next few months,” he said.
Meanwhile, Sarat Chandra, a budding tech campaigner and a crypto expert, recommended that investors should “add Solana and Polygon tokens to their portfolios as these tokens are promoting DeFi (decentralized finance), NFTs, and the gaming ecosystem to earn money.” play for.”
“If you get the allocation right, buying crypto on Diwali can light up your celebration. With the approval of Bitcoin ETFs and the entry of institutional players, volatility will be significantly reduced in the days to come.”
But there are others who caution that cryptocurrencies might not be the best investment for Diwali. After all, investing in gold has always been associated with a sense of security, which is yet to come with cryptocurrencies given the digital volatility.
“Dhanteras is celebrated to bring home items like jewelery and utensils for good luck. In the case of cryptocurrency, you cannot be assured if you are bringing home good luck or something worthless. At present, we are not even sure of the legal definition of the word cryptocurrency in India and there is no structure for its transactions,” explains Ashish Kataria, 26, a crypto investor. It should be noted that dealings in crypto Doing so is not yet considered illegal.
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