By Malvika Gurung
Investing.com -- With the rising popularity of cryptocurrencies, almost 20% of Indian ultra high-net-worth individuals (UHNWIs) invested in cryptocurrencies and Non-Fungible Tokens (NFTs) in 2021.
UHNWIs are individuals with a net worth of at least Rs 226 crore or $30 million.
According to a Knight Frank report, 2021 witnessed 18% of ultra-wealthy Indian individuals invest in cryptocurrency assets, with 10% buying cryptocurrencies or tokens and 8% investing in the widely popular NFTs.
This indicates the growing acceptance and popularity of cryptocurrencies in India, and with the rising adoption of newer trends like Metaverse and Web3, the crypto world is pegged to generate more opportunities in the country.
In 2018, 75% of survey respondents in India doubted to have heard what cryptocurrencies were and only 14% knew how blockchain could significantly manage wealth, as per The Wealth report.
In 2021, the global value of crypto assets grew 12-fold since 2020 to $2.4 trillion.
According to a NASSCOM, crypto technology in India is expected to grow double and is projected to create over 8 lakh jobs by 2030.
The Indian cryptocurrency exchange WazirX states that the upcoming rise in cryptocurrency acceptance in the country will boost PM Modi’s Digital India mission and create more opportunities and access to jobs, investment and capital in the country, noted an ET report.
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Acceptance? No, it's not accepted as a legal tender nor would it ever be. Popularity? Yes, but very rapidly loosing its sheen to the extent it would be pointless owning cryptocurrency in the country come April 1, 2022. This is the reason behind a lot of crypto-traders moving to places like Dubai.Like 3