In gold-crazy India, millennials are turning to cryptocurrency amid Covid-19
- Digital currencies such as bitcoin are becoming red-hot investments amid economic uncertainty during the pandemic
- This comes as the government is softening its tone after years of hostility against the sector, but many financial organisations are still not on board
Dinesh Reddy organised his daughter’s wedding with fanfare in May but he was forced to downsize the gathering due to
lockdown measures in the southern Indian city of Bangalore. What he saved from the reduced splurge, the newlyweds received in the form of
Likewise, Shanky Singla, a 33-year-old businessman in Punjab, resumed investing his savings in cryptocurrency this year after a long gap.
“The value of money decreases with each passing day,” said Singla, who had been mulling between bitcoin and gold before he made his decision. “And the growth with which bitcoin has increased is exponential.”
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