Bitcoin has gained a lot of eyeballs in the last year, and therefore it’s no surprise that 47% of the young generation all over the world have invested 25% of their income into cryptocurrency. The pandemic has been highly lucrative for the crypto market, with new people looking at new ways to earn extra income online.
CoinSwitch Kuber, another crypto trading platform for Indian users, reached a milestone of 30 lakh users in just nine months after its launch, in June 2020.
In 2020, there was also a massive surge of institutional investors and hedge funds in the US, and large companies like MicroStrategy, Grayscale and Square, investing in cryptocurrencies. So, the pandemic leading to retail participation, institutional participation, and the fact that crypto has been growing consistently month-on-month in the past 9-12 months have culminated in what’s happening around us right now. There’s huge demand and less supply because a large number of people are holding large amounts of Bitcoin and other premium coins and not selling them.
Investor sentiment has been very bullish over the past few months with corporates like MicroStrategy and Tesla investing in Bitcoins also play a vital role. MasterCard also recently announced that it will allow users to transact in certain cryptocurrencies on its network.
Cryptocurrency is also slowly emerging as a mainstream investment class, especially among millennials. All in all, cryptocurrency is one of the hottest spaces to be in right now on the global market, and it is seemingly the future of currencies all over the world.