Here’s Why You Should Invest in Cryptocurrency Rather Than Gold this Diwali

Indian citizens are already preparing for the upcoming Diwali festival. Indians intend to invest during this festival in tangible goods like real estate or fictitious gold, whose value often rises over time. But as time goes on, investment pools grow larger and more varied. Stocks, mutual funds, SIPs, and ETFs, among other market-related instruments, have all seen an increase in popularity.

Nevertheless, as investors’ interest in this market increases, so too has the demand for cryptocurrencies. Cryptography is used by cryptocurrencies, a type of digital or virtual currency, to ensure the security of transactions.

Cryptocurrencies have recently created a number of job prospects, unique and comprehensive investment platforms, a rise in companies, and a further strengthening of the global blockchain industry. They’re frequently called “new-age investing schemes.” The acceptance of cryptocurrencies is growing among businesses and nations.

According to Chainalysis data for Q2 2022, the top 10 nations for the adoption of cryptocurrencies worldwide are Vietnam, the Philippines, Ukraine, India, the US, Pakistan, Brazil, Thailand, Russia, and China.

But cryptocurrencies contain hazards, just like any asset used in the market. Some of these include being highly emotionally charged, vulnerable to cyberattacks, extremely volatile, lacking regulatory backups, and lacking clarity.

So, should you use your bonuses to invest in cryptocurrency this Diwali? During this occasion, friends and family members give money and other presents to the participants. While many businesses reward their personnel with incentives.

There are presently 21,254 cryptocurrencies traded on 526 exchanges, according to data from CoinMarketCap. In recent years, the numbers have increased dramatically.

First published on: 10 Oct 2022, 11:17 IST