Almost 10% of India’s richest Investors have expressed interest in cryptocurrencies as concerns mount over the country’s economic slowdown.
India’s most affluent are reportedly looking to upsize their investment allocation on cryptocurrencies due to concerns about the impact of an economic slowdown in the world’s second most populous nation.
As per a report by Quartz, approximately 36 percent of India’s top speculators agree that the Indian economy is headed south for the next three years. This uncertainty is leading them to find safe havens like real estate, while a similar percentage are holding off on investing for the time being to avert risk and prepare for better opportunities in the future.
Although cryptocurrencies are still considered too volatile to be seen as safe havens, nearly 10% of India’s wealthiest investors say that they are thinking of ramping up their investment allocation to cryptocurrencies during the expected economic slowdown.
In a recent survey, almost 50% of respondents said they were not very familiar with digital assets. Among those who knew about cryptocurrency, 29.15% showed a preference to invest in Bitcoin (BTC) while a further 9% preferred Ethereum (ETH) as an investment and 7% indicated a preference for Ripple (XRP). This is despite the fact that Bitcoin, as well as other tokens, recently failed a test to achieve safe haven status.
“Looking at average 30-day rolling volatility, bitcoin has seen an average 12.4% annualized 30-day volatility over the last five years, and currently sits just under 20%. Compare that to treasuries at ~.50%, and even the S&P 500 and gold at 2.5%, and you can see why there was a collective push-back on the notion that bitcoin offers ‘safety,'” wrote The Block’s Ryan Todd in August.
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