In a country like India, gold has a long history and a deep place in our culture. Gold has been a part of our customs as well as being our traditional medium of investment. In such a situation, the discussion on how things have changed for gold in the era of cryptocurrencies becomes interesting. Cryptocurrency market has made its way very fast in the last one or two years, especially if 2021 is called the year of cryptocurrencies, it will not be an exaggeration. Millions of new investors have joined the cryptocurrency market in India too and are investing millions in it. In such a situation, the question arises whether investors who usually invest in gold on Diwali or such occasions will opt for crypto this time? Let us know what experts and crypto investors have to say on this.
Vimal Tiwari, COO of CoinSwitch crypto exchange said that ‘It is a trend to buy gold here on Diwali, Dhanteras, but in the last few years many cryptocurrencies like bitcoin, ethereum have given better returns than gold and in today’s time people prefer cryptocurrencies better. Understanding the medium of investment. He said that ‘the most interesting thing is that you can also invest in bitcoin for just Rs 100.’
On the question of comparison between bitcoin and digital gold, Vimal said that now bitcoin is also called digital gold. The value of digital gold will remain the same as that of gold, so the returns of bitcoin are better than that.On the question of whether there is more movement on the crypto exchange on the day of Diwali, Vimal said the movement is seen on the crypto exchange on Diwali. He also told that on Diwali last year many people had bought bitcoin worth Rs 101 as an omen. In such a situation, the attraction of bitcoin for investment on Diwali has increased.
The returns of bitcoin are better than that of gold, the retailers agree but here comes the same question which option is safe. Where do cryptocurrencies stack up against what we have been investing in gold since? Some investors believe that cryptocurrencies are a great option if you want to treat your money as an investment, but cryptocurrencies cannot replace gold when it comes to security.
Retailers say that cryptocurrencies and gold cannot be compared. The character of both is different. Especially, when gold has become so ingrained in our lifestyle and both the trend and regulation of cryptocurrencies are still not certain. However, it is that every day cryptocurrency is getting closer to the general public. In such a situation, making cryptocurrencies a medium of investment can be a profitable deal.