Insight - Gold-obsessed Indians are now pouring billions into crypto

Less appeal: A jeweller showcasing gold bars at a shop in Dubai. In India, where households own more than 25, 000 tonnes of gold, investments in crypto have grown. ― AFP

THE cryptocurrency aficionados’ mantra that bitcoin is equivalent to digital gold is winning converts among the world’s biggest holders of the precious metal.

In India, where households own more than 25, 000 tonnes of gold, investments in crypto grew from about US$200mil (RM830mil) to nearly US$40bil (RM166bil) in the past year, according to Chainalysis. That’s despite outright hostility toward the asset class from the central bank and a proposed trading ban.