Altcoin News: Richest Investors in India Are Ready to Increase Investments in Crypto

September 2, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

India’s richest investors are keen to increase their cryptocurrency investments as fears of a slowdown in economic growth plunge the country.

According to Quartz, about 36% of high-income Indian residents are pessimistic about the development of the Indian economy over the next three years. This fact encourages them to invest in safer and more alternative assets, primarily in real estate. About a third of investors say they generally avoid risk when it comes to future investments.

Despite the desire to get rid of risky assets, 9% of wealthy residents of India said that in the next three years they will increase their investments in cryptocurrencies.

According to the report, almost half of the respondents said that they know little about cryptocurrencies. Among those who are familiar with this type of asset, the majority noted that they plan to invest in BTC (29.15%). At the same time, 8.74% prefer ETH, and 6.80% would like to invest in XRP.

Meanwhile, in India, the struggle of representatives of the cryptocurrency industry and the financial industry continues. Recently, the Supreme Court of India gave the Central Bank two weeks to substantiate the ban on servicing cryptocurrency firms, which was imposed last spring. Due to the ban, the operation of most sites became impossible and many exchanges had to cease operations in the country.

Author: Marko Vidrih