Students hop on to the cryptocurrency bandwagon – Economic Times

Crypto exchanges have recorded a spurt in students investing in cryptocurrencies as the disruptive asset class has found favour with the community as an investment.

Data from top exchanges indicate that about 15% to 20% of all the users are students and in the 18-20 years age group.

The number of students trading and investing in cryptocurrencies has jumped anywhere between 400% to 500% at the top exchanges when compared to last year, or for that matter even a few months back.

About 20% are pursuing fashion and related courses, while 10% are studying arts, media and entertainment.

A sudden crypto buying event seems to have taken place over the last two months when the global rally in cryptocurrencies has caught everyones attention.

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The exchanges said that the average age of investors has dropped while their investments have gone up.

Around 190K BuyUcoin users are from the same age group with 11.7% share in crypto holdings, said Thakral.

Industry trackers say that the new age investors are not only changing the way they invest but also how they invest and in which assets they deploy capital.

The new age investors are not just sticking to Bitcoins but are buying and trading even other cryptocurrencies, which seems to be a hedging strategy.

Many college students and other young investors could also be interested as the exchanges have started offering schemes similar to systematic investment plans.

Till last year India had approximately around 5 million crypto users which went up to 15 million making India 3rd country in the world for crypto adoptions, said Kumar Gaurav, founder and CEO, Cashaa, an online banking platform to manage fiat and cryptocurrencies.

Despite regulatory confusion and hiccups on the payments front, new young investors are flocking to the exchanges.

And as a result money is following the exchanges.

Recently CoinSwitch Kuber, a cryptocurrency exchange, said that it has raised $ 260 million from investors including Tiger Global, Sequoia Capital India and Andreessen Horowitz. The investment values the exchange at $ 1.9 billion.

Bitcoin on Tuesday was trading at $ 57,000 while Ethereum was trading at $ 3,250.

Industry trackers say that India is mirroring a global trend where more investors are flocking towards the crypto assets.

During the slight dip last month, crypto-related investments witnessed record inflows owing to the growing global acceptance of crypto assets. India and neighbouring countries are the main growth drivers of the crypto economy in South East Asia and they will continue their dominance because of the large number of active crypto investors in the region, said Jay Hao, CEO, OKEx.com, a cryptocurrency exchange.

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Students hop on to the cryptocurrency bandwagon - Economic Times

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