Thousands of young Indians joining crypto trading due to reducing pay hikes
The Indian economy has been experiencing a sluggish growth rate in recent years, leading to a decline in job prospects and pay hikes for many young Indians. In this scenario, thousands of young Indians are finding an alternative way to supplement their regular income – crypto trading. According to a recent report by Reuters, crypto trading has been booming in India’s interior cities, with seven out of the top 10 centres that propelled crypto activity in 2024 being lower-tiered cities such as Jaipur, Lucknow, and Pune.
The report attributes this trend to the disappointing job growth and lack of pay hikes in the country. Young Indians are finding it increasingly difficult to make ends meet, and crypto trading is offering them a way to earn some extra money on the side. This is particularly true for individuals who are not working in the formal sector or are struggling to find employment.
The government, which has often warned against crypto investments, is levying a 30% tax on crypto trading gains. However, this has not deterred many young Indians from joining the crypto trading bandwagon. In fact, the tax has only added to the allure of crypto trading, as it provides a sense of security and stability to investors.
The rise of crypto trading in India’s interior cities is a significant development, as it indicates that the trend is not limited to major cities like Mumbai and Delhi. The growth of crypto trading in these cities is also a testament to the increasing adoption of digital currencies and the growing awareness about their potential benefits.
The report by Reuters also highlights the fact that many young Indians are turning to crypto trading as a way to diversify their investments. In an economy where traditional investment options such as stocks and real estate are offering low returns, crypto trading is providing an attractive alternative. The report cites the example of a 25-year-old software engineer from Jaipur, who has invested in crypto trading as a way to supplement his income.
“I was struggling to make ends meet, and crypto trading was a way to earn some extra money,” the engineer said. “I started with a small investment and gradually increased it as my income grew. Now, I am earning a decent amount of money from crypto trading.”
The growth of crypto trading in India is not without its challenges, however. The lack of regulation and the risks associated with crypto trading are major concerns for many investors. The government’s decision to impose a 30% tax on crypto trading gains is also seen as a deterrent by some investors.
Despite these challenges, many young Indians are optimistic about the potential of crypto trading. The report by Reuters quotes a 28-year-old entrepreneur from Lucknow, who has invested in crypto trading as a way to diversify his investments.
“I believe that crypto trading has a lot of potential, and I am willing to take the risk,” the entrepreneur said. “I am not putting all my eggs in one basket, and crypto trading is providing me with an additional source of income.”
In conclusion, the trend of young Indians joining crypto trading is a significant development that reflects the changing economic landscape of the country. The growth of crypto trading in India’s interior cities is a testament to the increasing adoption of digital currencies and the growing awareness about their potential benefits. While there are challenges associated with crypto trading, many young Indians are optimistic about its potential and are willing to take the risk.
