According to a paper titled ‘Understanding Cryptocurrency’ published by Wells Fargo Investment Institute, a US-based financial organization, the expansion rate of cryptocurrency is comparable to that of other modern technologies such as the internet, electricity, and vehicles.
According to Crypto.com and the World Bank, over 990 million cryptocurrency investors are already investing worldwide. As we all know, Bitcoin is the most well-known cryptocurrency of all time, is the most recognizable and pioneering phrase in the crypto industry. This gives it an advantage over competing cryptocurrencies, often known as altcoins.
The Rate of Cryptocurrency Adoption is Comparable to the Internet Boom of the 1990s: Wells Fargo
According to the research, this internet technology period occurred in the mid-to-late 1990s.
“After a slow start in the early 1990s, internet use surged from 77 million in 1996 to 412 million in 2000. By 2010, worldwide internet use had grown to 1.98 billion, and today it sits at 4.9 billion,” stated on the report.
Based on the similarities in the first few years, the research predicts that cryptos will follow a similar growth path. The expansion of cryptos since 2014 is comparable to the growth of the internet in the 1990s.
“If this trend continues, cryptocurrencies could soon exit the early adoption phase and enter an inflection point of hyper-adoption,” said the report.
In addition to an increase in the number of cryptocurrency users, the other industry research firm Chainalysis showed that the country’s crypto market expanded by 641 per cent last year. While Pakistan ranks third in terms of Bitcoin users behind Vietnam and India, it has increased (711%).
The report also said in this section : “while India, Vietnam, and Pakistan all have high levels of grassroots cryptocurrency adoption; they’re quite different in terms of the raw transaction value.”
In addition, the research highlighted plausible causes for the increase in user numbers based on comments from industry experts. For example, Joel John, Principal at LedgerPrime; believes that the simplicity that may make crypto investments inspired more individuals to get interested in them.
“Investing inequities in India is a long, painful process that requires you to sign lots of documents. It takes about three to four days. Investing in crypto takes less than an hour.”
Joel John, Principal at ledgerPrime
The Rise of Cryptocurrency in India: A Promising Future For The Indian Economy
“Tons of Indian developers, fund analysts; and independent freelancers working for overseas employers have started requesting to be paid in cryptocurrency.”
Krishna Sriram, Managing Director of Quantstamp,
The increase in cryptocurrency usage comes as Union Finance Minister Nirmala Sitharaman declared India’s first digital currency will be offer to Indian investors soon. Sitharaman indicated in her fourth Budget that the Reserve Bank of India (RBI) would issue digital money around 2022-23.
She also stated that it would have a substantial economic impact.
