You are here
Even gold-obsessed Indians are pouring into crypto
By Suvashree Ghosh and Ronojoy Mazumdar
Bloomberg News
via Yahoo News, Sunnyvale, California
Friday, July 2, 2021
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 $923 million in April 2020 to nearly $6.6 billion in May of this year, according to Chainalysis. That's despite outright hostility toward the asset class from the central bank and a proposed trading ban.
... Dispatch continues below ...
ADVERTISEMENT
Buy metals at GoldMoney and enjoy international storage
GoldMoney was established in 2001 by James and Geoff Turk and is safeguarding more than $1.7 billion in metals and currencies. Buy gold, silver, platinum, and palladium from GoldMoney over the Internet and store them in vaults in Canada, Hong Kong, Singapore, Switzerland, and the United Kingdom, taking advantage of GoldMoney's low storage rates, among the most competitive in the industry.
GoldMoney also offers delivery of 100-gram and 1-kilogram gold bars and 1-kilogram silver bars. To learn more, please visit:
http://www.goldmoney.com/?gmrefcode=gata
Richi Sood, a 32-year-old entrepreneur is one of those who swerved from gold to crypto. Since December, she's put in just over 1 million rupees ($13,400) -- some of it borrowed from her father – into Bitcoin, Dogecoin and Ether.
And she's been fortunate with her timing. She cashed out part of her position when Bitcoin smashed through $50,000 in February and bought back in after the recent tumble, allowing her to fund the overseas expansion of her education startup Study Mate India.
"I'd rather put my money in crypto than gold," Sood said. "Crypto is more transparent than gold or property and returns are more in a short time."
She's part of a growing number of Indians -- now totalling more than 15 million -- buying and selling digital coins. That's catching up with the 23 million traders of these assets in the U.S. and compares with just 2.3 million in the U.K. ...
... For the remainder of the report:
https://finance.yahoo.com/news/even-gold-obsessed-indians-now-000000922.html
* * *
Join GATA here:
New Orleans Investment Conference
Hilton New Orleans Riverside Hotel
2 Poydras St., New Orleans, Louisiana
Tuesday-Friday, October 19-22, 2021
https://neworleansconference.com
* * *
Toast to a free gold market
with great GATA-label wine
Wine carrying the label of the Gold Anti-Trust Action Committee, cases of which were awarded to three lucky donors in GATA's recent fundraising campaign, are now available for purchase by the case from Fay J Winery LLC in Texarkana, Texas. Each case has 12 bottles and the cost is $240, which includes shipping via Federal Express.
Here's what the bottles look like:
http://www.gata.org/files/GATA-4-wine-bottles.jpg
Buyers can compose their case by choosing as many as four varietals from the list here:
https://www.gata.org/files/FayJWineryVarietals.jpg
GATA will receive a commission on each case of GATA-label wine sold. So if you like wine and buy it anyway, why not buy it in a way that supports our work to achieve free and transparent markets in the monetary metals?
To order a case of GATA-label wine, please e-mail Fay J Winery at bagman1236@aol.com.
* * *
Support GATA by purchasing
Stuart Englert's "Rigged"
"Rigged" is a concise explanation of government's currency market rigging policy and extensively credits GATA's work exposing it. Ten percent of sales proceeds are contributed to GATA. Buy a copy for $14.99 through Amazon --
-- or for an additional $3 and a penny buy an autographed copy from Englert himself by contacting him at srenglert@comcast.net.
* * *
Help keep GATA going:
GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:
To contribute to GATA, please visit:
