India is one of the most populous countries in the world. Moreover, its economy is developing and according to the PwC report by 2050 the country’s economy will become one of the largest in the world. It is not surprising that local as well as foreign investors are willing to enter the local market and the crypto industry is not an exception.
However, as in the case of many countries around the globe, the crypto climate in India is also far from being ideal. However, a survey released by peer-to-peer Bitcoin marketplace Paxful shows crypto has a future in India.
According to the survey conducted by Paxful, 75% of investors who took part in the survey, invested in cryptocurrencies. Interestingly, Paxful’s survey of investors revealed other interesting details.
For instance, before the historic decision of the country’s supreme court, trade volume in the peer-to-peer marketplace in January surpassed $3 million. Moreover, more than 93% of respondents invested in cryptos before the ban.
This study also revealed two interesting details about the local crypto community. The first one is that 78.5% of respondents prefer to use cryptocurrencies to transfer money. Moreover, the second is that 64.8% believe that thanks to crypto they can achieve financial freedom.
Crypto miners and Bitcoin halving
In March, as the price of cryptocurrencies fell, manufacturers started to sell inventories at a discount. In some cases, manufacturers even offered a 20% discount.
However, cryptocurrency prices are only one of the problems for companies that produce crypto miners. Another one is the upcoming Bitcoin halving in May. It is important to mention that, halving will reduce the network’s mining reward by half. As a result, most crypto miners will be less profitable if the price of Bitcoin doesn’t increase by that period of time.
For example, last month before Bitcoin’s price crashed on March 12, the price of crypto-miner WhatsMiner M30S was about $2,500. However, as the price of Bitcoin crashed on March 12, it is possible to buy this model for $2,000.