Many young Indians are dabbling in crypto trading to supplement their regular income in the world’s most populous country where jobs and pay increases have lagged world-beating economic growth
Like thousands of his countrymen in far-flung places, flower-shop owner Ashish Nagose has been learning about trading cryptocurrencies by attending classes every weekday for the past two months in his home city of Nagpur in western India.
Like thousands of his countrymen in far-flung places, flower-shop owner Ashish Nagose has been learning about trading cryptocurrencies by attending classes every weekday for the past two months in his home city of Nagpur in western India.
Nagose bought and sold stock options earlier but is now venturing into cryptocurrencies as regulators have made it harder to trade equity derivatives in India. The 28-year-old believes the red-hot crypto asset class can help shield his family-owned flower shop during downturns.
“I want to run my family shop, and hope that trading can provide a steady income when business slows down, like in the month after (the Hindu festival of) Diwali,” he said, seated at the storefront surrounded by bunches of red roses and orange marigolds.
Newfound crypto enthusiasts in India such as Nagose have helped grow cumulative trading volumes of bitcoin, ethereum, dogecoin and other cryptocurrencies on four of its largest exchanges more than two-fold quarter-on-quarter to $1.9 billion in the October-December quarter, according to data from aggregator CoinGecko.
Many young Indians are dabbling in crypto trading to supplement their regular income in the world’s most populous country where jobs and pay increases have lagged world-beating economic growth. Nearly two-thirds of its 1.4 billion people are below the age of 35, according to a government report.
