The booming cryptocurrency market has spawned a wave of India crypto influencers who are capitalizing on a voracious hunger for information from rookie investors striving to get rich quick.
They have amassed huge followings on social media with top-ranked Sapna Singh now counting 614,100 followers across YouTube, Twitter, Telegram and Instagram. Crypto India founder Aditya Singh is not far behind with more than 599,895 followers. Their offerings include free tutorials on crypto investing and explainers on everything from blockchain technology to policy changes.
They operate in one of the most vibrant crypto markets in the world. India ranked next only to Vietnam in Chainalysis’ Global Crypto Adoption Index for last year, which ranked 154 countries using metrics such as trading by non-professionals and peer-to-peer exchange trading volume.
CoinSwitch Kuber, a leading domestic exchange, claims India has 14 million crypto users while Binance-backed WazirX saw trading volumes surge an astonishing 1,735% to over $43 billion in 2021, the highest in the country.
This is despite the government’s policy flip-flops. As recently as December, New Delhi considered a bill to prohibit all private cryptocurrencies only to backtrack in February with a 30% tax on income from them instead.
The high rate has infuriated crypto enthusiasts, who fear a brain drain to friendlier tax climes. Calls to slash the tax are growing louder on many channels.
Here’s Asia Financial’s…
