Crypto Challenging Gold's Reign in India as Ownership Nears 100M Users
India's long-standing love affair with gold is facing its most significant challenge yet as crypto ownership approaches 100 million users, according to CoinDCX co-founder Sumit Gupta. The country's 700 million adults own gold, which amounts to 75% of the population, while roughly 97.5 million people, or 10.2%, hold cryptocurrencies.
The rapid growth in crypto adoption over the past decade can be attributed to the widespread availability of smartphones and low-cost mobile data, making it easier for users to access local exchange applications. Additionally, regulatory clarity provided by the Supreme Court's lifting of RBI banking restrictions in 2020 further boosted adoption rates.
While gold still holds a significant cultural and perceived safety value, investing in crypto could become more appealing, especially among digitally native younger investors. As India's digital payment landscape continues to expand, with nearly 55.5 crore users on the Unified Payments Interface (UPI) as of FY 2025-26, it may pave the way for similar growth in digital assets.