• Sun. Aug 14th, 2022

Indian teens turn to digital currency investments to beat the pandemic blues

ByHazel R. Lang

Mar 21, 2022

The pandemic has inspired many ideas, including e-commerce businesses ranging from technology, apparel, fashion, marketing and catering. Some have thrived, while others have failed. There is clearly a BC (Before COVID) and AC (After COVID) world we live in, and we have acclimated to this new normal. However, most are still missing the BC or are significantly impacted by the pandemic blues.

Indian teenagers are taking a very unusual approach to beating pandemic boredom by being enterprising in the digital currency investment space. Children fuel the digital currency market, which stood at $6.6 billion in 2021, up from just $923 million a year earlier.

How do they find the money to invest?

“From their pocket money,” Vikram Kanwar, editor of a leading publication in India, told CoinGeek. He said children were investing their pocket money in digital currencies that grabbed headlines, expecting quick and high returns. Most kids are tech-savvy and able to catch up with the latest digital currency market developments, trends, and warnings.

“I use all my pocket money to invest in digital currencies. I have made huge profits and I intend to continue doing so because it is such an easy way to make money It’s a volatile space, but ROI is a motivating factor,” said Dhairya, an 18-year-old investor from Delhi.

The pandemic has led to online learning for most students in India, making it easier for them to create the life they want ‘behind the screen’ without the knowledge or consent of their parents. . the key motivation for them, it’s the ability to access investment portals (i.e. exchanges) and user-friendly apps that deliberately woo a very young population by enticing them to make huge profits.

Exchanges like WazirX, CoinDCX and Kuber have launched campaigns and applications to attract more users (investors), and they interact with prospects and answer their questions, promising them safe and fast returns. Even though exchanges do not allow trading for investors under 18, children use the credentials of their older siblings or parents to enter.

“Facebook also doesn’t allow children to join their platform, but who really follows the rules? The exchanges are the same; so many children use their parents’ credentials and become users,” Dhairya explained. “By the way, I’m also very interested in blockchain technology, and I believe in it. This is why I am investing now,” Dhairya added.

For Mia Sharma (who is wary of her real name), a 17-year-old investor from Pune, digital currencies are also a smart investment in addition to a way to make quick money. She has made nearly 100% profit on her investments and she wants to eventually tell her parents to believe and invest in digital currencies.

“I use all my pocket money in these investments, and I use that money to reinvest in digital currencies,” she said.

How much pocket money do they really get that they can invest in digital currencies? When asked, Kanwar told CoinGeek that some exchanges allow investing with as little as INR 100-500 ($1.5-$7).

“Companies like WazirX are consciously creating apps and portals where they target these young kids, entice them into these investments, and answer all of their questions in seconds or minutes,” Kanwar said.

A high school student from Punjab (agreed to speak only on the basis of anonymity) who is already a trading veteran at 16, is an avid investor in Dogecoin. He has made huge profits and intends to keep his parents a secret because, he said, they would never approve of him investing in digital currencies at this age.

“There are times when I sometimes wake up in the middle of the night to find out the latest developments,” he said.

The recent announcement by the Indian government imposing a 30% tax on digital currencies does not seem to be a deterrent for these enterprising teenagers. Their number and the amounts they invest in BTC, Dogecoin and similar currencies are always and steadily increasing. Although there are several risks involved, these Gen-Zers seem unbothered by the repercussions of the volatile business industry and are losing the trust of their families. The Indian government is expected to introduce a Digital Currency Bill in May this year, so time will only tell what awaits these young teenagers once the decision is made in this regard.

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