As bitcoin becomes the next ‘digital gold’, crypto industry increases ad spends by 4x

The crypto currency industry in India, which is trying to create a new asset class in investments, expects more traction this festive season.

The lockdown boosted crypto adoption in India, pushing the number of crypto currency users to an estimated 10 million. The number is expected to further rise exponentially as crypto brands aim to transform the festive shopping culture this season.

Brands not only see this enthusiasm sustaining but rather growing this season. While India is a nascent crypto market, brands said bitcoin is more like digital gold with great future potential.

Avinash Shekhar

Avinash Shekhar, Co-CEO, ZebPay, said more people are using digital payment modes and are comfortable transferring gifts digitally. Because of the lockdown, many had the time to learn about crypto, he said, adding he has seen increased adoption of this new asset globally.

“Festivals are a time for get-togethers and we are looking forward to seeing more people sharing their crypto investment experiences and, maybe, gift crypto to their friends and family,” he said.

Crypto currencies have been gaining a lot of traction and the sentiment is only getting stronger, experts said.

Sharan Nair

Sharan Nair, Chief Business Officer at CoinSwitch Kuber, said that last year, more than 50,000 people used its platform to gift bitcoins to their loved ones.

This year he expects this number to increase by 200%.

Indians have a habit of saving before spending. As the festive season is approaching, there will be more transactions and expenditure, which means more cash flow into the market.

Sathvik Vishwanath

And with this, Sathvik Vishwanath, Co-Founder and CEO, Unocoin, hopes there will be a rise in economic activity in the market, especially from the middle-class Indian. The platform has collaborated with 90+ brands and expects a good number of people to get gift coupons and vouchers via its shop feature.

He said the Indian crypto community is growing exponentially.

“People are getting to understand the crypto market more. The laws are getting relaxed, so I believe the sentiments of the consumers are positive and strong. Though sometimes, global sentiments reflect a lot in the Indian market; the FUD (fear, uncertainty and doubt) around crypto is stabilising,” he added.

For Unocoin, the spending will be higher, probably up to 4x the normal monthly budget this festive season, and it is optimistic that there will be a huge growth in adex in this period.

Digital to lead ad spend growth, followed by TV and print

The crypto industry has been going aggressive since the start of the bull run last year and this market cycle is expected to continue till the year-end or beyond, some experts said.

During this time and the festive…