Cryptocurrencies as Diwali Gifts? Tell me more!

Diwali is right around the corner and it's quite obvious that you must be wondering about what gifts to give your loved ones? Well, why not give them something so unique as cryptocurrencies? India is the world's biggest market for gold. Not only do people love giving it as a gift, but it's also one of the leading instruments of long-term investment — a hedge against inflation and rising prices. However, millennials are now looking to go digital with their gold. Enter, Bitcoin. The digital currency may be volatile but is considered to be 'digital gold' by billionaires like Ray Dalio. Not everyone may agree with that assessment, but every year the festival of Diwali coincides with a rally in crypto markets as they leave September's troughs behind. Indian crypto exchanges, like WazirX, are normally on the scene with offers and giveaway campaigns to drive awareness in the market. The platform has over 8.5 million users and saw a huge rise in users from Tier II and Tier III towns in 2021. Cities like Ahmedabad, Lucknow, Patna, and others reported average growth of 2950%, according to the company.

Festivals are celebrated with great valor in our country. Several people tend to wait for such festivals to make auspicious purchases. Purchase of gold is usually customary during Diwali. With the global financial system evolving and investors becoming more aware, several Indians are actively investing in cryptocurrencies. Cryptocurrencies are a great hedge against inflation and the printing of money by the various central banks. Diversifying investments across asset classes such as crypto can provide a much-needed boost to one's portfolio. Several platforms are raining incentives to users looking to begin their investment journey in the crypto space. After months of being under pressure, Bitcoin recently managed to create a new all-time high. It proves the fact that patience does pay off. Despite this rally in BTC, there are some high potential altcoins that are still undervalued. The festival season might just be the perfect time to diversify investments across some of these altcoins, such as Polkadot. Diwali might be the perfect time to take that step towards starting a systematic investment plan in crypto. Picking a few top cryptocurrencies and diversifying them would be the best way forward. Choosing the perfect gift can be a daunting task for many. Gifting cryptocurrencies are not only efficient and super convenient, they are among those gifts that have the potential to go up in value. Global investing platforms are known to promote gifting cryptos during Diwali to lure Indian consumers.

"During the festive season, CoinDCX is aiming to create more awareness and to share knowledge on crypto through DCX learn. Through our marketing initiatives, we've always looked for ways to entice and educate new investors," said Ramalingam Subramaniam, head of brand and communication at CoinDCX, which recently entered the unicorn club – privately held companies valued at over US$1 billion. Bitcoin rewards company GoSats, which allows users to accumulate fractions of bitcoin when people shop from over 120 brands listed on the platform, including Flipkart, Amazon, Swiggy, BigBasket, and Myntra, said it will triple its user base during the festive season. The company which was launched this year has already given away more than one bitcoin to its users, chief executive Mohammed Roshan said.