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The adoption of cryptocurrency has been on a faster pace in India, but at the same time the lack of financial literacy about this product has also been at the same pace in the country, The Economic Times, reported on Wednesday. This is primarily because of the regulatory and policy confusions, as the crypto industry is at a very nascent stage and is flooded with many coins and tokens, much of which is destined to die out, that will put novice investors money at risk.
Financial literacy on crypto a must
In order to navigate the crypto market, the country must rapidly integrate the knowledge and educate crypto investors on the new aspects that are unique to this asset class, according to blockchain and cryptocurrency experts.
Over the past decade, Bitcoin has been the best performing asset class but majority of the Indian investors have failed to reap the supernatural returns, simply because of the lack of knowledge and familiarity.
Due to its rapid increase in usage and investment volumes of cryptocurrencies, the country has been placed on top of the world. In the days ahead, crypto investments are likely to increase, which will make educating investors a must in the present financial scenario.
Indian investors in the cryptocurrency space can reap the full benefits, only if they have adequate financial literacy in every aspect of the digital token and blockchain industry.
According to the publication, Policy 4.0, a research and advisory firm on cryptocurrencies and blockchain said that increasing the financial literacy is a necessity but not a luxury. It also added that a number of long time investors have lost significant amounts of money on a continuous basis, before managing it right and making returns.
With an expectations for an overnight multi-bagger returns in recent times, many investors foray into the market and end up losing large chunks of wealth when the coins take a beating. This is equivalent to borderline gambling not investing, according to industry watchers. So far, there are over 11,000 cryptocurrency tokens.