The data from last year revealed that crypto investments in India went from about $200 million to $40 billion, the report said.
Indian investors, like the Chinese, are known to prefer gold as the best store-of-value investment.
“Indian demand is still sluggish although as the lockdown eases there we should start to see some fresh interest – although the monsoon season has already started,” said Rhona O’Connell, head of market analysis for EMEA and Asia regions at StoneX.