![]() He said he had minimal exposure to stocks when he started trading crypto seven months ago. Like Pai, Nishant Sarda, 24, who runs a printing business with his family in Siliguri, is looking to diversify out of crypto. “At least for the near term, I will just stick to established cryptocurrencies and cost average it for the next few months," he adds. He is now looking to diversify into mutual funds and stocks, but most of his money is still invested in crypto. “I’ve lost track of my losses," Pai said. You might have heard about Mars Coin, Elongate and others," he said. Randomly named tokens (mostly scams) on decentralized exchanges were making the most noise. “Later, I got into the ‘shitcoin trading’ phase. At the time, he was finishing a Master’s degree in England and initially lost a few hundred dollars. “I didn’t want to get involved with stocks-it seemed dull, to be honest, while crypto looked like the next big thing," he said. Takshak Pai, 26, another Udupi-based crypto investor, started investing in the asset class around March and April last year when prices were hitting new highs. Of this, women from these cities contributed to 65% of the total sign-ups from all over the country. WazirX has over 7.3 million users and clocked over $21.8 billion in trading volume in 2021, with tier-II and tier-III cities cornering 55% of total user sign-ups on the crypto exchange. It mandated that crypto ads follow a set of 12 guidelines and show a “highly risky" disclaimer. After a free run for a year, the Advertising Standards Council of India (ASCI) cracked down in February. Many of them were from small cities, which have seen greater adoption of cryptocurrencies, according to WazirX, the crypto exchange. But as crypto entered mainstream consciousness through celebrity endorsements, especially during the Indian Premier League, they were drawn to it -perhaps not always aware of the risks involved. A larger set of crypto investors Mint spoke to also had little to no exposure to equities or other volatile assets. Till he began investing in crypto, Dheekshan, frugal by nature and from a family that owns a small restaurant in the Karnataka town, had primarily invested in gold and fixed deposits. It is a bit hard to look at the app and check the red marks, but my investments are down at least 55%," he said. ![]() “I had invested over ₹3.5 lakh, about a third of my savings. His other investments in Bitcoin and Ether are also down. Like most investors globally, Dheekshan has written off his investment in Luna though he still has his coins. “It was a real slap in the face," Dheekshan, 24, said.
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