India’s gold dominance is facing a new challenge as crypto ownership approaches 100 million users, although the gap remains wide. About 700 million Indian adults, 75%, own gold, compared with roughly 97.5 million, 10.2%, who hold crypto, according to figures cited by CoinDCX co-founder Sumit Gupta on September 3, 2026. The contrast highlights both gold’s deep-rooted role in Indian households and the rapid rise of crypto in just a decade.
How Crypto Reached Nearly 100 Million Indian Users in a Decade
India’s crypto adoption has accelerated from virtually zero to nearly 100 million users in about ten years, challenging gold’s generations-long dominance. Sumit Gupta, the co-founder of CoinDCX, pointed out the difference, saying about 700 million adults (75%) own gold in India, while around 97.5 million (10.2%) own crypto.
Adoption faced a setback in 2018 when RBI banking restrictions limited access to crypto services, before the Supreme Court lifted those restrictions in 2020. Adoption was then further driven by the widespread availability of smartphones, low-cost mobile data and the ease of use of local crypto exchange applications.
Meanwhile, the US provides a stark contrast as digital investments become more accessible to investors. Gupta noted that more Americans now hold Bitcoin (BTC) than gold, while around 62% of US adults have investing accounts and crypto is available on most fintech apps used to buy stocks.
In India, the UPI first generation may pave the way for a similar transition to digital assets, with nearly 55.5 crore users and over 24,000 crore transactions in FY 2025-26. While gold still holds significant cultural and perceived safety benefits, investing in crypto could be less friction for a generation brought up on digital payments.
Gold vs Crypto in India: Ownership, Access, Risk and Liquidity
Gold remains far ahead of crypto in India by the value of assets held. Indian households are estimated to hold roughly 25,000 to 35,000 tonnes of gold, mostly in jewellery, coins and bars. Jefferies estimated household gold holdings at about 25,000 tonnes worth $3.9 trillion as of March 2026, roughly four times household equity holdings and twice bank deposits. Crypto is still quite small by contrast. In mid 2026, the estimated value of domestic crypto holdings was approximately ₹20,437 crore, highlighting the disparity between the two assets in India’s wealth portfolio.
Access to gold and crypto has increased, and the two assets are very different in terms of risk and liquidity. Gold can be purchased from jewellers, online platforms, ETFs and other investment products, and crypto can be bought on mobile exchanges in small quantities. Crypto trading allows 24/7 trading and immediate market access, but it also has a higher price volatility, custody risks, a 30% tax on profits, and TDS of 1% on covered transfers. Physical gold can be harder to sell efficiently because of spreads and valuation, but gold loans allow households to unlock its value without selling their holdings.
Can Crypto Rival Gold in India? What Indian Investors Should Consider Next
Crypto is unlikely to rival gold in India by ownership numbers in the near to medium term, given gold’s deep cultural role and decades of household accumulation. But crypto’s estimated 10% adult ownership rate could keep growing, especially among digitally native younger investors. The widespread availability of digital platforms in Tier 2 and Tier 3 cities, coupled with the increasing participation of women and regulatory clarity, could facilitate further adoption, even if crypto remains a complementary asset rather than a replacement for gold.
For Indian investors, the choice between gold and crypto largely depends on risk tolerance, investment goals, time horizon and tax treatment. Gold is more of a wealth-preserving asset, while crypto can be more volatile and risky but has the potential to yield higher returns. A combination of both could therefore remain relevant, with gold providing stability and crypto offering exposure to digital asset growth. Before deciding on allocation, investors should also factor in liquidity, custody, security, fees and India’s tax regime.
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