Yes you are correct that Indians have a very low earnings per capita, somewhere around $1500 per year. But you have to take into account that they consistently save over 30% per year, with the mean savings rate over 20%. Comparing to the US of a overall savings rate of 2.6% and a mean savings rate of -6%, yes the average American doesn't save at all.
Why would you with artificially suppressed interest rates and inflation outpacing even that?
There is way too much $$$ with nowhere to go. Housing bubble left everyone wary on that. Stocks are currently in a bubble. Gold bubble is deflating. Where to put all that $$$ that is washing around? Could be bullish for Bitcoin.
Of course, if that's the case, it would just be a bubble which isn't really good for Bitcoin (though I believe there's a lot of underlying real growth also).
The economies of the world are in trouble. Where do you store your wealth?