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- According to the survey, India currently has 115 million crypto investors who hold or have traded the asset in the past six months.
- It was also observed that most of the people had little knowledge of the market as 41 percent stated that they are not sure the type of crypto investment product to choose.
In a report entitled “Into The Cryptoverse India” released by KuCoin, an in-depth analysis was made about the development of crypto and blockchain in the Asian country. The crypto market in India has been projected to reach $241 million in 2030 despite authorities imposing a 30 percent tax on all income received in digital assets.
According to the survey, India currently has 115 million crypto investors who hold or have traded the asset in the past six months. This makes up 15 percent of the total population aged between 18 to 60 years. Also, 10 percent of the population is planning to invest in crypto in the next 6 months according to the report.
Following the recent market pullback, investors, especially those who bought at the peak have been hit hard. However, the survey discloses that half of the crypto investors are planning to increase their holdings in the next 6 months.
It was also observed that most of the people have little knowledge of the market as 41 percent stated that they are not sure the type of crypto investment product to choose. Interestingly, 37 percent have difficulties in managing the risk of their portfolio while 27 percent have challenges in predicting the direction or the values of cryptos. According to the report, 21 percent have no idea of how crypto works.
23 percent of crypto investors consider it “a hype for fun”
Regardless of the rising number of crypto investors, the regulatory framework has been a major concern to those who want to enter the market. About 33 percent of the respondents admitted that they largely consider government regulation in an attempt to invest in cryptos. Also, 26 percent are more concerned about hackers with 23 percent worried about the possibility of not getting their money back due to security incidents.
The survey further disclosed that the number of crypto Investors in India is dependent on the age bracket. It was observed that 39 percent of the crypto investors were between 18 to 30 years, and this is 7 percent higher than the previous quarter. Also, those who fall within this age bracket are early investors who only started over the past three months.
The crypto investors in India according to the survey have several motivations for getting into the industry with 56 percent believing that crypto is the future of finance. 54 percent also believe that their decision is mainly investment-wise, as they could have a higher return in the long run. 52 percent also invest in crypto to gain passive income and secure a better standard of living. Interestingly, 24 percent consider it a “hype for fun”, with 43 percent focusing on the short gains.
