• Surveys show that 45% of retirement-plan individuals have allocated resources towards cryptocurrencies.

• Motivation is a key factor in investment determinants, and the survey offers useful information regarding investor’s psychology. 

A recent survey by Mudrex revealed a significant trend among Indian retirement investors toward cryptocurrency. Surveys show that 45% of individuals with retirement plans have allocated resources towards cryptocurrencies. These results demonstrate that investors with long-term outlooks are more inclined to use digital assets for their long-term financial plans, including retirement investments.

According to the Mudrex survey, the perceptions of cryptocurrency as a common asset class have also been developing. An interesting 50% of the polled viewers believed cryptocurrency would be the primary asset class within the next five years. This implies a significant surge in trust and approval from the crypto community, mirroring a wider shift towards the mass acceptance of crypto digital currencies.

Financial Independence and Self-Reliance

The survey findings also underscore a general desire among the respondents for autonomous financial decision-making. Around 59% of respondents state that they ‘would like to make decisions relating to finance by themselves,’ which shows that they have a high degree of self-reliance and empowerment in their finances. While the influence of social networks in financial decision-making should not be underestimated, 19% of participants surveyed reported having consulted their loved ones, and 14% of the interviewees said they had been approached by their partners for help. 

Intriguingly, only 5% of the consumers surveyed seek further advice from financial advisors, thus peppering the gap in advisory services, specifically in the cryptocurrency circle. Motivation is a key factor in investment determinants and the survey offers useful information regarding investors psychology. The major reason for investing was found to be wealth growth, with 63% of the respondents. This sentiment was shared by a larger number of crypto-invested respondents, with 72% of them claiming wealth accumulation is their main goal. This focus on wealth growth opportunities underscores the perceived potential of cryptocurrencies as a profitable investment option.

Cryptocurrency Trading Surges on Indian Exchanges

Similarly, due to the growing attention of retirement investors to cryptocurrencies, Indian exchanges for cryptocurrencies have been witnessing a growth in trading volumes. The highest monthly trading volumes for India’s leading exchanges, including CoinDCX, WazirX, and BitBNS, since June 2023 were showcased. However, such a rise in trading activity occurred after a period of low volumes following the bear market of 2022-23 and the regulatory challenges, including a 30% tax for cryptocurrency trading enforced by the Indian government.

Last month, the National Informatics Centre (NIC) of India declared a revolutionary moment in Blockchain development by hosting over eight million government-issuing verifiable documents in five blockchains. The government initiated this program by the Ministry of Electronics and Information Technology (MeitY) to explore the potential of blockchain technology to improve transparency and efficiency in governance.

Growing Acceptance of Cryptocurrency

Another survey conducted by Mudrex, which had 9,000 participants nationwide, shows a positive future for cryptocurrencies as a mainstream asset class in the coming five years. Moreover, 50% of the respondents anticipate cryptocurrencies to go mainstream within five years. In addition, one of the significant tendencies is the inclusion of cryptocurrencies in long-term financial planning, as 45 percent of respondents do. This is a sign of increasing approval of cryptocurrencies as one of the asset classes for wealth creation.

The survey showed a widespread demographic interest in cryptocurrency, particularly among young adults from 20 to 35 years old, who accounted for 80 percent of participants. This indicates an increasing interest in crypto investments prompted by the willingness to accept new financial technologies.