Over 115 mn Indians have Invested in Cryptocurrency in Last Six Months: Survey 

According to the report of KuCoin, despite the government’s stance on digital assets, they levy a 30% tax on the income received from assets. The market for Indian cryptocurrency is expected to reach $241 million by the year 2030. 

KuCoin is the cryptocurrency exchange platform that has announced the findings of the survey report titled ‘Into the Cryptoverse, India.’ This survey takes a look into the blockchain industry development and crypto space in India. 

The report of the survey revealed that in June 2022, nearly 115 million crypto investors in India held cryptocurrency or traded cryptocurrency in the last six months accounting for 15% Indian population aged between 18 and 60 years. And, 54% of these are hopeful to gain long-term ROIs. This survey report indicates that crypto investors less than the age of 30 years, recognize the long-term value of the digital currency. Another 10% of adults in India are crypto-curious consumers who are planning an investment in cryptocurrency in the next six months. It highlights that nearly 56% of investors believe that cryptocurrency is to be the future of finance. And, 52% of investors have invested in cryptocurrency to gain passive income to improve their lifestyle. 

The report also noted that when it comes to overcoming the hurdles of cryptocurrency investment, sufficient knowledge of the cryptocurrency market is reflected by 41% of respondents who are stating that they are not sure about the type of products for cryptocurrency investment to choose. While 37% of investors have faced difficulty in managing the risk of portfolios, 27% have trouble predicting the market directions or values of cryptocurrency, and 21% of them are not clear about how crypto works. 33% of investors report that regulations of the government are the main concern that needs to be considered while investing in cryptocurrency. The safety of cryptocurrency investment is also a matter of concern as 26% of investors worry about hackers and threats, and 23% of them fear that they may not get their money back in case of incidents. In the first half of 2022, crypto investors are aged between 18 and 30, which is up from the seven percent of the previous quarter, suggesting that many young cryptocurrency investors are growing faster than their mature counterparts. 39% of young crypto investors less than the age of 30 are first-time cryptocurrency investors who started trading over the last three months.  

This survey report of KuCoin also shed light on the motivation of investors, they highlight that 56% of crypto investors believe that cryptocurrency is the future of finance, and 54% of investors believe that the cryptocurrency will bring a higher return on the investment in a long-run, 52% invest to gain the passive income in order to improve the quality of their living, 24% of young crypto investors consider it as the hype for fun and 43% investors are going with it for short-term gains. 

Medha B Dey Roy, head of KuCoin India, said that the first quarter of the year 2022 witnessed a downturn in terms of positivity towards the investment in cryptocurrency. “Our report indicates a positive sentiment of the market, as more than half of investors plan to increase their cryptocurrency investments over the next six months. With our technology-driven young population, growing internet users, and financial technology (fintech) advancements, crypto are on its way to achieving greater adoption. With regulatory environments and motivations, India has the opportunity to become a global crypto hub. We look forward to seeing the opportunities that lie ahead, and play a role in supporting the Indian crypto ecosystem,” she also added.