CoinDCX, a cryptocurrency exchange platform, nowadays released a national survey report capturing exciting crypto investor behavior trends and evaluation titled ‘Mood of the Nation’. Some of the highlights of the report showed that 60 per cent of the respondents earning under Rs five lakh per annum located it very difficult to invest in crypto owing to the lack of uncomplicated and seamless possibilities out there. On the other hand, 68 per cent of the respondents earning above Rs ten lakh per annum cited legal and regulatory clarity as a main concern for thinking about investments in cryptocurrencies.
Post-Supreme Court’s judgment in March to lift the banking ban, authorities say the Indian crypto business has witnessed a massive influx of crypto demand from investors. The CoinDCX survey also received wonderful responses from far more than 11,000 respondents, majorly belonging to the age group of 25-35. Of the total respondents, 53 per cent had been crypto investors and 47 per cent had been non-crypto investors. CoinDCX claims the “Mood of the Nation” survey shows the sentiments of India’s 1 Billion shoppers about cryptocurrency, the technologies, and the investment prospective of the new and emerging asset class.
The study showcased that 78 per cent of investors in crypto have also invested in mutual funds earlier, 22 per cent of investors in crypto have under no circumstances invested in any new age investments, whereas 63 per cent of respondents from the IT, Finance, and Education sector barring banking felt crypto is a great asset class to invest in. Further, only 12 per cent of the respondents from the banking sector felt regulation is the greatest challenge from crypto and stated the explanation behind their reluctance to invest in this asset class.
Sumit Gupta, CEO and co-founder of CoinDCX mentioned, “This survey is an important benchmark in the Indian crypto discourse. It highlights the requirements of options for investing in crypto on one side and also emphasizes the requirement of smart regulation in the country. It is clear from the report that, while outwardly India is set to become the next global player on the international scene, it is extremely important that smart and sensible regulations become a part of the discourse.” He additional added, “Knowing how an average Indian perceives cryptocurrency puts the Indian cryptocurrency community in a position of responsibility to ensure that every single Indian can understand and adopt cryptos, and join this ever-growing community.”
Some trend also showcased the reality that these with disposable earnings, had been marginally larger and far more bullish towards crypto, vis-à-vis the other people – For instance, 72 per cent of complete-time staff and 62 per cent of self-employed respondents felt crypto is a great asset class to invest in though much less than five per cent of Indians comprising homemakers and unemployed respondents mentioned crypto has zero utility.
Considering the education levels amongst the respondents, the survey realized about 72 per cent of graduates felt a lack of expertise and awareness was their greatest challenge to enter cryptos. Graduates, nonetheless, took a lead whereby 73 per cent believed that crypto is an alternate investment class, though 67 per cent of postgraduates cited crypto as a new asset class and a great investment alternative.
Considering the age group criterion of the respondents, the survey report highlighted 71 per cent of respondents under the age of 35 mentioned they had invested in crypto at least after though 27 per cent of respondents above the age of 40 mentioned they had under no circumstances invested in cryptos. Besides 69 per cent of the respondents under the age of 35 viewed as crypto as a great asset to invest in. A important quantity of respondents under the age of 40 felt that there is no uncomplicated way to enter cryptos though 52 per cent of respondents inside the age group of 20 to 30 felt a lack of expertise and awareness is a massive challenge.
Kashif Raza, Co-founder of Crypto Kanoon, a platform committed to clearing regulatory ambiguities in crypto mentioned, “This survey will be a gamechanger for all of us in the cryptocurrency community. The results coming from this survey will help us, as a crypto community, how to bridge the gap between the crypto community and people who want to be a part of this community.”
The report reiterated that becoming web savvy and getting a far better understanding of the digital economy led to enhanced interest amongst millennials for crypto as compared to the older generations. Furthermore, thinking about the majority of millennials are at the moment operating and have a great quantity of disposable earnings added to their inclination towards the asset.