Over 115 million crypto investors in India either hold crypto or have traded crypto in the past six months, accounting for 15 per cent of the Indian population aged 18 to 60 years, as per a new survey by KuCoin, one of the world’s largest cryptocurrency exchange.
The survey titled ‘Into the Cryptoverse, India’ takes an in-depth look into the development of the blockchain industry and crypto space in the second most populous country in the world. The KuCoin report comes hot on the heels of the latest developments in India, which have seen a surge in local demand for cryptos.
Despite the government’s stance on digital assets and the levying of a 30 per cent tax on income received from digital assets, the Indian crypto market is expected to reach $241 million by 2030, the report said.
With 54 per cent of Indians being hopeful of gaining long-term ROIs. The report indicates that younger investors, i.e. those below the age of 30, recognise the long-term value of crypto. Further, over 10 per cent of Indian adults are crypto-curious consumers planning to invest in crypto in the coming six months.
The overall market downturn has also impacted sentiment, as reflected in the preference of an increased share of investors to keep the same amount of crypto rather than invest more in it. However, more than half of crypto investors still intend to increase their investments in crypto in the coming six months, as per the report.
Additionally, 56 per cent of investors believe crypto to be the future of finance, and 52 per cent have invested in crypto to earn passive income that can help them improve their quality of living.
When it comes to the hurdles of crypto investment, the survey reveals that a lack of sufficient knowledge of the crypto market is reflected by 41 per cent of respondents who state that they are not sure which types of crypto investment products to choose, and 37 per cent have difficulty managing the risk of their portfolios, while 27 per cent have trouble predicting the market directions and values of crypto.
The ambiguity in government regulations has been a critical factor deterring potential investors. Meanwhile, 33 per cent respondents said that government regulation is a concern when considering investing in crypto. The safety of investing in crypto is also a concern for many, as 26 per cent worry about hackers being a threat, and 23 per cent fear that they may not get their money back in case of security incidents, the report added.