As an analyst with a background in financial markets and a deep interest in emerging trends, I find the results of this survey on cryptocurrency investments among Indians particularly intriguing. The data suggests that a significant portion of the population is incorporating digital currencies into their retirement plans, with the majority expecting them to become mainstream within the next five years.
One in two Indians have included cryptocurrencies in their retirement plans.
According to a survey carried out by crypto exchange Mudrex, people aged 20 to 60 were questioned from various income groups.
As a researcher examining the data, I discovered that nearly half (45%) of those who had prepared retirement plans had also invested in cryptocurrencies.
Approximately half of the study’s subjects hold the view that cryptocurrencies will gain widespread acceptance as investment instruments within the coming five years. It’s worth noting that a significant portion of these individuals (59%) lean towards making their own decisions, while merely 5% rely on guidance from financial advisors.
According to the survey findings, approximately 70% of the investors in cryptocurrencies make their financial choices autonomously.
The primary reason why people invest in cryptocurrencies is believed to be the potential for increasing their wealth. A survey revealed that 72% of crypto investors hold this viewpoint, which is greater than the 63% of traditional investors who seek economic advantages. This suggests that the crypto market is generally viewed as a speculative arena mainly used for generating profits.
According to a 2023 poll conducted by Indian crypto exchange WazirX, most investors in cryptocurrencies were aiming for long-term profits. Yet, the survey results indicated that a significant number of them were primarily driven by the desire to secure the greatest possible gains.
As a researcher analyzing the findings of the WazirX survey, I discovered that merely 28% of the participants admitted investing in cryptocurrencies with the intention of staying informed and ahead of emerging trends.
In spite of the absence of a robust regulatory structure and the imposition of a significant 30% tax on cryptocurrency profits, the Indian population’s fascination with cryptocurrencies remains undiminished.
Mudrex carried out their survey from June 2023 to January 2024, with this timeframe encompassing a surge in cryptocurrency trading activity within the country.
According to a statement given to crypto.news, Mudrex CEO Edu Patel disclosed that there was a remarkable growth in their metric. Specifically, there was a 192% jump from December to January, followed by an impressive 270% rise from January to February. In the ensuing month of March, this metric experienced a threefold increase.
Similar growth was witnessed by crypto exchanges CoinDCX and WazirX in the first quarter of 2024.
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2024-04-30 15:22