As of June 2022, the number of crypto investors in India had clocked 115 million, representing 15% of the nation’s population aged 18 to 60 years, according to a survey by crypto exchange KuCoin.
The report noted that despite the Indian administration’s hard stance on crypto assets like the 30% tax imposed, the crypto market is speculated to continue attracting more players. It is predicted that it will reach $241 million by 2030.
India’s Into the Cryptoverse Report highlighted the fact that new talent has triggered significant dynamism within the cryptocurrency market. According to the study:
“39% of young crypto investors below the age of 30 are first-time crypto investors who only started trading over the past three months.”
Furthermore, the younger and tech-savvy demographic is expected to enhance India’s digital economy. The report included the following:
“With its rapidly growing middle class and tech-savvy, young population, the country is poised to become a powerhouse of the digital economy in the near future, despite the challenges of poor topic education and information accessibility.”
On the other hand, the nation’s crypto investors aired their optimism about the market despite the current meltdown. KuCoin noted:
“56% of crypto investors believe crypto is the future of finance. 54% of crypto investors believe that crypto will provide a better return on their investment over the long-term. 52% invest in crypto to gain passive income and improve the quality of living.”
Potential investors see the government regulations as ambiguous, which is why 33% of respondents voiced their concern.
According to the report, more than half of Indian crypto investors intended to boost their investments over the next six month despite market declines.
A KuCoin study has shown that Nigerians are increasingly entering crypto due to high inflation and a lack of affordable financial services.