Indian Crypto Investors Hit 115 Million Despite Market Drop
More than half of existing crypto investors plan to add to their portfolio within six months.
Indian crypto investors remain unfazed despite the current downturn, pushing Bitcoin (BTC) and Ethereum (ETH) trading prices to just a third of their all-time 2021 highs. digital currency investors has soared to more than 100 million, with more than one planning to make more investments within six months.
On Tuesday, crypto exchange Kucoin released a report on India’s crypto landscape, which it described as “an in-depth look at the development of the blockchain industry and the crypto space,” according bitcoin.com. The survey was conducted from October 2021 to June 2022 and involved 2,042 Indian adults aged between 18 and 60 as respondents.
About three-quarters (1,541 people) of respondents identified themselves as crypto investors. Meanwhile, the remaining 501 respondents were described as crypto-curious or those who were interested in investing in digital currencies over the next six months.
Based on the survey results, Kucoin said that around 15% of the country’s adult population had transacted in crypto in the recent past or currently owned crypto assets such as Bitcoin (BTC) and Ether (ETH). ). “There are approximately 115 million crypto investors in India who currently hold crypto or have traded crypto in the last six months, which represents 15% of India’s population between the ages of 18 and 60” , noted the crypto exchange.
The crypto exchange also pointed out that the current drop in crypto prices does not appear to be deterring investors from entering the market. In fact, the survey suggests that the number of investors in India has increased slightly despite the slowdown.
“The size of crypto investors has seen slight growth in recent months despite the enactment of new tax regulations,” the company wrote. “With the country’s large young, tech-driven population, rapidly growing internet users, and advancements in fintech, crypto is on the path to greater adoption, making India a hub. cryptography key.”
In fact, the majority of existing investors plan to add to their portfolio within six months. “More than half [of] crypto investors plan to increase their crypto investments over the next six months, indicating optimistic sentiment toward the market,” Kucoin noted.
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