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. Therefore, it is expected to hit $241 million by 2030.
The Into the Cryptoverse Report India highlighted that fresh young blood triggered significant dynamism in the cryptocurrency market. Per 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 added:
“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 pointed out:
“56% of crypto investors believe crypto is the future of finance. 54% believe crypto will bring them a higher return on investment in the long run. 52% invest in crypto to gain passive income and improve the quality of living.”
For potential investors, the ambiguity enshrined in government regulations emerged as the main stumbling block to entering the crypto market, with 33% of the respondents airing their concerns.
The report also pointed out that more than 50% of crypto investors in India intended to propel their investments in the next six months despite the market downturn.
Meanwhile, a previous KuCoin study noted that Nigerians were entering the crypto space because of high inflation rates and the lack of affordable financial services.
Image source: Shutterstock Read The Original Article on Blockchain.News