As of June 2022, there were around 115 million cryptocurrency investors in India, according to a survey published last week by KuCoin on the country’s blockchain and cryptocurrency sector. According to the report, these individuals either traded or held crypto assets in the last six months.
Survey finds massive potential in the Indian market
The KuCoin India survey shows a positive climate for investing in cryptocurrencies there. According to the report, 115 million cryptocurrency investors make up 15% of India’s population in the 18 to 60 age bracket, and another 10% of this same group are consumers who are interested in cryptocurrencies and plan to buy them in the next six months.
The age profile of cryptocurrency investors is changing as 39% of all investors in the first quarter of 2022 are under 30 years old, an increase of 7% from the previous quarter. 39% of young investors under 30 years old invest in cryptocurrencies for the first time.
Potential investors have been largely deterred by the ambiguity of governmental regulations on the crypto sector. Government regulation is cited as a worry by 33% of those who are considering investing in cryptocurrencies. Many people worry about the security of investing in cryptocurrencies, as 26% feel that hackers pose a threat and 23% worry that they might not get their money back in the event of security breaches.
According to the survey, the biggest barrier to the expansion of cryptocurrency investments in India is a lack of adequate awareness about cryptocurrency investments. According to the survey, 41% of respondents said they were uncertain of the kind of cryptocurrency products to choose for their investments. According to 21% of respondents, they don’t know how digital assets operate, and 27% find it challenging to foresee market trends.
A February survey reveals that people want their partners to be crypto friendly and financially aware on such matters.