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Indian Market Interest in Cryptocurrency Adoption – Analytics Insight

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Cryptocurrency is being rapidly adopted in the crypto market across the globe. We wanted to understand the population’s responses on how much and when they have started to invest in cryptocurrencies. And so, we asked our respondents their primary interest and investments in cryptocurrency. 
The digital currencies are being used as a form of payment that can be exchanged online for goods and services too. According to the report almost 60.5% of the respondents indicated that they have invested in cryptocurrencies, whereas 39.5% did not. This percent of investment can be due to many reasons. The cryptocurrencies are secured by cryptography, that can make it impossible to counterfeit. 

 
 
Most of them have invested in cryptocurrencies in small or big amounts for various reasons. Out of respondents who invested in cryptocurrencies, 53.7% have invested below INR 10,000, while the 37% have invested between INR10,000-1,00,000 and the other 9.3% have seemed to have invested above INR 1 Lakh. The percentages show that people are invested in investing in digital currencies in a fast-changing industry.  
 
 
People these days are more active on social media networking sites. And most of the top cryptocurrencies such as Bitcoin, Ethereum, Shiba Inu, Doegecoin have been making headlines almost every single day, this is also attracting people to invest in it. On the other side, people have also been looking at others who have invested and gained profits out of them too. According to the survey, 54.2% have invested in cryptocurrency after reading about it on social media and news, while the other 45.8% have heard about it from their family and friends who invested in it. 

 
According to the answers we received, a majority of them (42.1%) replied that they have embraced cryptocurrency for its easy trading options. Following this, 36.8% of the respondents have said that they like the decentralized nature of virtual tokens. Almost 14% of them have adopted cryptocurrency for its anonymity from the government while 7% opted for digital currency investment solely for its freedom from banks.

 
Cryptocurrency is fast gaining popularity in India as well. Recently, India was ranked second in terms of global cryptocurrency adoption, according to the 2021 Global Crypto Adoption Index by Chainalysis, a blockchain data platform. There has been a rapid rise in crypto investments and several new domestic launches in the year 2021. According to the research survey, it is observed that 73.2% of 256 respondents started investing in cryptocurrency in 2020 and in 2021, while 25% started investing before 2020 and 1.8% started investing before 2015. This shows that the year 2020-2021 is the year for cryptocurrency investments in India. 

 
The quintessentially decentralized nature of crypto trading gives the owner control to own and store their assets without the involvement of a third party. According to the survey, it is observed that 33.3% of the total 257 respondents invested in cryptocurrency to make a quick profit out of it. 29.8% invested in cryptocurrency as a long-term investment while 8.8% invested as a short-term investment. Besides this, 28.1% of the total respondents invested in crypto to give it a try. 

 

 
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Analytics Insight is an influential platform dedicated to insights, trends, and opinions from the world of data-driven technologies. It monitors developments, recognition, and achievements made by Artificial Intelligence, Big Data and Analytics companies across the globe.
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