54% of Indian crypto investors surveyed in Q2 aimed to invest more in 6 months
Despite the recent market downturn, more than 50% of India’s survey respondents intend to expand their investments in crypto in the coming six months – indicating an optimistic approach to the market, according to a report by the crypto exchange KuCoin.
Data from the report shows that in the second quarter of 2022, 54% of Indian investors planned to invest more of their money in crypto in the next six months. That said, the figure was lower than what was reported last quarter when 63% of respondents expressed the same position.
Among respondents from the second quarter of 2022, 29% said they intended to preserve their existing crypto holdings, 12% said they planned to sell some of them, and only 5% wanted to sell all of them, according to the report.
As of June 2022, there are approximately 115 million crypto investors in India who either hold crypto or have traded crypto in the past six months, representing 15% of the Indian population aged 18 to 60,” KuCoin said.
Another 10% of Indian adults make up crypto-curious consumers who aim to invest in crypto in the next six months, according to the report.
India’s crypto landscape is dominated by young investors, with 39% of them under the age of 30. According to the report, young Indian crypto investors believe that crypto is more of a long-term investment than a hype, and around 26% of such investors. planning to start a business using their crypto winnings.
Furthermore, the majority of respondents said they invested in crypto because it is “the future of finance,” it “brings high returns over the long term,” and it is “a great source of passive income.”
The Indian crypto market is predicted to reach around USD 241 million by 2030 and its growth is not expected to be hampered by the recent fiscal decisions taken by the Indian authorities, the exchange said.
“Despite regulatory ambiguity and extreme volatility, young Indian investors prefer to buy crypto as assets over gold,” according to KuCoin. “In April 2022, the Indian government introduced a 30% tax on revenues from virtual digital assets, which many industry experts took as a sign that crypto trading will not be banned after all. The government also said it would launch a digital rupee in the coming months, which is set to give a big boost to the digital economy.
Notably, at a rate of 30%, the tax on gains on cryptoassets is higher than the country’s tax rate on stock trading, which ranges from 0% to 15%. The government’s approach to crypto is the main reason for deterring potential investors, with 33% declaring that government regulation is a source of concern when considering investing in cryptocurrency.
Per KuCoin, the report is based on a total sample of 2,042 Indian adults aged 18 to 60. Survey respondents were asked from October 2021 to June 2022 and included 1,541 self-identified crypto investors (who currently own crypto or have traded crypto in the past six months and will continue to trade in the coming six months) and 501 crypto-curious consumers (who were interested in investing in crypto in the coming six months).
____
Learn more:
– Bollywood-like drama erupts as CZ moves to Distance Binance from India’s WazirX Exchange
– One exchange stands out as Indian crypto trade falls after new tax
– One in seven wealthy people now own “Digital Assets” – survey
– 40% of surveyed people with lower income want to use Bitcoin – not to make money
– 7 out of 10 retail and institutional investors plan to buy more crypto, finds Bitstamp survey
– About 50% of surveyed crypto owners made their first purchase in 2021 – Gemini
