According to a survey conducted by the crypto exchange Mudrex, respondents between the ages of 20 and 60 across various income brackets were interviewed. The results showed that 45% of respondents with a retirement plan had invested in cryptocurrencies.
Furthermore, 50% of the participants believe that cryptocurrencies will become a mainstream investment vehicle within the next five years. Interestingly, the majority of these participants (59%) prefer to make investment decisions independently, with only 5% seeking advice from investment managers.
The survey also revealed that 70% of respondents who have investments in crypto make their financial decisions independently.
The primary motivation behind cryptocurrency investing was identified as wealth appreciation, with 72% of crypto-invested users expressing this sentiment. This figure surpassed the 63% of traditional investors who cited economic benefit as their main objective. These findings suggest that cryptocurrencies are predominantly perceived as a speculative sector utilized for monetary gains.
A survey conducted by the local crypto exchange WazirX in 2023 previously indicated that the majority of Indian cryptocurrency investors were seeking long-term returns. However, the survey also echoed a similar sentiment, with the primary motivation behind investments being the pursuit of the highest returns possible.
According to the WazirX survey, only 28% of respondents invested in cryptocurrencies to stay “ahead of the curve.” Despite the absence of a robust regulatory framework and a substantial 30% tax on cryptocurrency gains, interest in cryptocurrencies has not waned in India.
Mudrex conducted the survey between June 2023 and January 2024, coinciding with a period of heightened cryptocurrency trading volumes in the nation. Edu Patel, CEO of Mudrex, disclosed that his company experienced a remarkable 192% increase from December to January, followed by a substantial 270% surge from January to February. This momentum continued into March, with a threefold increase observed in trading activity.
Similar growth trends were observed by other crypto exchanges, including CoinDCX and WazirX, during the first quarter of 2024.
