Survey Finds that 45% of Indians with Retirement Plans are Investing in Crypto
A recent survey conducted by Mudrex has revealed that almost half of Indians with retirement plans have entered the world of cryptocurrencies. The survey, which focused on crypto investments, found that 45% of users with retirement plans have allocated funds to cryptocurrencies, according to a report from The Economic Times.
This discovery highlights a growing trend of incorporating digital assets into long-term financial goals, such as retirement investment strategies.
The survey also indicates a shifting perception of cryptocurrencies as a mainstream asset class. 50% of respondents believe that cryptocurrencies will become the primary asset class within the next five years, showing an increase in confidence and acceptance within the crypto space.
Digging deeper into the survey findings, it is worth noting that a significant majority of respondents, approximately 59%, prefer to make financial decisions independently. This trend reflects a desire for self-reliance and empowerment in financial matters.
However, the influence of social networks should not be underestimated. 19% of respondents seek assistance from family and friends, while 14% rely on their partner’s input. In contrast, only 5% of respondents turn to financial advisors for guidance, revealing a gap in advisory services, particularly within the crypto sphere.
The survey also highlights that 70% of users who have invested in cryptocurrencies make their financial decisions independently. This underscores the growing financial literacy and confidence among crypto investors. However, it also underscores the need for enhanced advisory services tailored to the unique characteristics of the crypto market, which significantly differ from traditional asset markets.
Motivation plays a crucial role in driving investment decisions, and the survey provides valuable insights into investors’ mindsets. Among the respondents, 63% identified wealth growth as their primary motivation for investing. Interestingly, a higher percentage of respondents who have invested in crypto, 72%, shared this sentiment, emphasizing the perceived wealth-building opportunities presented by cryptocurrencies.
The Mudrex survey included a diverse range of adults across India, spanning ages from 20 to 60 and representing various income brackets.
Indian Crypto Exchanges Experience Increased Trading
The recent surge in the price of Bitcoin has breathed new life into Indian cryptocurrency exchanges, as trading volumes on the top platforms reached a ten-month high in February.
CoinDCX, WazirX, and BitBNS, the leading Indian exchanges, recorded trading volumes of $2.6 million, $3.4 million, and $7.8 million last month, respectively. These figures represent their highest monthly volumes since June 2023, although they still fall short of the historic peak witnessed in 2021.
The increase in trading volumes on Indian exchanges comes as these platforms have struggled with low trading volumes since the bear market of 2022-23, compounded by the Indian government’s imposition of a 30% tax on cryptocurrency trading.
Last month, India’s National Informatics Centre (NIC), a government agency operating under the Ministry of Electronics and IT (MeitY), announced that it has hosted nearly eight million government-issued verifiable documents on five blockchains.
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