Survey Discovers That 45% of Indian Investors with Retirement Plans Are Venturing into Crypto
A recent study conducted by Mudrex has revealed that nearly half of the individuals in India who have retirement plans are now entering 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 revelation demonstrates a growing trend of incorporating digital assets into long-term financial goals, such as retirement investment strategies. It also highlights the evolving perception of cryptocurrencies as a mainstream asset class.
In fact, the survey shows that 50% of respondents believe that cryptocurrencies will become the primary asset class within the next five years. This indicates a rise in confidence and acceptance within the crypto space.
Furthermore, the survey findings delve into the financial decision-making habits of respondents. It is worth noting that a significant majority, approximately 59%, prefer to make financial decisions independently. This trend reflects a desire for self-reliance and empowerment in financial matters.
However, the role of social networks should not be underestimated. The survey reveals that 19% of respondents seek assistance from family and friends, while 14% rely on their partner’s input. Surprisingly, only 5% of respondents turn to financial advisors for guidance, highlighting a gap in advisory services, particularly within the crypto sphere.
Additionally, the survey 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 emphasizes 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. Notably, a higher percentage of respondents who have invested in crypto, 72%, shared this sentiment, underscoring the perceived wealth-building opportunities presented by cryptocurrencies.
The Mudrex survey encompassed a diverse range of adults across India, spanning ages from 20 to 60 and representing various income brackets.
Indian Crypto Exchanges Experience Surge in Trading Activity
In other news, the recent surge in the price of Bitcoin has breathed new life into Indian cryptocurrency exchanges. 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 2022-2023. This was further compounded by the Indian government’s imposition of a 30 percent 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 almost eight million government-issued verifiable documents on five blockchains.
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