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India’s crypto investors reach 115M despite market decline

More than half of existing crypto investors plan to add to their portfolio within six months.

India Gate, New Delhi / Image by: Wikimedia Commons

Sun, 28 Aug 2022, 12:37 pm UTC

Indian crypto investors remain unfazed despite the current downturn sending the prices of Bitcoin (BTC) and Ethereum (ETH) trading to just a third of their 2021 all-time highs. In fact, a new report revealed that the number of digital currency investors has ballooned to more than 100 million people, with more than of them planning to make more investments within six months.

On Tuesday, crypto exchange Kucoin published a report on India's crypto landscape, which it described as “an in-depth look into the development of the blockchain industry and crypto space,” according to Bitcoin.com. The survey was conducted from October 2021 to June 2022 and involved 2,042 Indian adults aged 18 to 60 as its respondents.

Around three-quarters (1,541 people) of the respondents identified themselves as crypto investors. Meanwhile, the remaining 501 respondents were described as crypto-curious or those who were interested in investing in digital currencies in the coming six months.

Based on the survey results, Kucoin said that around 15 percent of the country’s adult population have either transacted in crypto in the recent past or currently owns crypto assets such as Bitcoin (BTC) and Ether (ETH). “There are roughly 115 million crypto investors in India who either currently hold crypto or have traded crypto in the past six months, accounting for 15% of the Indian population aged 18 to 60 years,” the crypto exchange noted.

The crypto exchange also pointed out that the current decline in crypto prices did not seem to discourage investors from entering the market. In fact, the survey suggests that the number of investors in India slightly increased despite the downturn.

“The size of crypto investors has seen a mild growth over the past few months despite the enactment of new tax regulations,” the company wrote. “With the country’s large technology-driven young population, rapidly growing internet users, and fintech advancement, crypto is on its way to greater adoption, making India a key crypto hub.”

In fact, the majority of existing investors plan to add to their portfolio within six months. “More than half [of] crypto investors plan to increase their investment in crypto in the coming six months, indicating an optimistic sentiment towards the market,” Kucoin noted.

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