A recent study of urban Indians revealed certain characteristics of the South Asian country’s cryptocurrency holders.
Kantar, a branding and analytics firm, conducted a survey of 2,000 Indian consumers aged 21 to 55. Respondents were counted from all over the 1.3 billion-person country, including Mumbai, Delhi, Chennai, Kolkata, Pune, Hyderabad, Bangalore, Ahmedabad, Indore, Patna, Jaipur, and Lucknow.
According to the survey, Indians are currently attempting to better understand how cryptocurrency works and whether it is worth investing in. According to the findings, the majority of Indians who own cryptocurrency are between the ages of 21 and 35 and live in major cities. According to the study, approximately 83 percent of urban Indians are aware of cryptocurrency, while another 16 percent actually own cryptocurrency. Cryptocurrency owners have a “higher risk appetite” and prefer cryptocurrency and mutual funds over fixed deposits and life insurance.
Among urban Indians, 21 percent were interested in cryptocurrency, followed by 17 percent in Mumbai, 12 percent in Bangalore, 7 percent in Hyderabad, and 6 percent in Pune. Bitcoin was the most popular cryptocurrency, with 75% of the vote, followed by Dogecoin (47%), Ethereum (40%), Binance’s coin (23%), and Ripple’s XRP (18%).
Meanwhile, cryptocurrency traders preferred exchanges such as WazirX, Zebpay, Coinswitch, and Kuber. Seventy percent used these exchanges to purchase Bitcoin, 78 percent for Dogecoin, and 70 percent for Ethereum.
Non-metropolitan crypto growth
Although Kantar claims that this is the country’s first such survey, registration data from cryptocurrency exchanges and service providers paints a slightly different picture. According to the data, the adoption of cryptocurrencies in India is being driven by young investors from non-metropolitan areas.
Cities in India are taxed and subsidized based on population size, with the largest eight designated as metropolitan and the remaining ‘Tier 2’ and ‘Tier 3’ cities designated as non-metros. Now, young investors from these non-metropolitan areas are flocking to exchanges to trade stocks and cryptocurrencies.
According to Paytm Money, enrollment in the top 30 non-metro cities grew at a 30% faster rate than in metro cities. Furthermore, 60 percent of new users of the online wealth management platform INDMoney come from tier II and tier III cities. Similarly, CoinSwitch Kuber, a crypto trading platform, reported a 135 percent month-on-month increase in enrollment from non-metro cities since June of last year.