According to a new survey by KuCoin, one of the world’s largest Cryptocurrency exchanges, over 115 million Crypto investors in India either hold Crypto or have traded Crypto in the last six months, making up 15% of the Indian population aged 18 to 60 years.
The survey, titled ‘Into the Cryptoverse, India,’ delves deep into the development of the Blockchain industry and Crypto space in the world’s second most populous country. The KuCoin report comes on the heels of recent developments in India, where local demand for Cryptocurrency has increased.
Despite the government’s stance on digital assets and the imposition of a 30% tax on digital asset income, the Indian Crypto market is anticipated to reach $241 million by 2030, according to the report.
With 54% of Indians optimistic about long-term returns, according to the report, younger investors, those under the age of 30, recognize the long-term value of Cryptocurrency. Furthermore, over 10% of Indian adults are Crypto-curious consumers who intend to invest in Cryptocurrency in the next six months.
The overall market downturn has also had an impact on sentiment, as evidenced by an increased share of investors preferring to keep the same amount of Crypto rather than invest more in it. According to the report, more than half of Crypto investors intend to increase their Crypto investments in the next six months.
Furthermore, 56% of investors believe Cryptocurrency is the future of finance, and 52% have invested in Cryptocurrency to earn passive income that will help them improve their standard of living.
When it comes to the challenges of Crypto investment, the survey reveals that the absence of adequate knowledge of the Crypto market is echoed by 41 percent of respondents who are unsure which types of Crypto investment products to choose, and 37 percent are having difficulty managing the risk of their portfolios, and 27 percent are having difficulty predicting the market directions and values of Crypto.
Uncertainty in government regulations has been a major deterrent to potential investors. Meanwhile, 33% of respondents said that government regulation is a concern when it comes to investing in Cryptocurrency. The safety of investing in Cryptocurrency is also a concern for many, with 26% concerned about hackers and 23% concerned that they may not get their money back in the event of a security incident, according to the report.
