Cryptocurrency in India: Demographic Survey of the National Cryptocurrency Market
Survey shows massive adoption and awareness of cryptocurrency in India at present
The Analytics Insight survey showed that Indians who prefer to buy cryptocurrencies or are interested in the cryptocurrency market are mostly between the ages of 20 and 40, the tech-savvy generation. As there is a legal issue with transactions via Indian government cryptocurrencies, almost all age groups of Indians have started taking initiatives to have a solid understanding of the cryptocurrency market and its benefits.
According to the survey, out of 281 respondents, 76.5% of the respondents belonged to the age group between 20 and 40 years old and were very interested in the cryptocurrency market. 12.3% belonged to the age group 40-60 years while only 11.1% constituted the age group below 20 years.
Cryptocurrencies are thriving in all parts of the world despite being banned in a few countries. The cryptocurrency market can drive smart decision-making processes to introduce alternative quick payment options based on geographic locations. The results of the Analytics Insight survey revealed that the western region of India including Mumbai, Pune, etc. has the highest number of investors for popular cryptocurrencies.
On the basis of geographical region, out of 281 respondents, 34.6% belonged to western India while the northern region came second with 24.7%. East India was in third place with 17.9% while it could be seen that the South Indian region showed only 17.3% interest in cryptocurrency in India.
It is estimated that the cryptocurrency technology market in India can add an economic value of US$184 billion in 2030. Thus, several industries in India have started leveraging blockchain technology for seamless payment processes with cryptocurrencies. 281 respondents work in different industries and this survey showed that people from almost all types of industries are very interested in cryptocurrencies.
According to Analytics Insight’s survey of 281 respondents, the largest number of respondents belonged to the information technology and software industry with 24.7% while the second largest industry was the software industry. education at 23.5%, followed by the business sector with 12.3%. The banking and financial industry as well as the media and entertainment industry accounted for 9.9% of respondents. It is followed by 1% of respondents each for several industries such as engineering, home, medical and industrial gas, housewife, food, market research and other industries.
|Information technology and software||24.7%|
|Banking, Finance and Insurance||9.9%|
|Medical and industrial gases||1.2%|
The growing demand for several cryptocurrencies such as Bitcoin, Dogecoin, Ethereum and hundreds of others has created a major impact on the economy of any country. As a developing country, India is now focusing on the cryptocurrency market and many investors, businessmen, companies, banks and other financial institutions have started to take a huge interest in popular cryptocurrencies. Thus, this survey showed that the maximum of respondents are interested in Bitcoin to generate profits in the near future.
The survey showed that 54.2% of 281 respondents were very interested in Bitcoin while Ethereum had 15.3% interest. Dogecoin is in favor with 10.2% of respondents followed by Cardano with 5.1%. The survey further revealed that other cryptocurrencies such as Tether, Bitcoin Cash, Ripple, Binance Coin, Shiba, Ripple, Solana and many more are favored by 1% of respondents each.
Share this article
Do the sharing
About the Author
More info about the author