Half of the Indian population has integrated cryptocurrencies into their retirement plans, according to a recent study conducted by the cryptocurrency exchange Mudrex. The survey included individuals aged 20 to 60 from various income groups. Results showed that 45% of those with retirement plans had invested in cryptocurrencies.
Additionally, 50% of the participants believe that cryptocurrencies will become a mainstream investment option within the next five years. Interestingly, 59% of these participants prefer to make independent decisions, with only 5% seeking advice from investment professionals.
Furthermore, the survey indicated that 70% of respondents who have investments in cryptocurrencies make financial decisions independently. The main driving force behind cryptocurrency investments appears to be wealth appreciation, with 72% of crypto investors expressing this sentiment.
A previous survey by the local crypto exchange WazirX in 2023 revealed that most Indian cryptocurrency investors were seeking long-term returns. Despite the lack of a firm regulatory framework and a high 30% tax on cryptocurrency gains, interest in cryptocurrencies in India remains strong.
The survey conducted by Mudrex spanned from June 2023 to January 2024, coinciding with a period of increased crypto trading activity in the country. Mudrex CEO Edu Patel stated that his company experienced a significant increase in trading volumes, with a 192% surge from December to January, followed by a 270% increase from January to February, and a threefold increase in March.
Similar growth was observed by crypto exchanges CoinDCX and WazirX in the first quarter of 2024. Indian Finance Minister expressed that crypto is not considered currency and called for G20 to regulate the industry.