A recent survey conducted by Mudrex, a crypto exchange, revealed that half of all Indians are considering including cryptocurrencies in their retirement plans. The survey, which interviewed individuals between the ages of 20 and 60 across various income levels, found that 45% of those with retirement plans had already invested in cryptocurrencies.
Additionally, 50% of the survey participants expressed their belief that cryptocurrencies will become a mainstream investment option within the next five years. Interestingly, a majority of these individuals (59%) prefer to make investment decisions independently, with only a small percentage (5%) seeking advice from professional managers.
Furthermore, the survey showed that 70% of respondents who have investments in cryptocurrencies make their financial decisions independently. The primary motivation behind investing in cryptocurrencies was identified as wealth appreciation, with 72% of crypto investors echoing this sentiment. This percentage was higher than the 63% of traditional investors who focus on economic benefits, indicating that cryptocurrencies are still viewed as a speculative sector primarily for monetary gains.
A previous survey by WazirX, a local crypto exchange, found that most Indians investing in cryptocurrencies are seeking long-term returns. Despite the lack of a solid regulatory framework and a high tax rate of 30% on cryptocurrency gains, interest in cryptocurrencies remains strong in India.
Mudrex conducted the survey between June 2023 and January 2024, coinciding with a period of increased crypto trading volumes in the country. Mudrex CEO Edu Patel reported a substantial increase in trading volumes, with a 192% jump from December to January, followed by a 270% surge from January to February, and a threefold increase in March.
Similar growth was also observed by other crypto exchanges such as CoinDCX and WazirX in the first quarter of 2024. Despite recent statements by the Indian Finance Minister that cryptocurrencies are not considered currency and calls for G20 regulation, the interest in cryptocurrencies among Indians remains strong.