KuCoin Into The Cryptoverse India Report Reveals Optimistic Prospects For Market Growth
Cryptocurrency exchange KuCoin has released the Into The Cryptoverse Report India, a survey taking an in-depth look into the development of the blockchain industry and crypto space in the most populous country in the world.
The KuCoin report comes hot on the heels of the latest developments in India, which have seen a surge in local demand for cryptos. Despite the local government’s stance on digital assets and the levying of a 30% tax on income received from digital assets, the Indian crypto market is expected to reach $241 million by 2030. Spurred by the prospect, the Indian government has announced the launch of a digital rupee, further stimulating the local population’s interest in the digital economy.
The survey revealed that as of June 2022, there are roughly 115 million crypto investors in India who either currently hold crypto or have traded crypto in the past six months, accounting for 15% of the Indian population aged 18 to 60 years. Another 10% of Indian adults are crypto-curious consumers who are planning to invest in crypto in the coming six months. The overall market downturn has also impacted sentiment, as reflected in the preference of an increased share of investors to keep the same amount of crypto rather than invest more in it. However, more than half of crypto investors still intend to increase their investments in crypto in the coming six months.
When it comes to the hurdles of crypto investment, a lack of sufficient knowledge of the crypto market is reflected by 41% of respondents who state that they are not sure which types of crypto investment products to choose, 37% have difficulty managing the risk of their portfolios, and 27% have trouble predicting the market directions and values of crypto. 21% are not clear about how crypto works.
The ambiguity in government regulations has been a key factor deterring potential investors. 33% report that government regulation is a concern when considering investing in crypto. The safety of investing in crypto is also a concern for many, as 26% worry about hackers being a threat, and 23% fear that they may not get their money back in case of security incidents.
Indian demographics reflected in the survey reveal that in the first quarter of 2022, 39% of crypto investors are aged 18 to 30, up 7% from the previous quarter, suggesting that the number of young crypto investors is growing faster than their more mature counterparts.
The fresh young blood is bringing more dynamism into the crypto market. 39% of young crypto investors below the age of 30 are first-time crypto investors who only started trading over the past three months.
The survey also shed light on investor motivations, highlighting that :
· 56% of crypto investors believe crypto is the future of finance
· 54% believe crypto will bring them a higher return on investment in the long run,
· 52% invest in crypto to gain passive income and improve the quality of living.
· Only 24% of young investors consider crypto a hype for fun
· 43% are going for the short-term gains.
The findings of the KuCoin Into the Cryptoverse India report provide invaluable information about the potential of the digital economy in the country. With its rapidly growing middle class and tech-savvy, young population, the country is poised to become a powerhouse of the digital economy in the near future, despite the challenges of poor topic education and information accessibility. Click here to download the full report.
Launched in September 2017, KuCoin is a global cryptocurrency exchange with its operational headquarters in Seychelles. As a user-oriented platform with a focus on inclusiveness and community action reach, it offers over 700 digital assets and currently provides spot trading, margin trading, P2P fiat trading, futures trading, staking, and lending to its 20 million users in 207 countries and regions.
In 2022, KuCoin raised over $150 million in investments through a pre-Series B round, bringing total investments to $170 million with Round A combined, at a total valuation of $10 billion. KuCoin is currently one of the top 5 crypto exchanges according to CoinMarketCap. Forbes also named KuCoin one of the Best Crypto Exchanges in 2021. In 2022, The Ascent named KuCoin the Best Crypto App for enthusiasts.
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