Cryptocurrency in India: Demographic Survey of the Domestic Cryptocurrency Market
The survey shows the mass adoption and knowledge of cryptocurrency in India at present
The Analytics Insight survey showed that Indians who prefer to buy cryptocurrencies or have an interest in the cryptocurrency market are mostly in the age range of 20-40, the tech-savvy generation. Since there is a legal issue with transactions through cryptocurrencies from the Government of India, almost all age groups of Indians have started taking initiatives to have a strong understanding of the cryptocurrency market and its benefits.
As per the survey, out of 281 respondents, 76.5% of the respondents were in the age group between 20 years to 40 years old who were highly interested in the cryptocurrency market. 12.3% belonged to the age group 40-60 years old while only 11.1% comprised the age group below 20 years.
Cryptocurrencies are thriving in every part of the world despite getting banned from a few countries. The cryptocurrency market can drive smart decision-making processes to introduce alternative fast payment options according to the geographic locations. The findings in 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 geographic region, out of 281 respondents, 34.6% belonged to the West of India while the Northern region was in the second position with 24.7%. Tagging in the third position was the East of India with 17.9% whereas it could be seen that the South Indian region had shown only 17.3% interest in cryptocurrency in India.
It is estimated that the cryptocurrency-tech market in India can add an economic value of US$184 billion in 2030. Thus, multiple Indian industries 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 kinds of industries are highly interested in cryptocurrencies.
According to the survey of Analytics Insight with 281 respondents, the highest number of respondents belonged to the information technology and software industry with 24.7% while the second industry was the education industry at 23.5%, followed by the business sector with 12.3%. The banking and financial industry as well as the media and entertainment industry consisted of 9.9% of the respondents. It is followed by 1% of the respondents each for multiple industries such as engineering, house, 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 Gas||1.2%|
The rising demand for multiple cryptocurrencies such as Bitcoin, Dogecoin, Ethereum, and hundreds of others has created a major impact on the economy of any country. Being a developing country, India is now focused on the cryptocurrency market and multiple investors, business people, companies, banks, and other financial institutions have started taking a huge interest in popular cryptocurrencies. Thus, this survey showed that the maximum respondents are interested in Bitcoin to yield profit in the nearby future.
The survey showed that 54.2% of the 281 respondents were highly interested in Bitcoin while Ethereum had 15.3% interest. Dogecoin is favourable to 10.2% of the 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 favourable to 1% of the respondents each.
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