KuCoin’s Into The Cryptoverse India Report Reveals Optimistic Prospects For Market Growth

Twitter icon  •  Published hace 1 año  •  Hassan Maishera

KuCoin’s Into The Cryptoverse India Report shows that there is a huge prospect for market growth in the country despite the harsh government regulations.

Cryptocurrency exchange KuCoin has published its Into The Cryptoverse India Report, and it indicates that there is optimism for market growth. 

The report is 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 survey came just a few months after some rather harsh regulations in India. 

However, the regulations haven’t affected the surge in local demand for cryptocurrencies. The report said 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. 

The prospect of cryptocurrencies has seen the Indian government announced the launch of a digital rupee, further stimulating the local population’s interest in the digital economy.

The survey indicated that as of June 2022, India has roughly 115 million cryptocurrency investors. These investors either currently hold crypto or have traded crypto in the past six months.

The number accounted for 15% of the Indian population aged 18 to 60 years. The survey added that another 10% of Indian adults are curious about cryptocurrencies and plan to invest in the market over the next six months. 

The industry is currently experiencing a crypto winter, and KuCoin’s report indicated that this had affected investors’ sentiment. This is reflected in the preference of an increased share of investors to keep the same amount of crypto rather than invest more in it. 

Despite that, more than 50% of Indian crypto investors still intend to increase their investments in the market over the next six months. 

The lack of sufficient knowledge of the crypto market remains the biggest challenge for many people regarding cryptocurrency investment. 41% of the respondents reveal 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. Furthermore, 21% are not clear about how crypto works.

The harsh government stance on cryptocurrencies has also discouraged some Indians from investing in cryptocurrencies. 31% of the respondents said 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.

Young people continue to dominate the cryptocurrency space in India. The report revealed that in the first quarter of 2022, 39% of crypto investors are aged 18 to 30, up 7% from the previous quarter. 

The report added that 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 KuCoin survey also highlighted some data regarding cryptocurrency investors in India, and they include;

  • 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.

This report provides valuable data about cryptocurrency’s potential in the Indian economy. With its rapidly growing middle class and tech-savvy, young population, India is set to become a powerhouse of the digital economy in the coming years. 

KuCoin is one of the leading cryptocurrency exchanges in the world and has been around for a few years. The low KuCoin fees make it one of the most attractive cryptocurrency exchanges in the world. 

Author

Hassan Maishera

Hassan is a Nigeria-based financial content creator that has invested in many different blockchain projects, including Bitcoin, Ether, Stellar Lumens, Cardano, VeChain and Solana. He currently works as a financial markets and cryptocurrency writer and has contributed to a large number of the leading FX, stock and cryptocurrency blogs in the world.