India — 25 November, 2020 — CoinDCX, India’s largest cryptocurrency exchange, today released a report which highlighted that 60% of the respondents earning below Rs. 5 lakh p.a. found it extremely challenging to invest in crypto owing to lack of easy and seamless options available. On the other side 68% of the respondents earning above Rs. 10 lakh p.a. cited legal and regulatory clarity as a major concern for considering investments in crypto.
The survey received an overwhelming response from more than 11k respondents, majorly belonging to the age group of 25-35. Of the total respondents, 53% were crypto investors and 47% were non-crypto investors. The “Mood of the Nation” Survey 2020” by CoinDCX aimed to understand the sentiments of India’s One Billion strong consumers around cryptocurrency, the technology, and the investment potential of the new and emerging asset class.
The first of its kind national study showcased that 78% of investors in crypto have also invested in mutual funds earlier, 22% of investors in crypto have never invested in any new age investments, whereas 63% of respondents from the IT, Finance & Education sector barring banking felt crypto is a good asset class to invest in. Further, only 12% of the respondents from the banking sector felt regulation is the biggest challenge from crypto and stated the reason behind their reluctance to invest in this asset class.
“This survey is an important benchmark in the Indian crypto discourse. It highlights the requirements of options for investing in crypto on one side and also emphasises on the requirement of smart regulation in the country. It is clear from the report that, while outwardly India is set to become the next global player on the international scene, it is extremely important that smart and sensible regulations become a part of the discourse. Knowing how an average Indian perceives cryptocurrency puts CoinDCX as well as the Indian cryptocurrency community in a position of responsibility to ensure that every single Indian can understand and adopt cryptos, and join this ever growing community.”
– Sumit Gupta, CEO and co-founder of CoinDCX
72% of full-time employees & 62% of self-employed respondents felt crypto is a good asset class to invest in while less than 5% of Indians comprising homemakers and unemployed respondents said crypto has zero utility. The trend showcased the fact that those with disposable income, were marginally higher and more bullish towards crypto, vis-à-vis the others.
Considering the education levels among the respondents, the survey realized around 72% of graduates felt a lack of knowledge and awareness was their biggest challenge to enter cryptos. Graduates however took a lead whereby 73% believed that crypto is an alternate investment class, while 67% of postgraduates cited crypto as a new asset class and a good investment option.
Considering the age group criterion of the respondents, the survey report highlighted 71% of respondents below the age of 35 said they had invested in crypto at least once while 27% of respondents above the age of 40 said they had never invested in cryptos. Besides 69% of the respondents below the age of 35 considered crypto as a good asset to invest in. A significant number of respondents below the age of 40 felt that there is no easy way to enter cryptos while 52% of respondents within the age group of 20 to 30 felt lack of knowledge and awareness is a huge challenge.
“This survey will be a gamechanger for all of us in the cryptocurrency community. The results coming from this survey will help us, as a crypto community, how to bridge the gap between the crypto community and people who want to be a part of this community.“
Kashif Raza, Co-founder of Crypto Kanoon
The report interestingly reiterated that being internet savvy and having a better understanding of the digital economy led to increased interest among millennials for crypto as compared to the older generations. Furthermore, considering the majority of millennials are currently working and have a good amount of disposable income added to their inclination towards the asset.
Post Supreme Court’s judgment in March to lift banking bank, the Indian crypto industry has witnessed a huge influx of crypto demand from investors. The report titled ‘Mood of the Nation – 2020’ aims to understand the sentiments of investors around cryptocurrency and to understand investment potential. As part of its #TryCrypto movement, CoinDCX conducted the survey through digital means encompassing social media platforms, media houses, and communities. Leading voices from crypto and non-crypto space too endorsed and promoted the same.
CoinDCX is India’s largest and safest cryptocurrency exchange and top liquidity aggregator in the world. The exchange has instant deposit and withdrawal facilities. The versatile wallet structure provides the best fee structure in the industry. Established in 2018, the exchange is today deemed by many market participants as India’s most trustworthy cryptocurrency exchange.
CoinDCX offers users a single-point access to a diverse suite of crypto-based financial products and services:
Insta – Provides fiat onboarding from INR to crypto
Spot – Gives access to trade cryptos across 500+ markets
Lend – Decentralized lending service wherein users can earn 12.87% APR
Margin – With up to 6x leverage trades across more than 250 markets
Stake – Users can earn passive income by staking their cryptos
The exchange has a powerful yet simple interface that provides fast and reliable trading experience for professional and novice customers alike. CoinDCX is backed by world-class security processes which includes a safe & instant KYC verification process and insurance cover to safeguard users’ funds.
For more information, visit https://coindcx.com/