Cryptocurrency in India: Demographic Survey of the Domestic Cryptocurrency Market
The survey shows the massive adoption and knowledge of cryptocurrency in India at the moment
The Analytics Insight survey found that Indians who prefer to buy cryptocurrencies or have an interest in the cryptocurrency market tend to be in the 20-40 age bracket, the tech-savvy generation. Since there is a legal problem with transactions through cryptocurrencies from the Indian government, almost all age groups of Indians have started taking initiatives to get a good understanding of the cryptocurrency market and its benefits.
According to the survey, 76.5% of respondents out of 281 respondents were in the 20-40 age group who were highly interested in the cryptocurrency market. 12.3% belonged to the age group of 40-60 years, while only 11.1% included the age group under 20 years.
Cryptocurrencies are thriving in every part of the world despite being banned from a few countries. The cryptocurrency market can drive smart decision-making processes to introduce alternative fast payment options based on 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.
Based on geographic region, 34.6% of the 281 respondents belonged to western India, while the northern region was in second place at 24.7%. Tagging in the third position was East India with 17.9% while it was 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 could add an economic value of US$184 billion by 2030. Multiple Indian industries have therefore started using blockchain technology for seamless payment processes with cryptocurrencies. 281 respondents work in different industries and this survey showed that people from almost all types of industries are very interested in cryptocurrencies.
According to the Analytics Insight survey of 281 respondents, the highest number of respondents belonged to the information technology and software industry at 24.7%, while the second industry was the education sector at 23.5%, followed by business at 12.3% . The banking and financial sector as well as the media and entertainment industry comprised 9.9% of respondents. It is followed by 1% of respondents, each covering multiple industries such as engineering, home, medical and industrial gas, housewives, 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 had a major impact on the economy of every country. As a developing country, India is now focused on the cryptocurrency market and multiple investors, businessmen, corporations, banks and other financial institutions are hugely interested in popular cryptocurrencies. Thus, this survey showed that the maximum respondents are interested in Bitcoin to make a profit in the near future.
The survey found that 54.2% of the 281 respondents were highly interested in Bitcoin, while Ethereum had 15.3% interest. Dogecoin favors 10.2% of respondents, followed by Cardano at 5.1%. The survey further found that other cryptocurrencies such as Tether, Bitcoin Cash, Ripple, Binance Coin, Shiba, Ripple, Solana, and many more are beneficial for 1% of respondents each.
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