Survey Reveals 50% of Indians Including Cryptocurrencies in Retirement Plans
The popularity of cryptocurrencies in India is on the rise, with a recent survey revealing that one in two Indians have included cryptocurrencies in their retirement plans. The survey, conducted by the crypto exchange Mudrex, interviewed respondents between the ages of 20 and 60 across various income brackets.
The results showed that 45% of respondents with a retirement plan had invested in cryptocurrencies, indicating a growing interest in digital assets as a long-term investment option. Additionally, 50% of participants believe that cryptocurrencies will become a mainstream investment vehicle within the next five years.
Interestingly, the majority of these participants (59%) prefer to make financial decisions independently, with only 5% seeking advice from investment managers. This trend was further reflected in the survey, which revealed that 70% of respondents with investments in crypto make their financial decisions independently.
The core motivation behind cryptocurrency investing was found to be wealth appreciation, with 72% of crypto-invested users citing this as their primary reason for investing. This sentiment was higher than the 63% of traditional investors who focus on economic benefits, highlighting the speculative nature of cryptocurrencies as a means for monetary gains.
Despite the lack of a solid regulatory framework and a heavy 30% tax on cryptocurrency gains in India, interest in cryptocurrencies remains strong. Mudrex CEO Edu Patel noted a significant increase in crypto trading volumes in the nation, with his company experiencing a 192% increase from December to January and a subsequent 270% surge from January to February. In March, the metric tripled, indicating a growing interest in cryptocurrencies among Indian investors.
Similar growth was witnessed by other crypto exchanges such as CoinDCX and WazirX in the first quarter of 2024, showcasing the increasing popularity of cryptocurrencies as a viable investment option in India.
