- An estimated 115 million people in India are bitcoin investors.
- By 2030, it is projected that India’s crypto market would have a $241 million market valuation.
- Crypto users are perplexed by the government’s strict regulations.
The results of a survey report titled “Into the Cryptoverse, India” were released by the cryptocurrency exchange KuCoin. The analysis examines the growth of the cryptocurrency and blockchain sectors in India. Data from KuCoin, a worldwide cryptocurrency exchange, claims that despite the government’s anti-crypto stance, India has an estimated 115 million (which adds up to 15% of the country’s adults), cryptocurrency investors, with a “sentiment to reap long-term gains.”
According to KuCoin, the Indian cryptocurrency sector is anticipated to grow to a $241 million market cap by 2030. In India, there are about 115 million crypto investors who currently own cryptocurrency or have traded it in the previous six months. With another 10% of adults interested in investing over the next six months, this equates to 15% of the population between the ages of 18 and 60.
The survey revealed that 41% of respondents indicate that they are unsure which type of bitcoin investment products to choose to reflect a lack of sufficient awareness of the cryptocurrency sector when it comes to obstacles to cryptocurrency investing. 37% of respondents report having issues controlling the risk in their portfolios, 27% report having trouble anticipating the direction and value of the cryptocurrency market, and 21% are unsure of how bitcoin functions.
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Many Indian cryptocurrency users are perplexed by the government’s strict regulations and unclear crypto policy. However, did that stop them? Certainly some of them, but not all. Uncertain rules scared 33% of survey respondents, while 26% were concerned about hacking and 23% were concerned about losing money due to security flaws.
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