Cryptocurrency in India: A Demographic Survey of the Domestic Cryptocurrency Market
Survey Shows Mass Adoption and Knowledge of Cryptocurrency in India Right Now
Analytics Insight survey showed that Indians who prefer buying cryptocurrency or interested in the cryptocurrency market are mostly in the 20-40 age bracket, the tech-savvy generation. Since there is a legal problem with cryptocurrency transactions from the Government of India, almost all age groups of Indians have started taking initiatives to gain a solid understanding of the cryptocurrency market and its benefits.
According to the survey, among the 281 participants, 76.5% of the respondents were in the 20-40 age group who were highly interested in the cryptocurrency market. 12.3% belong to the age group 40-60 years while only 11.1% belong to the age group less than 20 years.
|less than 20||11.1%|
Cryptocurrencies are booming in every part of the world despite being banned in a few countries. The cryptocurrency market can drive smart decision-making processes to offer alternative fast payment options according to geographical locations. The results in the Analytics Insight survey revealed that the western region of India including Mumbai, Pune, etc. has the highest number of investors in popular cryptocurrencies.
On the basis of geographical region, out of the 281 respondents, 34.6% were from Western India while the Northern region came second with 24.7%. East India ranked third with 17.9% while it can be seen that the South India region showed only 17.3% interest in cryptocurrencies in India.
It is estimated that the cryptocurrency technology market in India could add an economic value of 184 billion US dollars in 2030. Thus, many Indian industries have started to take advantage of blockchain technology for smooth payments using cryptocurrency. 281 participants work in different industries and this survey showed that people from almost all types of industries are very interested in cryptocurrency.
According to Analytics Insight’s survey of 281 participants, the largest number of respondents was from the IT and software industry at 24.7% while the second industry was the education industry with 23.5%, followed by the business sector at 12.3%. The banking and financial industry as well as the media and entertainment industry constituted 9.9% of the respondents. It is followed by 1% of respondents for each of the multiple industries such as engineering, home, medical and industrial gas, housewife, food, market research, and other industries.
|Information technology and software||24.7%|
|Banking, Finance and Insurance||9.9%|
|Medical and industrial gases||1.2%|
|Find the store||1.2%|
The increasing demand for many cryptocurrencies such as Bitcoin, Dogecoin, Ethereum and hundreds of others has made a huge impact on the economy of any country. Being a developing country, India is now focusing on the cryptocurrency market and many investors, entrepreneurs, companies, banks and other financial institutions have started to take a keen interest in the popular cryptocurrency. Thus, this survey showed that the maximum number of respondents are interested in bitcoin to make a profit in the near future.
The survey showed that 54.2% of 281 participants were very interested in Bitcoin while Ethereum had 15.3% interest. Dogecoin was favored by 10.2% of the participants, followed by Cardano by 5.1%. The survey also revealed that other cryptocurrencies such as Tether, Bitcoin Cash, Ripple, Binance Coin, Shiba, Ripple, Solana and many more preferred 1% of respondents each.
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