Indian Crypto Market Is Expected To Reach $241 Million By 2030 – Kucoin Survey
The globally renown exchange Kucoin in its latest report “Into the Cryptoverse” has revealed some positive stats about the Indian crypto ecosystem. Despite the government levying a flat 30% tax on income from crypto, Kucoin’s survey reflects only silver linings. As per their report, the Indian crypto market is expected to reach a $241 million cap by the year 2030.
The survey shows that as of June 2022, there are roughly 11.5 crore crypto investors in India who either currently hold crypto or have traded crypto in the past six months. This figure accounts for almost 15% of the Indian population. It is speculated that there is an additional 10% of Indian adult population who are potential crypto investors and are planning to invest in crypto within the next 2 quarters.
Recent market downtrends have led to major crypto holders being cautious and not willing to invest anymore. However there is still a large chunk that intends to buy and accumulate more in the next 6 months.
When it comes to the hurdles of crypto investment, the major one is lack of knowledge. 41% of the people who participated in the survey were unsure about the digital assets to invest in, 37% of them had difficulties in managing their risk of their portfolios. 27% had issues in predicting the market trends and values of cryptos and 21% had not much idea about the underlying principles of crypto or blockchain.
Apart from the lack of thorough knowledge, the ambiguity surrounding the government regulations has been a major deterrent. As per the Kucoin survey 33% of the respondents cited government’s stance as a concern. 26% of the people expressed their concerns over security, they fear getting hacked. 23% are scared about not getting their money back in case of security incidents.
The survey reveals that Indian crypto investors aged 18-30 comprise 39% of the total share of investors, a 7% increase from the last quarter. This is a clear indication that young generation fancies crypto way more than their older counterparts and the numbers are bound to increase.
Key Finding from the Report:
As per the survey, some other positive findings were as follows:
· 56% of crypto investors believe crypto is the future of finance
· 54% believe crypto will bring them a higher return on investment in the long run,
· 52% invest in crypto to gain passive income and improve the quality of living.
· Only 24% of young investors consider crypto a hype for fun
· 43% are going for the short-term gains.
A Prosperous Journey Ahead
India is one of the fastest growing countries in the world, the digital penetration in the country has seen crazy levels of growth in the past half decade. With local cellular companies offering internet accessibility at affordable costs to everyone, the internet penetration is on the verge of being ubiquitous. People are getting more aware and the potential of digital assets in India is infinite. At the moment we can only speculate and it would take sometime to actually fathom the scale which the country can achieve.
Learn more about India’s cryptocurrency journey so far
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