Survey: over 83% Indians are aware of cryptocurrencies and 16% own it
India’s numbers help us understand the crypto phenomenon that only grows in the second most populated country in the world
As India is racing ahead in crypto adoption across the world, Indians are also not behind in tappin on the latest development in the cryptocurrency market.
A survey conducted by Kantar, a UK based data, insights and consulting company has found that over 83% of Indians are aware of the cryptocurrencies.
This is a huge number as the population of India is over 1.37 billion, which is the world's second most populated nation after China. This is also a boon for India, after China has banned all cryptocurrency recently.
The survey was conducted across 25 cities that includes major cities like Mumbai, New Delhi, Kolkata and Chennai.
Kantar survey said that even though 83% are aware of it, only 16% own it. This opens a huge market for crypto exchanges to tap crypto enthusiasts.
Bitcoin (BTC) is the most popular among Indians with over 75% owning it followed by Dogecoin (DOGE) at 47% and Ethereum (ETH) is owned by 40%. Binance Coin (BNB) is the fourth most popular crypto with over 23% owning it and Ripple (XRP) is the fifth largest crypto with 18%.
Among the metros, the highest crypto enthusiasts were reported in Delhi at 21%, followed by Mumbai at 17%, Bengaluru at 12%, Hyderabad at 7% and Pune at 6%.
On future investments, the survey said that 19% Indians intend to invest in crypto in the next 6 months. Even so, the most popular investment option is mutual funds at 49%, followed by shares at 33%.
Crypto enthusiasts are mostly 25-44 year-old men and 18% of the crypto owners are in the age group of 21-35 years, the survey revealed.
Another study conducted by Chainalysis has ranked India second in crypto adoption globally, even though there is no legal validity to cryptocurrencies.