April 18, 2024
By Anjali Kochhar
The recent survey results from Mudrex, a well-known Indian cryptocurrency investment platform supported by Y-Combinator, headlined ‘Investment Trends in FY 2023-24: The Indian Crypto Renaissance’, have revealed a substantial change in the investment environment of India. The poll, which attracted up to 9,000 respondents nationally, offers insights into the increasing acceptability and incorporation of cryptocurrencies into conventional financial strategy.
According to the survey conducted between June 2023 and January 2024, a remarkable 50% of respondents anticipate cryptocurrencies achieving mainstream asset status within the next five years. This optimistic outlook underscores a broader evolution in investment preferences, reflecting changing attitudes towards digital assets among Indian investors.
Among the survey’s primary conclusions is that young persons between the ages of 20 and 35 have a significant interest in cryptocurrencies, with 63.06% of respondents in this group opting to invest in crypto assets. Furthermore, with 45% of respondents putting cryptocurrencies in their retirement portfolios, the data shows a trend of including them in long-term financial planning.
One striking observation is the widespread adoption of cryptocurrencies across various income brackets. Even individuals earning less than INR 5 lakh annually are actively engaging in crypto investments, indicating increased accessibility and acceptance of digital assets across different socioeconomic groups.
The survey also reveals how widely adopted cryptocurrencies are across the country, with Tier-1 cities leading the way. Bengaluru and Mumbai are the next most popular hotspots for cryptocurrency adoption, after Delhi-NCR. These cities are well-known for adopting cryptocurrency due to elements like strong digital infrastructure and changing investment tastes.
With 58.5% of respondents investing into both equities and cryptocurrencies, the report also emphasises the coexistence of traditional and cryptocurrency investments. This illustrates how portfolio diversification and the function of cryptocurrencies as an alternative asset class are becoming increasingly understood concepts.
Mr. Edul Patel, CEO of Mudrex, highlighted the revolutionary effect of cryptocurrency adoption on India’s financial environment in his comments regarding the survey results. He observed that the use of cryptocurrency is growing across economic brackets and demographics, and that diversified portfolios are becoming more popular. Patel stressed that as these tendencies develop further, India’s financial system will have to adjust to new possibilities and difficulties in the field of cryptocurrency investments.
About the author
Anjali Kochhar covers cryptocurrency stories in India as well as globally. Having been in the field of media and journalism for over three years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.
