Survey reveals Indians incorporating cryptocurrencies into retirement plans
Half of the population in India has included cryptocurrencies in their retirement plans, according to a recent survey conducted by Mudrex, a crypto exchange. The survey interviewed individuals between the ages of 20 and 60 from various income brackets. The results showed that 45% of respondents with retirement plans had invested in cryptocurrencies.
Additionally, 50% of participants believe that cryptocurrencies will become a mainstream investment option within the next five years. Interestingly, the majority of these participants (59%) prefer making independent decisions, with only 5% seeking advice from investment managers.
The survey also revealed that 70% of respondents who have investments in crypto make their financial decisions independently. The main motivation behind cryptocurrency investing is wealth appreciation, as stated by 72% of crypto-invested users. This percentage is higher than the 63% of traditional investors who prioritize economic benefits. This indicates that cryptocurrencies are still primarily seen as a speculative sector used for monetary gains.
A previous survey by local crypto exchange WazirX in 2023 found that the majority of Indian crypto investors are looking for long-term returns. However, the survey also showed that the main motivation behind investments is to achieve the highest returns.
Despite the lack of a solid regulatory framework and the heavy 30% tax on cryptocurrency gains, interest in cryptocurrencies has not diminished in India. Mudrex conducted the survey between June 2023 and January 2024, coinciding with a period of increased crypto trading volumes in the country. Mudrex CEO Edu Patel reported a significant increase in trading volumes, with a 192% increase from December to January, followed by a 270% surge from January to February. In March, the metric tripled.
Similar growth was also observed by crypto exchanges CoinDCX and WazirX in the first quarter of 2024.
Read more: Indian Finance Minister: Crypto Isn’t Currency, G20 Must Regulate