DMG Energy News - Promo

Indians are including cryptocurrencies in their retirement plans, survey reveals

One in two Indians have included cryptocurrencies in their retirement plans.

Per a survey conducted by the crypto exchange Mudrex, respondents between the ages of 20 and 60 were interviewed across a broad range of income brackets. 

The results indicated that 45% of respondents with a retirement plan had invested in cryptocurrencies.

50% of the participants believe that cryptocurrencies will become a mainstream investment vehicle within the next five years. Interestingly, the majority of these participants (59%) prefer making decisions independently, with only 5% seeking advice from investment managers.

In line with this, the survey revealed that 70% of the respondents with investments in crypto make their financial decisions independently. 

The core motivation behind cryptocurrency investing was touted to be wealth appreciation. 72% of the crypto-invested users echoed this sentiment. The metric was higher than the 63% of traditional investors that eye economic benefit, indicating that cryptocurrencies continue to be perceived as a speculative sector primarily utilized for monetary gains. 

A 2023 survey by local crypto exchange WazirX previously revealed that the majority of Indians invested in cryptocurrencies were looking for long-term returns. However, the survey also echoed a similar sentiment, with the core motivation behind investments being getting the highest returns.

The WazirX survey stated that only 28% of the respondents invested in cryptocurrencies to stay “ahead of the curve.”

Despite the lack of a solid regulatory framework and a heavy 30% tax on cryptocurrency gains, the interest in cryptocurrencies hasn’t diminished in India.

Mudrex conducted the survey between June 2023 and January 2024, with the end of the tenure coinciding with a period of increased crypto trading volumes in the nation. 

In a statement to, Mudrex CEO Edu Patel revealed that his company had witnessed a 192% increase from December to January and a subsequent 270% surge from January to February. In March, the metric increased threefold.

Similar growth was witnessed by crypto exchanges CoinDCX and WazirX in the first quarter of 2024.

Source link

About The Author

Scroll to Top