60% of respondents felt that they needed an easier way to join crypto
60% of the respondents earning below INR 5 lakh p.a. found it extremely challenging to invest in crypto owing to lack of easy and seamless options available, according to CoinDCX’s 2020 Mood of the Nation Survey. On the other side, 68% of the respondents earning above INR 10 lakh p.a. cited legal and regulatory clarity as a major concern for considering investments in crypto.
The survey received an overwhelming response from more than 11k respondents, majorly belonging to the age group of 25-35. Of the total respondents 53% were crypto investors and 47% were non crypto investors. The survey aimed to understand the sentiments of India’s One Billion strong consumers around cryptocurrency, the technology, and the investment potential of the new and emerging asset class.
The first of its kind national study showcased that 78% of investors in crypto have also invested in mutual funds earlier, 22% of investors in crypto have never invested in any new age investments, whereas 63% of respondents from the IT, Finance & Education sector barring banking felt crypto is a good asset class to invest in. Further only 12% of the respondents from the banking sector felt regulation is the biggest challenge from crypto and stated the reason behind their reluctance to invest in this asset class.
Sumit Gupta, CEO and co-founder of CoinDCX said, “This survey is an important benchmark in the Indian crypto discourse. It highlights the requirements of options for investing in crypto on one side and also emphasizes on the requirement of smart regulation in the country. It is clear from the report that, while outwardly India is set to become the next global player on the international scene, it is extremely important that smart and sensible regulations become a part of the discourse.”
“Knowing how an average Indian perceives cryptocurrency puts CoinDCX as well as the Indian cryptocurrency community in a position of responsibility to ensure that every single Indian can understand and adopt cryptos, and join this ever growing community” he further added.
72% of full-time employees & 62% of self-employed respondents felt crypto is a good asset class to invest in while less than 5% of Indians comprising homemakers and unemployed respondents said crypto has zero utility. The trend showcased the fact that those with disposable income, were marginally higher and more bullish towards crypto, vis-à-vis the others.
Considering the education levels among the respondents, the survey realized around 72% of graduates felt lack of knowledge and awareness was their biggest challenge to enter cryptos. Graduates however took a lead whereby 73% believed that crypto is an alternate investment class, while 67% post graduates cited crypto as a new asset class and a good investment option.
Considering the age group criterion of the respondents, the survey report highlighted 71% of respondents below the age of 35 said they had invested in crypto at least once while 27% of respondents above the age of 40 said they had never invested in cryptos. Besides 69% of the respondents below the age of 35 considered crypto as a good asset to invest in. A significant number of respondents below the age of 40 felt that there is no easy way to enter cryptos while 52% respondents within the age group of 20 to 30 felt lack of knowledge and awareness is a huge challenge.
Kashif Raza, Co-founder of Crypto Kanoon, a platform dedicated to clearing regulatory ambiguities in crypto said, “This survey will be a gamechanger for all of us in the cryptocurrency community. The results coming from this survey will help us, as a crypto community, how to bridge the gap between the crypto community and people who want to be a part of this community.”
The report interestingly reiterated that being internet savvy and having a better understanding of the digital economy led to increased interest among millennials for crypto as compared to the older generations. Furthermore, considering the majority of millennials are currently working and have a good amount of disposable income added to their inclination towards the asset.
Post Supreme Court’s judgement in March to lift banking bank, Indian crypto industry has witnessed huge influx of crypto demand from investors. The report titled ‘Mood of the Nation - 2020’ aims to understand the sentiments of investors around cryptocurrency and to understand investment potential. As part of its #TryCrypto movement, CoinDCX conducted the survey through digital means encompassing social media platforms, media houses and communities. Leading voices from crypto and non-crypto space too endorsed and promoted the same.