KuCoin recently published a survey regarding the development of cryptocurrency usage in India. The survey titled Into The Cryptoverse Report India, showed the number of crypto investors in the country is 115 million who currently hold or have traded in the last six months.
About 10% of Indian adults are also crypto-curious
The survey conducted from October 2021 to June 2022 had 2,042 Indian adult respondents between the ages of 18 and 60, of which 1,541 were self-identified crypto investors and 501 were crypto-curious consumers.
According to the report, lack of sufficient knowledge about the crypto market and ambiguous government regulations were the main reasons for deterring potential investors.
The study notes that the Indian crypto market is expected to reach $241 million by 2030. India’s crypto space is growing by the day.
The Cryptoverse India Report showed that about 115 million crypto investors in India currently hold crypto or have traded crypto in the past 6 months, which is about 15% of the Indian population aged 18-60. The study further revealed that about 10% of Indian adults are also crypto-curious consumers who plan to invest in crypto currency in the next six months.
“A lack of sufficient knowledge about the crypto market is reflected in 41% of respondents who say they don’t know what types of crypto investment products to choose, 37% struggle to manage the risk of their portfolios, and 27% struggle to predict. market directions and values of crypto. Meanwhile, 21% are unclear about how crypto works,” the report adds.
India, 26% fear that hackers are a threat
Another key factor keeping people from investing in crypto is the regulatory uncertainty in the country, as well as the fear of losing their funds due to hacking attacks.
33% say government regulation is a concern when considering investing in crypto. The security of investing in crypto is also a concern for many, as 26% fear that hackers are a threat and 23% fear not getting their money back in the event of security incidents, the report notes.
The demographic of crypto investors is getting younger. In fact, 39% of all investors in the first quarter of 2022 were between 18 and 30 years old. This marks a 7% increase from the previous quarter. First-time crypto-buyers make up 39% of young investors under the age of 30. They only started trading in the last three months.
As a reminder, KuCoin’s CEO said in July that India would emerge as a key market in the long run, thanks to local expertise and the welcoming market. India accounted for a whopping 5.6 million new customers that KuCoin added in the first half of 2022, he explained.