By A recent survey conducted by Mudrex has unveiled that nearly half of individuals with retirement plans in India have entered the realm of crypto.
The Mudrex survey, which focused on crypto investments, found that 45% of users with retirement plans have allocated funds to cryptocurrencies, according to a report from The Economic Times.
The revelation showcases a growing inclination to incorporate digital assets into long-term financial goals, such as retirement investment strategies.
50% Believe Crypto Will Become Primary Asset Class
The survey also sheds light on the evolving perception of cryptocurrencies as a mainstream asset class.
50% of respondents believe that cryptocurrencies will become the primary asset class within the next five years, indicating a rise in confidence and acceptance within the crypto space.
Delving deeper into the survey findings, it is noteworthy that a significant majority of respondents—approximately 59%—prefer making financial decisions independently.
The trend reflects a desire for self-reliance and empowerment in financial matters.
𝗖𝗿𝘆𝗽𝘁𝗼 𝗔𝗱𝗼𝗽𝘁𝗶𝗼𝗻 𝗶𝗻 𝗜𝗻𝗱𝗶𝗮 𝗶𝘀 𝗦𝗸𝘆𝗿𝗼𝗰𝗸𝗲𝘁𝗶𝗻𝗴
As per the recent survey, India stands in the 𝗡𝘂𝗺𝗯𝗲𝗿 𝟭 position in terms of people who own crypto, despite regulatory uncertainty
Here is the list of the top 5 countries with the most… pic.twitter.com/YEjJZFmLy3
— Wise Advice (@wiseadvicesumit) October 8, 2023
However, the role of social networks should not be overlooked, as 19% of respondents seek assistance from family and friends, while 14% rely on their partner’s input.
Meanwhile, only 5% of respondents turn to financial advisors for guidance, revealing a gap in advisory services, particularly within the crypto sphere.
Additionally, the survey highlights that 70% of users who have invested in cryptocurrencies make their financial decisions independently.
This underscores the growing financial literacy and confidence among crypto investors.
However, it also underscores the need for enhanced advisory services tailored to the unique characteristics of the crypto market, which significantly differ from traditional asset markets.
Motivation plays a crucial role in driving investment decisions, and the survey provides valuable insights into investors’ mindsets.
Among the respondents, 63% identified wealth growth as their primary motivation for investing. Notably, a higher percentage of crypto-invested respondents—72%—shared this sentiment, underscoring the perceived wealth-building opportunities presented by cryptocurrencies.
The Mudrex survey encompassed a diverse range of adults across India, spanning ages from 20 to 60 and representing various income brackets.
Indian Crypto Exchanges See Increased Trading
As reported, the recent surge in the price of Bitcoin has injected fresh life into Indian cryptocurrency exchanges, as trading volumes on the top platforms reached a ten-month high in February.
CoinDCX, WazirX, and BitBNS, the leading Indian exchanges, recorded trading volumes of $2.6 million, $3.4 million, and $7.8 million last month, respectively.
These figures represent their highest monthly volumes since June 2023, although they still fall short of the historic peak witnessed in 2021.
The uptick in trading volumes on Indian exchanges comes as these platforms have grappled with low trading volumes since the bear market of 2022-23, compounded further by the Indian government’s imposition of a 30 percent tax on cryptocurrency trading.
Last month, India’s National Informatics Centre (NIC), a government agency operating under the Ministry of Electronics and IT (MeitY), said it has hosted almost eight million government-issued verifiable documents on five blockchains.
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