India leads in total number of first-time crypto investors in last 3 months: Report
- IBEF
- April 8, 2022
In the previous three months, India has surpassed Brazil and Hong Kong in terms of the overall number of first-time crypto investors. According to a report by cryptocurrency exchange Gemini, 54% of Indian respondents, 51% of Hong Kong respondents, and 51% of Brazilian respondents were first-time cryptocurrency investors in the past year.
Between February-November 2021, the company polled 30,000 people in 20 nations, with 1,706 responses from India, 1,700 from Brazil, and 1,105 from Hong Kong.
Inflation is also a major driver of cryptocurrency adoption, according to the survey. According to the report, the almost 200% depreciation of the Brazilian real is likely to be the reason for 41% of respondents possessing cryptocurrencies. Two out of five (40%) crypto owners in the US and India regard crypto as a hedge against inflation.
Globally, regulation is a source of concern. Non-owners in the Asia Pacific, Latin America, and Europe indicated there is legal uncertainty around cryptocurrencies, with 39% in the Asia Pacific, 37% in Latin America, and 36% in Europe sharing this sentiment. Furthermore, the tax complications of owning bitcoin have deterred 30% of respondents in the Middle East, 24% in the Asia Pacific, and 23% in Latin America from investing in cryptocurrencies.
In India, at least 46% of the respondents first began investing in cryptocurrency in 2021. According to the gender data in the sample, 62% of Indian men own crypto assets, compared to 38% of Indian women.
More than one-fifth (22%) of individuals planning to invest in crypto in 2022 are between the ages of 18-24, while 17% are between the ages of 45-54.
Cryptocurrencies now have a market value of about US$ 3 trillion, with bitcoin reaching an all-time high of over US$ 65,000, making cryptot the best-performing asset class in the last ten years.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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