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
Survey Finds 45% of Indian Retirement Savers Invest in Crypto
A recent survey by Mudrex reveals that nearly half of Indians with retirement savings have ventured into the world of cryptocurrency.
According to The Economic Times, the Mudrex survey focused on crypto investments, showing that 45% of those with retirement plans have put money into digital assets.
This trend highlights a growing interest in integrating cryptocurrencies into long-term financial strategies, including retirement planning.
Half of Participants Foresee Crypto as Primary Asset Class
The survey also reflects changing attitudes toward cryptocurrencies as a mainstream investment. Fifty percent of respondents believe that cryptocurrencies will become the main asset class within the next five years, signaling increased confidence and adoption in the crypto sector.
Digging deeper into the findings, it’s evident that a majority of respondents, about 59%, prefer to make financial decisions independently.
However, social networks still play a significant role, with 19% seeking advice from family and friends, while 14% consult their partners. Financial advisors are only consulted by 5% of respondents, indicating a gap in advisory services, especially in the crypto realm.
Moreover, the survey reveals that 70% of crypto investors in India make their financial decisions autonomously, indicating a growing level of financial literacy and confidence in the crypto market.
Motivation Behind Crypto Investments
Motivation is a key factor in investment decisions, with 63% of respondents citing wealth growth as their primary driver. Interestingly, 72% of those invested in crypto share this sentiment, highlighting the perceived wealth-building potential of cryptocurrencies.
The survey covered a diverse group of Indian adults, spanning ages 20 to 60 and representing various income levels.
Increased Trading on Indian Crypto Exchanges
In related news, Indian cryptocurrency exchanges have experienced a surge in trading activity following the recent rise in Bitcoin prices. CoinDCX, WazirX, and BitBNS, the top exchanges in India, reported trading volumes of $2.6 million, $3.4 million, and $7.8 million respectively in February.
While these figures represent the highest monthly volumes since June 2023, they still fall short of the peak witnessed in 2021.
The uptick in trading volumes on Indian exchanges follows a period of low activity since the bear market of 2022-23, exacerbated by the Indian government’s imposition of a 30% tax on cryptocurrency trading.
Last month, India’s National Informatics Centre (NIC), a government agency operating under the Ministry of Electronics and IT (MeitY), announced that it had hosted almost eight million government-issued verifiable documents on five blockchains.
Summary Review:
The recent survey sheds light on the evolving landscape of cryptocurrency investments in India, revealing a growing interest and confidence in digital assets, particularly among individuals with retirement plans. With nearly half of respondents allocating funds to cryptocurrencies and half anticipating them to become the primary asset class in the next five years, it’s evident that digital assets are gaining traction as a mainstream investment option.
While the survey reflects a preference for independent financial decision-making among respondents, it also highlights the need for enhanced advisory services tailored to the unique characteristics of the crypto market. Despite the growing popularity of cryptocurrencies, there remains a gap in professional guidance, indicating an opportunity for financial institutions and advisors to better serve crypto investors.
The uptick in trading activity on Indian cryptocurrency exchanges following the recent surge in Bitcoin prices underscores renewed interest in the crypto market. However, challenges such as regulatory uncertainty and taxation issues continue to impact the industry’s growth potential.
Disclaimer: Remember that nothing in this article and everything under the responsibility of Web30 News should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves inherent risks and potential investors should be aware that capital is at risk and returns are never guaranteed. It is imperative that you conduct thorough research and consult with a qualified financial advisor before making any investment decision.
