Paxful, one of the leading over the counter peer-to-peer (P2P) exchanges, orchestrated a cryptocurrency sentiment survey in India. And the exclusive report shared with Altcoin Buzz holds some real good news!
According to the exposition, India’s crypto boom is in close range. And this regime change will be driven by the crypto-pro entrepreneurs and enterprises. Additionally, the post-ban lift KYC and regulation support will further progress the success of digital assets in the country.
Moreover, Paxful sees this as a predominant rationale for the current bullish sentiments. Since April 2018, the Reserve Bank of India (RBI) had been gloom-ridden about cryptocurrency. However, this had not dampened the Indian crypto trader’s enthusiasm for cryptocurrency. And that’s what the report pronounces.
Survey stats
The respondent group comprised of both genders. Also, the age groups spanned from millennials and to soon-to-be senior citizens (age group: 55).
Almost 75% of the respondents had invested in crypto. According to the survey, the crypto trade volumes over the P2P marketplaces for January was over 3 million USD. And 93.8% of the survey respondents claim they invested in crypto prior to the ban lift. And as per Paxful’s survey, a healthy 56.8% of these crypto enthusiasts entered the space during 2018-19.
Source: Paxful Infographics
What does the Indian trader’s crypto kitty look like?
- 90% of respondents hold Bitcoin
- 44% of respondents hold Ethereum
What crypto power do Indians believe in?
- 75.8% of respondents believe cryptocurrency is easy to transfer and is a fairer value transfer system
- 64.8% believe cryptocurrency is their path to financial freedom
- 51% believe it is a perfect opportunity for the unbanked population
Success factors and adoption drivers
The future of cryptocurrency in the country indeed looks scintillating. And the Paxful survey report reveals the Indian opinion about which aspects are driving the adoption:
- 64.8% believe Indian crypto enterprise will pump the adoption
- 52.2% believe the retail sector will play a pivotal role
Source: Paxful Infographics
Do KYC and regulation support the Indian crypto boom?
- 75.6% believe KYC will fuel the future success of digital assets in India
- 58.6% of respondents believe the regulatory framework will play a pivotal role in driving the adoption
Indians are extremely bullish about crypto
The report also unveils a drastic shift in investment trends in the crypto space in the country:
- 40% of the Indian investors choose cryptocurrency over any other investment instruments
- 30% choose stocks and bonds as an investment option
- In comparison, only 14% intend to invest in gold
Could this be a possible impact of Bitcoin halving frenzy? We will keep a close eye on how the Indian crypto market movements until the third halving to answer the question. Stay tuned.
A lesser acknowledged dimension
Another key point that the survey has revealed is the positive impacts that the crypto space is likely to have in the country’s economy.
It is interesting to note that almost 43.4% of the survey respondents believe this would open more job opportunities for tech-savvy Indian millennials. And many Indians might embark on entrepreneurial endeavors as Silicon Valley VC’s are exhibiting interest in the Indian crypto ecosystem.
Source: Paxful Infographics
The spurt of interest has been on the rise ever since the Supreme Court lifted the RBI ban on crypto trading in early 2020.
In conclusion, Paxful, the exchange with a mission to bring in financial inclusion for the under and unbanked, expressed its opinion of India to be an epicenter for innovation. It further bolstered the position that the majority of the people are interested to be a part of the P2P revolution in the financial ecosystem. And, the fact that the crypto space is non-traditional doesn’t deter the enthusiasts at all. The survey results clearly revealed the justification of that sentiment.
Previously, we covered the Paxful Chainalysis and Paxful Binance partnerships.
