One in two Indians have included cryptocurrencies in their retirement plans.
Per a survey conducted by the crypto exchange Mudrex, respondents between the ages of 20 and 60 were interviewed across a broad range of income brackets.
The results indicated that 45% of respondents with a retirement plan had invested in cryptocurrencies.
50% of the participants believe that cryptocurrencies will become a mainstream investment vehicle within the next five years. Interestingly, the majority of these participants (59%) prefer making decisions independently, with only 5% seeking advice from investment managers.
In line with this, the survey revealed that 70% of the respondents with investments in crypto make their financial decisions independently.
The core motivation behind cryptocurrency investing was touted to be wealth appreciation. 72% of the crypto-invested users echoed this sentiment. The metric was higher than the 63% of traditional investors that eye economic benefit, indicating that cryptocurrencies continue to be perceived as a speculative sector primarily utilized for monetary gains.
A 2023 survey by local crypto exchange WazirX previously revealed that the majority of Indians invested in cryptocurrencies were looking for long-term returns. However, the survey also echoed a similar sentiment, with the core motivation behind investments being getting the highest returns.
The WazirX survey stated that only 28% of the respondents invested in cryptocurrencies to stay “ahead of the curve.”
Despite the lack of a solid regulatory framework and a heavy 30% tax on cryptocurrency gains, the interest in cryptocurrencies hasn’t diminished in India.
Mudrex conducted the survey between June 2023 and January 2024, with the end of the tenure coinciding with a period of increased crypto trading volumes in the nation.
In a statement to crypto.news, Mudrex CEO Edu Patel revealed that his company had witnessed a 192% increase from December to January and a subsequent 270% surge from January to February. In March, the metric increased threefold.
Similar growth was witnessed by crypto exchanges CoinDCX and WazirX in the first quarter of 2024.
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