KuCoin released a survey early this week. It was about the new developments in the blockchain of India and cryptocurrency space-Into, the Cryptoverse Report India. It revealed the number of cryptocurrency investors in the country to be within the 115 million range as of June this year. These people either traded or held cryptocurrency assets in the last six months. The study claimed it.
Cryptocurrency investors have a youthful profile.
The India survey of KuCoin presents a cheerful cryptocurrency investment landscape in this country. It says that 115 million cryptocurrency investors represent nearly 15 percent of the population of India in the age group of 18-60 years. Another 10 percent of the same group are cryptocurrency-curious consumers. They plan to invest in the asset in the upcoming six months.
Cryptocurrency investors’ demographic profile is increasingly becoming young. This is because 39 percent of all in this year’s first quarter are 18-30 years old. It saw a rise of 7 percent more than the past quarter. First-time cryptocurrency buyers include 39 percent of young investors under 30 years. They started trading only more than the last three months.
Challenges in crypto investments
The ambiguity in government regulations is a primary factor in deterring prospective investors. Thirty-three percent report that government regulation is an issue when considering cryptocurrency investing. The safety of crypto investing is a massive concern for many people. This is because 26 percent worry regarding hackers becoming a threat. and 23 percent fear that they may never get their money back during security incidents.
As per the study, the absence of enough knowledge regarding cryptocurrency investment is the most significant challenge in crypto investments’ growth in the country. It cites around 41 percent of respondents saying they are unaware of which type of cryptocurrency products they must select for investments. Twenty-one percent of respondents said that they do not understand how cryptos work. Twenty-seven percent find it challenging to predict the directions of the market.
The sentiment of subdued investors
Currently, the investment sentiment is subdued. It is a result of the downturn of the market. It reflects in the preference of investors. It is for maintaining the present crypto investments’ level instead of increasing it. Checking the high prospects, the government of India has declared CBDC’s launch. It has further piqued the locals’ interest in the digital economy.
Last month the CEO of KuCoin said India would be emerging as a primary market in the long run. This is because of the local expertise and welcoming crypto market. India accounted for a considerable quantity of 5.6 million new customers that KuCoin included in this year’s first half.
In May, KuCoin declared plans to launch an NFT exchange via Pool-X, its liquidity trading platform. It is slated to start operations in November.
Indian crypt investors are concerned about regulations
According to the survey of KuCoin, almost 115 million investors of crypto in India hold crypto assets or traded in them in the last six months as of this year, June. It accounts for nearly 15% of the population of India aged 18-60 years.
Out of the survey class, 10 % of adults in this country are keen on crypto. They plan to invest in the upcoming six months. Almost 33 % of investors expressed their concerns that government regulations may prove to be a deterrent when it comes to putting their money on cryptocurrency.
Nearly 26 % are worried about cryptocurrency hacks and cyberattacks. Another 23 % worry that they may not get their money back in case of security-related incidents.
Conclusion
The current meltdowns in cryptocurrency prices have affected plans of investment. The survey showed some investors wish to hold on to their existing crypto assets. They will not invest more in this sector. Yet the survey revealed that more than half of investors planned to increase all investments in the upcoming six months. Among respondents, 41 percent said they are unsure which type of cryptocurrency products to invest in. Almost 37 % are facing challenges in managing the risk of their portfolios. 27% are facing a challenge in predicting the directions of the market. Interestingly 21 % of respondents are not completely clear about how cryptocurrency works. If you trade in cryptocurrencies, visit here to know the use of smart contracts ,at the official trading website.