According to a Kantar survey, 83% of urban Indians are aware of cryptocurrencies, and the category has witnessed 16% ownership.
Bitcoin Sentiment is Volatile
The research indicates that bitcoin sentiment is volatile, as tweets or news about cryptocurrencies appear to impact mood instantly. For example, around May 2021, Elon Musk’s remark gave cryptocurrencies a lousy image. These attitudes switched back to positive after a reassurance in June 2021.
Furthermore, among the 16% of urban Indians who claim to own cryptocurrency, ownership is highest in the top four metros. Additionally, with 20% of Indians owning cryptocurrency, 19% of private banking customers owning cryptocurrency. Moreover, 18% of those between the ages of 21 and 35 owning cryptocurrency. The owners have a larger risk appetite, with shares accounting for 31% and mutual funds for 21% of their investment portfolio. In comparison to traditional options like fixed deposits and life insurance.
In addition, bitcoin owners and intenders have a well-diversified financial portfolio, according to the research. According to the entire sample questioned, 19% of Indians want to invest in cryptocurrencies in the next six months. However, compared to the intention to invest in mutual funds and stocks in the next six months, this is lower.
In terms of ownership, Bitcoin leads with 75%, followed by Dogecoin with 47%, Ethereum with 40%, Binance Coin with 23%, and XRP with 18%. Although Bitcoin has the most ownership, Ethereum has the highest net sentiment. Compared to Bitcoin, the net sentiment for other cryptocurrencies such as Dogecoin, XRP, and Binance currency is also greater.
Consumer information gleaned from social media reveals that males between the ages of 25 and 44 are the most likely to be interested in cryptocurrencies. The big metros also have a higher skew of bitcoin curious people, with Delhi leading the charts at 21%, Mumbai at 17%, Bangalore at 12%, Hyderabad at 7%, and Pune at 6%. WazirX, Zebpay, Coinswitch, and Kuber are the most popular crypto exchanges for purchasing the currency for the most popular ones.