Mudrex Survey: Half of Participants Optimistic about Cryptocurrency’s Imminent Mainstream Asset Status

16 views 3:59 pm 0 Comments May 17, 2024

Indians Embracing Cryptocurrency for Long-term Financial Goals

Key Insights

  • The majority (80%) of survey participants belonged to the young adult category (20-35 years old).

  • A significant 63.06% of individuals aged 20-35 have opted to invest in cryptocurrency assets, indicating a pronounced interest among the younger population.

  • Approximately 58.5% of investors have diversified their portfolios to include both stocks and cryptocurrencies, with 50% foreseeing cryptocurrency’s evolution into a mainstream asset category within the next five years.

  • 45% of the surveyed individuals have integrated cryptocurrencies into their retirement investment plans.

  • Leading the charge in cryptocurrency adoption are Tier-1 cities, with Delhi-NCR taking the lead, followed by Bengaluru, Mumbai, Hyderabad, Chennai, Kolkata, Pune, Lucknow, and Ahmedabad.

On the 16th of April 2024, in Bengaluru, Mudrex, a globally recognized crypto investment platform backed by Y-Combinator, unveiled the outcomes of its study titled ‘Investment Trends in FY 2023-24: The Indian Crypto Renaissance’, engaging with 8,976 respondents nationwide. The results of the survey illustrate a positive outlook on the mainstream acceptance of cryptocurrencies, with half of the participants envisioning cryptocurrencies as a mainstream investment option within the next five years. This surge reflects evolving investment preferences and shifting attitudes towards digital assets, indicating a broader transformation in the financial landscape and the evolving perceptions of different investor segments regarding cryptocurrencies in their investment portfolios.

The survey also sheds light on the emerging trend of incorporating cryptocurrencies into long-term financial strategies, with 45% of respondents including cryptocurrencies in their retirement plans. This trend signifies an increasing acknowledgment of cryptocurrencies as a legitimate asset class for long-term wealth accumulation, driven by the belief in potential long-term returns or the need for diversification beyond traditional assets such as stocks and bonds.

The study reveals the accessibility of cryptocurrencies across various income brackets, with minimal disparity among high, mid, and low-income crypto investors. Noteworthy is the participation of individuals earning less than INR 5 lakh annually in crypto investments, underscoring the growing accessibility and adoption of cryptocurrencies within the income range of 5 to 50 lakhs.

Moreover, the survey indicates that a significant 80% of respondents fall within the young adult demographic (20-35 years old), indicating a rising interest among the youth in cryptocurrency investments. This generational inclination highlights a greater openness among younger investors towards innovative financial technologies and alternative investment avenues. Conversely, interest in crypto investments diminishes slightly as age groups progress, suggesting a more cautious approach among older investors. The higher affinity towards crypto investments among startup employees can be attributed to the risk-taking culture and tech-savviness prevalent in the startup ecosystem, with individuals in these sectors displaying the highest inclination towards crypto investments at 56.91%, reflecting a culture of innovation and risk appetite.

The data suggests that investors are not exclusively focused on cryptocurrencies; approximately 58.5% of respondents have investments in both equities (stocks and mutual funds) and cryptocurrencies. This indicates a comprehension of diversification and the role of cryptocurrencies as an alternative asset class within a well-balanced investment portfolio. Around 70% of respondents make their financial decisions independently, indicating a growing financial awareness and knowledge among the crypto-savvy population.

In response to the survey findings, Mr. Edul Patel, CEO of Mudrex, a Global Crypto Investment Platform, remarked, “The insights gleaned from the survey underscore a transformative phase in India’s financial landscape. The increasing adoption of cryptocurrencies across diverse demographics and income levels, coupled with a shift towards diversified portfolios, signifies a significant shift in how Indians perceive and leverage digital assets. As these trends continue to evolve, the financial landscape in India is poised to embrace new opportunities and challenges in the realm of crypto investments.”

The survey, conducted between June 2023 and January 2024, identifies Tier-1 cities, spearheaded by Delhi-NCR (25%), as focal points for crypto adoption, followed by Bengaluru (16%) and Mumbai (9%), driven by factors such as robust digital infrastructure and evolving investment preferences.

About Mudrex

Established in 2018, Mudrex aims to democratize crypto investment, enabling ordinary investors to capitalize on the wealth creation potential of cryptocurrencies. Founded by Edul Patel, Alankar Saxena, Rohit Goyal, and Prince Arora, this Y-Combinator-backed enterprise has developed a robust investment platform catering to both novice and seasoned investors. Headquartered in the US with operations in Bengaluru, this fintech startup strives to become the premier asset management platform for cryptocurrencies.