Mudrex, a startup supported by Y-Combinator in the crypto space, has revealed the findings of its most recent survey titled ‘Investment Trends in FY 2023-24: The Indian Crypto Renaissance’. The survey, which engaged 8,976 participants across the country, highlights a notable shift in India’s investment landscape, with 50 percent of the respondents anticipating cryptocurrencies to become a mainstream asset class in the next five years.
The survey emphasizes the emerging trend of incorporating cryptocurrencies into long-term financial strategies, as 45 percent of the participants have included cryptocurrencies in their retirement plans. This signifies a growing acceptance of cryptocurrencies as a valid asset class for long-term wealth building, reflecting changing investment preferences and perceptions towards digital assets.
Embracing Innovative Financial Solutions
Significantly, the survey indicates a widespread interest in cryptocurrency across various demographics, with 80 percent of the participants falling within the young adult category, aged between 20 and 35 years. This indicates a rising enthusiasm among young individuals towards investing in cryptocurrencies, driven by a willingness to explore new financial technologies and unconventional investment opportunities.
Moreover, the survey suggests a well-rounded investment approach, with around 58.5 percent of the respondents diversifying their investments in both stocks and crypto. This demonstrates a recognition of the importance of diversification and the role of crypto as an alternative asset class within a diversified investment portfolio.
Edul Patel, the CEO of Mudrex, shared insights on the survey results, noting, “The observations from the survey underscore a transformative phase in India’s financial landscape. The increasing adoption of crypto across different age groups and income brackets, coupled with a shift towards diversified portfolios, signifies a significant shift in how Indians view and leverage digital assets.”
Spanning a six-month period from June 2023 to January 2024, the survey identifies Tier-1 cities as focal points for crypto adoption, spearheaded by Delhi-NCR, Bengaluru, and Mumbai, driven by factors such as robust digital infrastructure and evolving investment preferences.
Disclaimer: Investments in crypto products and NFTs are unregulated and inherently risky. There might be limited regulatory protection in case of losses from such transactions. Cryptocurrency is not recognized as legal tender and is exposed to market fluctuations. Readers are encouraged to seek professional advice and carefully review offer documents and relevant literature before engaging in any form of investment. Predictions regarding the cryptocurrency market are speculative, and any investments made are solely at the readers’ own discretion and risk.