Crypto is being recognised by many of the Asian countries and as per to the market research firm Finder; five nations which are top in concern with ownership of Bitcoin are covered and found in Asia. Further clearing the percentage of adaption by different country differently, Vietnam was holding 40% which was followed by India, Indonesia, Malaysia and the Philippines. Where around 30% of individuals polling in India and Indonesia were of the saying that they are holding Cryptocurrency.
India had its ranking as 2 in a poll of nations which are having utmost use of cryptocurrency, alongwith the claim of 9% respondents claiming that they had used crypto. Where United Kingdom and United States are having cryptocurrency owners with lower proportion as 8% and 9% respectively.
Supreme Court had excluded RBI’s ban on Crypto transactions, since then massive increase has been found in retail investors. To this CoinSwitchKuber being the largest cryptocurrency base in India has got around 8 Million users since June 2020, which is again high indicator of wide capture of crypto market by individuals.
Table of Contents
Crypto Market Captured By Youngsters
Maximum market of Crypto is being covered by Youngsters by adoption of Cryptocurrency by them. As per to the research done by Finders, people with age group of 18-34 make above 40% of users round the globe. The growth of crypto based companies as CoinSwitchKuber is the main reason for growing investors as such companies are making investment easy and accessible for individuals.
In addition to the above age slot, people are also connecting from age groups of 35-44, having 17% belonging of 45 to 54 year old. To the fact one should be aware of is that Nations as Colombia and Netherlands, majority of crypto being adopted is above 65 age.
Adaption By Smaller Towns In India
In the recent years, smaller towns have shown greater interest in adaption of cryptocurrency and this is clear from subscriptions of Tier II and Tier III locations on the CoinSwitchKuber app which has gradually grown by 2000%
The percentage of capture of crypto market is also known by the growth of 880% between June 2020 to June 2021 round the globe and uptill now the growth of crypto users have crossed round about 15 million in India. In addition to this data, with gradual increase of investors and governments working on the laws concerning crypto, CoinSwitchKuber has an increase of $25 Million from VC giant named Tiger Global,with a valuation of $500 Million.
India’s Future With Crypto
The data gathered from the poll conducted by Global Consultancy Company PWC reveals that India would be amongst the leaders in adapting blockchain technology based on crypto over coming five years, but only in case of proper connectivity between business and government is acquired.
Basic reason for increase in adoption of cryptocurrency by the nation recently was due to various sectors finding difficulties in FY21 due to the challenges provided by pandemic environment for starting of business in such an environment. Therefore capture of crypto market had increased gradually.
To this, around 15 Million Indians had made investments in private cryptocurrency holdings so,investments have increased from $923 Million in April 2020 to round $6.6 Billion by May 2021. Such a growth is equivalent to 400% in an year.
Finance minister was of the view that world has captured the technological advancements at a faster rate, therefore there is a possibility that Bitcoin and other Cryptocurrencies would recalled as asset class in India.
But central government on the other hand says that Bitcoin or any crypto won’t be accepted as legal.
Leave a Reply