83% Indians aware of cryptocurrencies; 16% own it: Kantar survey

NEW DELHI: Kantar, the world’s leading data, insights and consulting company has come up with the first of its kind comprehensive survey on the profile and preferences of Indian crypto users.
The research was conducted among 2,000 Indians across 25 cities, according to a report published in the Financial Express.
The recent survey revealed that 83 per cent of urban Indians are aware about cryptocurrency, which explains the rapid adoption rate in the country.
India ranks second in the Chainalysis Adoption Index. According to the survey report, India also witnessed hiccups and volatility triggered by tweets and news on cryptocurrencies just like the global crypto market.
The research unveiled many interesting facts about crypto usage, market and trends in India :
* Among 83 per cent Indians aware of the crypto, 16 percent have crypto ownership.
– Out of the 16 percent crypto owners, the highest ownership of 20 per cent comes from four metropolitan cities.
– 19 per cent of private banking customers own it.
* The ownership of the crypto is likely to increase based on the feedback and interaction with various Indian crypto exchanges.
– Bitcoin enjoys the highest ownership in India at 75 per cent followed by Dogecoin at 47 per cent.
– Ethereum comes next at 40 per cent, followed by Binance Coin at 23 per cent and XRP at 18 per cent.
– However, net investor sentiments soared the highest for Ethereum at 41 per cent, followed by Dogecoin, XRP and Binance coin, leaving Bitcoin behind.
* Among the metros, the highest crypto enthusiasts were reported in Delhi at 21 percent, followed by Mumbai at 17 percent, Bangalore at 12 per cent, Hyderabad at 7 per cent and Pune at 6 per cent.
* Crypto owners have shown a high-risk appetite and diverse financial portfolio for investment with
– 31 per cent opting for shares and 21 percent for mutual funds,
– 19 percent opted for traditional choices of fixed deposits and 16 percent for life insurance.
* Financial products owned by crypto users and crypto-intenders:
– The average number of financial products owned by the new cryptocurrency investors stands at 6.6, while 5.2 for those who are planning to invest.
– The financial products owned by non-crypto-owners on an average stands at 4.6 and 3.6 for now intending investors.
* On future investment in the next 6 months:
– The most popular investment option is mutual funds at 49 per cent, followed by shares at 33 per cent.
– 19 per cent Indians intend to invest in crypto in the next 6 months.
One in two consumers intending to invest in crypto are recurring investors.
* The age profile of crypto users, according to consumer intelligence from social data:
– Crypto enthusiasts are mostly 25-44 year-old men.
– 18 per cent of the crypto owners are in the age group of 21-35 years.
* The most popular crypto exchanges are WazirX, ZebPay, CoinSwitch Kuber for purchasing the most popularly bought currency Dogecoin at 78 per cent followed by Bitcoin and Ethereum at 70 per cent.
* Elon Musk’s non-acceptance of Bitcoin for buying Tesla cars caused the prices of Bitcoin to slide in May 2021, whereas positive news backing cryptocurrencies boosted the morale of the investors and the market in June 2021.
* Most Indians perceive cryptocurrency both as a digital currency and as an alternative form of investment.