In Brief:
- Most cryptocurrency owners in India are in the age bracket of 21 to 35 and live in metro cities.
- The study found that about 83% of urban Indians know about cryptocurrency and 16% of them own it.
- The top five preferred currencies are bitcoin, dogecoin, ethereum, BNB and XRP
A recent survey by a branding and analytics firm Kantar shows that citizens in India are currently trying to better understand what cryptocurrency is all about and is it worth investing in or not, According to Hindustan Times Report.
This was the first such survey to be conducted in India and the firm asked the opinions of around 2,000 consumers. It shows that the owners of cryptocurrencies are more risk-averse, and generally prefer cryptocurrencies and mutual funds to fixed deposits and life insurance.
This survey found that bitcoin is the most preferred currency, with 75% of the total share. Dogecoin is second at 47%, there is at 40%, Binance’s coin is at 23% and Ripple’s XRP is at 18%.Â
Delhi has the most cryptocurrency enthusiasts, among the metros, with 21%, followed by Mumbai at 17%, Bangalore at 12%, Hyderabad at 7%, and Pune at 6%. Most commonly, the currencies for the most popular cryptos are purchased from currency exchanges like WazirX, Zebpay, Coinswitch, and Kuber. Overall, Bitcoin (70%), Dogecoin (78%), and Ethereum (70%) are the three most popular cryptos.Â
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The survey also points out that after Elon Musk’s tweet in May this year about not accepting Bitcoin for Tesla vehicle purchases, the crypto suffered a setback, but with reassurances, there has been a shift to positive sentiments.
