Paxful Survey Suggests Forthcoming Bitcoin Boom in India
The latest lift on crypto trading and relevant businesses may have revitalized India's Bitcoin enthusiasm, according to new study.
Key Takeaways
- India’s sentiment on cryptocurrency has been strong even before the ban lift.
- Of those polled, many see digital assets as a legitimate path to financial freedom.
- 90% of crypto enthusiasts hold Bitcoin, and the cryptocurrency space is a top priority for respondents looking to invest new money.
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Paxful has today released results of a survey suggesting the future of crypto is bright in India.
Paxful Survey Finds Enthusiasm in India for Crypto
The peer-to-peer bitcoin marketplace, Paxful, conducted a survey around the future potential of cryptocurrency in India.
The survey highlighted which industries are set to drive adoption and the general sentiments of Indian men and women, ages 18 to 55, toward digital assets.
India has recently seen a lift on its crypto ban, opening up a world of opportunities accessible to a population of over one billion. Prior to the ban lift and according to recent Paxful data, Indian sentiment around digital currencies was contrary to that of its government.
The trade volume on the peer-to-peer marketplace in January was over $3 million.
According to the March survey, 93.8% of respondents invested in crypto prior to lifting the ban in 2020, with 90% holding Bitcoin and 44% holding Ether.
More than 75% of respondents rely on cryptocurrency to easily transfer money, bypassing a legacy banking system considered corrupt.
Roughly two-thirds of respondents answered that crypto was the path to financial freedom.
In a world where P2P economics has driven financial inclusion, the survey results fell in line with a global sentiment that cryptocurrency has the ability to provide financial access to anyone who cannot participate in the traditional banking system.
The majority of respondents in India concurred with that sentiment.
Sectors to Benefit, Regulation Encouraged
Over 60% of respondents answered that crypto enterprises would thrive after lifting the ban, with the retail sector also benefiting.
Indians appear willing to embrace regulation, with three-quarters of respondents believing that KYC regulations were important for the continued success of digital assets.
The future of cryptocurrency in India looks bright, with 40% of those surveyed declaring an intention to invest in cryptocurrency over any other investment option.
Stocks and bonds followed at 30%, with real estate and gold lagging at 14%.
With crypto enthusiasm strong in India, Paxful CEO Ray Youssef said he was “especially interested to see how they utilize peer-to-peer finance now and into the future.”
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