A recent survey revealed that in India it is mainly the young population that holds and trades crypto assets.
The survey focused specifically on crypto exchanges and NEO banks, the country’s digital banks, including WazirX, CoinDCX, Pocketbits, Bitbns, Cashaa and Oropocket, which reported the presence of many young, or middle-aged (between 35 and 50 years of age) users.
The responses reveal that, on average, as many as 75% of users are young, while the remaining 25% are middle-aged. The percentage of those over 50, on the other hand, is irrelevant, comparable to zero.
As far as the percentage of female users is concerned, crypto exchanges reveal that it is still very low, with Unocoin at 15%, followed by Bitbns with 11% and Pocketbits with about 2%.
As far as NEO banks are concerned, this percentage is definitely higher, with Oropocket at over 39%, followed by Cashaa at 30% and Bank of Hodlers at 5%.
The survey also reveals a massive growth in users as a result of the lockdown due to the ongoing Covid-19 pandemic.
Trading volumes also increased, but in a different way. While Bitbns, Bank of Holders and Unocoin did not reveal a significant increase in volumes, Cashaa reported an increase of over 800%.
According to Sohail Merchant of Pocketbits, volumes and general interest have increased due to the fact that users have more free time to research and trade. Nischal Shetty, founder and CEO of WazirX, added that their platform experienced a huge increase in trading volumes (470%) and new user registrations.
Sumit Gupta of CoinDCX said:
“The lockdown due to the Covid-19 pandemic meant that Indians spent more time at home, sustaining the national interest and curiosity in cryptocurrencies that was already high due to the favorable Supreme Court verdict. This gave Indians the chance to learn more about the benefits they could accrue with crypto, as well as to learn how to engage in the trading of crypto. CoinDCX witnessed the continuation of growth from Q1 to Q2. And the daily trading volume on CoinDCX was around 15 million dollars”.
This phenomenon, however, was already underway long before the lockdown was implemented, considering that after the removal of the ban, volumes had already started to increase. In reality, the country is looking for new ways to reintroduce the cryptocurrency ban, although given the success they seem to be having, especially among the young population, it is possible that this attitude could cause the country’s government to lose a lot of support.