A recent poll by the cryptocurrency exchange Mudrex showed that more and more Indians are planning to use cryptocurrencies as part of their retirement plans. One in two people who answered the poll, which included people between the ages of 20 and 60 from a range of income brackets, said that they were using cryptocurrencies as part of their retirement plans.
45% of the people polled who had saved for retirement had put some of the funds into cryptocurrencies. Additionally, fifty per cent of those who answered were sure that exchange would become a common trade method within the next five years. Interestingly, most people (59%) said they would rather make their own financial choices, while only 5% said they would seek advice from investment professionals.
Crypto, Indians’ Retirement Crypto
The poll also pointed out that 70% of people who invested in exchange did so independently. 72% of those who responded shared that the main reason for investing in exchange was to increase their value. This number exceeded the 63% of standard investors who were mostly interested in making funds. This reinforces the idea that exchange are a risky asset class designed to make funds.
A similar trend was found in a 2023 poll by the local exchange exchange WazirX: most Indian exchange investors were more interested in long-term returns. However, both polls showed that people mainly invest in exchange to get the best return on their funds.
Even though India doesn’t have a strong regulatory system for exchange and taxes gains on them very heavily at 30%, people there are still very interested in them. The Mudrex poll was conducted from June 2023 to January 2024, a time when there were many cryptocurrency trades in the country.
Edu Patel, CEO of Mudrex, said that trade volumes had grown by an amazing 192% from December to January and an even more incredible 270% from January to February. The momentum continued going into March when trade volumes tripled. In the first three months of 2024, CoinDCX and WazirX, a cryptocurrency exchange, saw similar growth trends.
