Paxful, an over-the-counter peer-to-peer exchange based in the US, conducted a crypto sentiment survey in India. According to the results of the survey, a crypto boom in India is due and will happen very soon. Further, the new regulations after the ban was lifted will support the growth of crypto in the country.
On April 6, 2018, the Reserve Bank of India imposed a ban on cryptocurrency trading which was a huge blow to the cryptosphere. However, the number of crypto enthusiasts has been growing steadily since then and the report shows similar findings.
Crypto boom in India long overdue
The survey was conducted that consisted of both genders and the age cap was from millennials to 55-year olds. The most astonishing finding of the survey was that approximately three-fourths of the respondents were already involved in crypto investing. Almost 94% of them revealed that they had invested in crypto before the ban was lifted.
The report further states that 56.8% of the respondents entered the cryptosphere in the year 2018-19, after the RBI ban. 90% of the survey takers have invested in the leading cryptocurrency, Bitcoin and Ethereum was the second preference for 44% of them.
40% of respondents prefer investing in crypto
As the study shows, everyone is very much looking forward to a crypto boom in India. Almost 40% of the respondents preferred investing in crypto rather than any other instruments. The rest were more inclined towards stocks, bonds (30%) and commodities like gold (14%).
Most of these respondents highly believe that with KYC implementation and a decent regulatory framework, crypto adoption in India will rise to new heights.
Paxful has also reckoned that India will become one of the global epicenters for blockchain and crypto innovation in the coming years. A large section of investors and entrepreneurs are highly interested to be a part of the upcoming peer to peer revolution in India.