The cryptocurrency marketing and PR news source from India has released a report that India’s youth population is no longer stranger to cryptocurrencies and that this new area of investment is gradually gaining traction amid harsh COVID-19 lockdowns.
Ban or no ban, but India’s youth is known to be quite receptive to crypto. Shortly after the Supreme Court quashed RBI’s directive to ban trading and dealing in cryptocurrencies and the country came to grips with the coronavirus imposed restrictions, the Indian crypto exchanges witnessed a trading surge like never before.
Nischal Shetty, the CEO of Binance-acquired Wazirx, said in an interview that India’s youth is undoubtedly pro-crypto given their overall inquisitiveness in the subject, how it works, and awareness regarding its strengths and weaknesses. Today, the youngsters are more aware of the benefits and the potential use cases of cryptocurrencies, he said.
Majority of India’s youth is crypto-friendly
Thus, Bit2Buzz delved deeper into this field of the arena to understand the trading and investment behaviors of India’s youth, percentage of women involvement, the impact of the COVID-19 on cryptocurrency trading and how crypto and blockchain-related companies are perceived in India.
The survey participants, which involved NEO banks and digital assets trading platforms, offered more insight into the demographics of the country’s youth trading in cryptocurrencies.
According to the results, Indian cryptocurrency exchanges, like WazirX, CoinDCX, and Bitbns, have witnessed an influx of new users belonging to the age group 30 to 35 years. It implies that it is India’s middle-aged population that prefers owning or trading cryptocurrencies. Moreover, digital banks such as Cashaa and Oropocket have also reported that 75 percent of their users are India’s youth.
Women involvement in crypto has room for improvement
Shedding more light on gender-based user profiles, the results show that the percentage increase of women traders and hodlers in trading platforms like Unocoin has risen by almost 15 percent in the Q1 of 2020. Bitbns saw an 11 percent increase, whereas Pocketbits close to two percent.
The amount of involvement of Indian women in digital currency trading on exchange platforms paints a contrary picture to what CoinMarketcap had suggested in April. According to their report, the women’s participation in crypto has surged by 43 percent in the first few months of 2020.
That said, the NEO banks reported impressive involvement figures among India’s women participants. Oropocket recorded 39 percent involvement, whereas Cashaa and Bank of Hodlers saw 30 and 5 percent respectively.
Crypto trading amid lockdowns
Shifting the focus on effects of COVID-19 lockdowns on cryptocurrency trading and usage on India’s youth, the results from two digital banks, Bank of Hodlers, and Unocoin didn’t show much impact. However, Cashaa did report a spike in new accounts and user sign-ups in the recent couple of months.
Moreover, exchanges have reported a demand heightened by as much as 800 percent since the lockdowns began. Pocketbits’’ CEO and founder, Sohail Merchant, said that the lockdowns had given India’s youth more time to reflect upon their investment strategies, learn about cryptocurrencies and invest in them.
Sumit Gupta from CoinDCX also emphasizes the turning point in India’s crypto history, which, according to him, is the Supreme Court’s momentous decision in favor of cryptocurrencies and the pandemic-imposed restrictions. Following these turn of events, CoinDCX’s daily trading volume spiked to $15 million with an impressive growth record from Q1 to Q2.