India is witnessing a crypto boom, with over 19 million investors in digital assets, a recent report by CoinSwitch revealed. Notably, nearly 9% of these investors are women, indicating that female participation is growing but remains low.
The report highlights the youth-oriented nature of the crypto landscape, with a whopping 75% of investors falling between the ages of 18 and 35. This demographic trend highlights the apparent interest in cryptocurrencies across generations among younger generations, highlighting a broader global pattern of digital heritage adoption by tech-savvy individuals
Major cities, including Delhi, Bangalore and Mumbai, contribute more than one-fifth of the value of all crypto investments. Delhi emerges as a leader in overall cryptocurrency investment by value, emphasising establishing crypto activity in urban areas.
Regarding specific cryptocurrencies, Dogecoin led the way in 2023, claiming 11% of total investment, followed by Bitcoin at 8.5% and Ethereum at 6.4%. The report predicts significant growth in 2024, especially with expected approvals for Bitcoin and Ethereum ETFs. Such approvals could pave the way for increased institutional capital flows into the crypto ecosystem, said Balaji Srihari, chief operating officer at CoinSwitch.
As India positions itself as an important player in the global cryptocurrency landscape, the report’s insights reveal the evolving dynamics of crypto adoption, focusing on demographics, urban areas and a particular popular digital asset.
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