Cryptocurrencies as an asset class has been catching fancy of urban Indians. A survey by YouGov shows that one in every three urban Indian already owns cryptocurrencies and many more are likely to invest in 2021.
The survey, which was conducted among urban adults in June, received over 1000 responses.
Close to 60% of the respondents said they are very likely or likely to invest in virtual currencies this year. The figure goes up to 84% in case of responders who already own cryptocurrencies.
Almost a fourth of the respondents said they are unsure about investing. 18% said they will not invest in the asset category.
What's driving this interest? Most respondents (58%) said it was the expectation of high returns in a short time. The other popular reason they cited was high liquidity.
According to the survey, the reasons dissuading investors from investing in the asset class included lack of government regulations (51%), lack of information (41%) and cyber threats (41%).
Bitcoin, Dogecoin and Ethereum are most popular cryptocurrencies. 50% of respondents said they will invest in Bitcoins, while 30% said they are interested in Dogecoin and Ethereum. WazirX is the investment platform of choice for every one in five investor. CoinSwitch Kuber and Coinbase come next in the list.
