- Bitcoin owners and investors have a diverse portfolio.
- 20% of urban Indians in the top four metros hold bitcoin.
According to Survey by Kantar, 83 percent of urban Indians are aware of bitcoin, and 16% possess it. The study shows that bitcoin sentiment is volatile, with tweets or news on cryptocurrency immediately impacting mood.
The majority of Indians are learning about cryptocurrencies and whether or not it’s worth their time and money to invest in them.
Kantar’s insights division executive director, Anand Parameswaran, said:
“This is the first of its kind research study on cryptocurrency in India. We met close to 2,000 consumers and saw that awareness levels are clearly quite high. Consumers are willing to invest in the product and are looking at diversification of their portfolio among high-risk products. Engagement with various crypto exchanges also indicates that ownership numbers seem likely to increase in future.”
Net Sentiment is Higher for Ethereum
According to a recent survey, 20% of urban Indians in the top four metros hold bitcoin, while private banking clients own 19%, and those aged between 21 and 35 years own 17%. The owners are more risk-averse while investing in shares (31%), mutual funds (21%), and life insurance (16%).
Also, bitcoin owners and investors have a diverse portfolio. Non-crypto owners possess an average of 4.6 financial goods, whereas non-intenders hold an average of 3.6. Surprisingly, one in every two customers planning to invest are repeat investors.
Also, 19% of Indians polled want to invest in cryptocurrencies in the next six months. However, this compared to plans to invest in mutual funds (49%) and stocks (33%) in the following six months are way lower.
The top five favoured currencies in terms of ownership are Bitcoin (75%), Dogecoin (47%), Ethereum (40%), Binance Coin (23%), and XRP (18%). The net sentiment is higher for Ethereum than Bitcoin (41). It is also more significant than that of Bitcoin for other cryptos such as Dogecoin and XRP.