BENGALURU: With the crypto market capitalisation going past $2.5 trillion and Bitcoin hitting an all-time high at $74,000, the adoption of cryptocurrencies has been witnessing a significant rise globally and in India, tier-1 cities led by Delhi-NCR emerge as hotspots for crypto adoption.
As per a survey by crypto investment platform Mudrex, with 25%, Delhi-NCR holds pole position when it comes to sheer number of crypto investors. It is followed by Bengaluru with 16% and Mumbai 9%. The survey said factors such as digital infra, internet accessibility, financial literacy, investment tendencies, and the pursuit of higher returns contribute to this growing market.
The survey reveals of total respondents who invest in crypto, 69% are male participants and among individuals aged 20-30, nearly 63.06% have chosen to invest in crypto assets.
Edul Patel, CEO of Mudrex, said, “The increasing adoption of crypto across various demographics and income levels, paired with a shift towards diversified portfolios, marks a significant change in how Indians perceive and utilise digital assets.”
“As these trends continue to evolve, the financial landscape in India is poised to adapt to new opportunities and challenges in the world of crypto investments,” he added. The survey also highlights that 45% of users have included cryptocurrencies in their retirement plans. With the halving event expected to happen this week, Patel said that there is a strong likelihood that the bull market will persist after the halving.