A Fifth of the Indian Population Currently Owns Some Cryptocurrency: Global Survey Bitcoin continues to be the most traded cryptocurrency at 69 per cent, followed by Ethereum (ETH) at 38 per cent. Over half of the surveyed participants shared that they would consider investing in crypto over the next 12 months.
By Paromita Gupta •
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Twenty-one per cent of the Indian respondents shared that they currently own some cryptocurrencies, with Bitcoin and Ethereum being the most popular ones. This was revealed in findings of a survey conducted by Consensys, a blockchain blockchain and web3 Software Company, with YouGov, an international online research data and analytics technology group.
"The survey confirms the emergence of a decentralized trust paradigm that empowers users and communities. The era of the builder aligns with the web3 ethos, where everyone can contribute. Consensys aims to be a trusted steward for builders and developers, supporting community empowerment and positive global impact," said Joe Lubin, Founder and CEO, Consensys.
The report titled "Global Survey on Crypto and Web3" also sheds light on findings pertaining to the Indian market covered as a part of a global survey of 15,158 people conducted in April and May this year. The surveyed population fell in the 18-64 age groups. The survey was conducted in 15 countries in North and South America, Europe, Africa and Asia. About 1013 Indians were interviewed in the process.
The Metaverse, as a concept, is slightly more familiar to Indians (53 per cent) than Web3 (41 per cent) and NFTs (42 per cent).
The financial system:
One-third of the population feels that the existing financial system and traditional banking worked satisfactorily. While 43 per cent feel that while it works well, it can certainly be improved ten per cent feel that it needs to be 'completely rebuilt'.
Seventy-three per cent of the population shared that financial independence was important to them, with 70 per cent believing we have the technology needed to completely overhaul the existing financial system.
"We have seen a big shift from users to builders. This shift is coming in various areas like ownership, data privacy, awareness, and how they look at it in terms of investments," shares Sumit Kishore, Product Lead, Consensys Software InC to Entrepreneur India.
The crypto charm:
Ninety-two per cent of participants have heard about cryptocurrencies, with 56 per cent understanding what they are. Talking about the main barriers to entering the ecosystem, 48 per cent felt it was the volatile nature of the tokens, 44 per cent felt the space had too many scams, with 36 per cent feeling the technology was too complicated and only tech-savvy individuals could enter the ecosystem.
On being asked the concepts mostly associated with crypto, the top three concepts selected by participants were 'Future of money', 'The future of digital ownership,' and 'A way (for me) to participate in a global financial ecosystem'.
Fifty-seven per cent think of cryptocurrencies to be an environmentally friendly technology. With regulations and guidelines still being absent from the country when it comes to cryptocurrencies, 45 per cent believe it needs to be 'heavily regulated' to ensure the stability of financial markets.
Bitcoin continues to be the most traded cryptocurrency at 69 per cent, followed by Ethereum (ETH) at 38 per cent. Over half of the surveyed participants shared that they would consider investing in crypto over the next 12 months.
Key global findings across 15 countries:
- Overall, a large majority of people, about 92% globally, are aware of cryptocurrencies.
- Globally, 83% of people strongly agree or slightly agree that data privacy is important to them
- There is a strong sense of value and ownership among respondents, with 50% believing they add value to the internet
- Countries such as Nigeria, South Africa, Brazil, Vietnam, the Philippines, India, and Indonesia show an even higher level of agreement on being asked if the financial system could be improved
- 40% of respondents surveyed globally currently own or have bought cryptocurrencies in the past
- Globally, cryptocurrency is seen as the "Future of Money" and an "alternative to the traditional financial ecosystem"
