Mudrex, a Y-Combinator-backed crypto platform, unveiled the results of its latest survey titled ‘Investment Trends in FY 2023-24: The Indian Crypto Renaissance’. Engaging with 8,976 participants nationwide, the survey indicates a significant shift in India's investment landscape, with 50 per cent of respondents foreseeing cryptocurrencies as a mainstream asset class within the next five years.
The survey underscores a growing trend of integrating cryptocurrencies into long-term financial planning, with 45 per cent of respondents including cryptocurrencies in their retirement plans. This marks a rising acceptance of cryptocurrencies as a legitimate asset class for long-term wealth accumulation, reflecting evolving investment preferences and attitudes towards digital assets.
Open To New Financial Technologies
Notably, the survey reveals a broad demographic interest in cryptocurrency, with 80 per cent of participants belonging to the young adult demographic aged between 20 and 35 years old. This suggests a growing interest among the youth in cryptocurrency investments, driven by an openness to innovative financial technologies and alternative investment avenues.
Furthermore, the survey indicates a balanced approach to investment, with approximately 58.5 per cent of respondents holding investments in both equities and crypto. This demonstrates an understanding of diversification and the role crypto plays as an alternative asset class within a balanced portfolio.
Edul Patel, CEO of Mudrex, commented on the survey findings, stating, “The insights from the survey highlight a transformative period in the financial landscape of India. 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 utilize digital assets.”
The survey, conducted over a period of six months from June 2023 to January 2024, identifies Tier-1 cities as hotspots for crypto adoption, led by Delhi-NCR, Bengaluru, and Mumbai, fueled by factors like robust digital infrastructure and evolving investment preferences.
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