Delhi Saw Highest Crypto Adoption In 2022, Jaipur Lead Tier-2 Segment: Report
A CoinSwitch report provided insight into how India responded to a year of rising inflation, market downturns, and landmark events such as the Ethereum Merge.
Delhi has the highest crypto adoption in India, measured in terms of value invested, according to an annual investor report by CoinSwitch. The report, titled "India’s Portfolio 2022", also revealed that Jaipur has the highest crypto adoption among tier-2 and tier-3 cities. The report published on Wednesday analysed the investing patterns of India’s crypto users. It provided an insight into how the country responded to a year of rising inflation, market downturns, and landmark events such as the Ethereum Merge, the crypto firm said.
Among metros, the city with the highest crypto adoption was Delhi (7.87 per cent) followed by India’s tech hubs of Bangalore and Hyderabad. Jaipur (3.04 per cent) has the highest crypto adoption among tier-2 and tier-3 cities, followed by Lucknow and Pune.
The report also shows Bitcoin, the largest crypto asset by market capitalisation, continues to be the most popular coin for retail investors in 2022. Dogecoin and Ethereum were among the other crypto coins' India holds the most.
The report also said that investing patterns followed by men and women were largely similar in India, although women represent only a small pie of India’s growing crypto investors. Only 8 per cent of crypto investors in India are female.
CoinSwitch is one of India’s largest crypto investing platforms with over 19 million registered users. “2022 has had its share of economic, geopolitical, and market difficulties. It is important to understand how India’s investors responded to the changed circumstances. Did they diversify their portfolio? Were they reactive? India’s Portfolio 2022 provides a comprehensive and quantitative analysis of the investing patterns India followed in the year,” said Ashish Singhal, CEO, and Co-Founder, CoinSwitch.
Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.
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