India has Crypto Issue but Indians Remain Unbothered: KuCoin

KuCoin's perception in the cryptoverse survey showcases Indian adoption of Bitcoin and Crypto.

In a recently published report by KuCoin on crypto investment in India, it is stated that 54% of Indian crypto investors seek to invest more over the next six months. Other results from the report also indicate enthusiasm for the market. It also shows that India has 115 million crypto investors.

KuCoin says that the crypto market in India is expected to reach a value of $241 million by 2030. There are approximately 115 million crypto investors in India who hold crypto or have traded it in the past six months. This amounts to 15% of the population in the age band 18 to 60, with another 10% of adults being curious about the market and interested in investing over the next six months.

Bitcoin and Ethereum traded sideways. Bitcoin was recently changing hands at about $21,500, up a few fractions of a percentage point over the past 24 hours. After plunging late last week, the largest cryptocurrency by market value has been stubbornly clinging to its handhold above $21,000 amid largely tepid trading as investors wait for more clarity about the U.S. central bank's monetary policy going forward.

Ethereum was recently trading below $1,700, rising over 1% during the same period. The second largest crypto by market value has been outperforming bitcoin over the past few weeks amid eager anticipation of the Ethereum blockchain Merge, which will shift the protocol from energy-sapping proof-of-work to faster, more environmentally friendly proof-of-stake.

Anxieties paired with the governments levying a 30% tax on digital asset income are arguably not enough to deter the growing investor class of India. Indeed, 56% of surveyed investors believe that bitcoin and cryptocurrencies are the future of finance while only 24% stated "hype" as the reason they entered the ecosystem. In addition, Indian investors are growing younger as 39% of those surveyed were aged 18 to 30, which represented a 7% increase in that age group from the previous quarter.