WazirX, a crypto exchange, has uncovered investing trends and purpose of investing for crypto enthusiasts in the country. The survey covered respondents from age groups of 18 to 60+, and also sheds light on investor awareness around taxation in digital assets.
According to an official release, 19.4% were active traders, 21% revealed investing once a month, and 7.1% of male respondents invested in crypto weekly. From what it’s understood, 18-30 year old investors revealed that they started investing in crypto in 2017. Reportedly, 40% of investors invested more than Rs 40,000 in digital assets. Despite bear market implications, 80% of investors in this age group indicated that they invested in crypto in last one year. Among 31-45 year old investors, 50% have more than Rs 40000 in digital assets, 40% of investors in this age group invested since 2021, whereas three percent started investing as early as 2014. In last one year, 84% of investors seem to have invested in crypto. Among 45-60 year old investors, 40% of respondents invested more than Rs 40000 in digital assets, and that 60% of respondents from this age group started investing between 2021-23.
It’s believed that a majority 53.2% of all respondents were HODLers. The survey’s data showed that 85% of female respondents were HODLers, whereas the proportion of male respondents stood at 53.8%. In last one year, HODLing and trading crypto went hand-in-hand with 27.4% reportedly doing both, and that 14.5% among all respondents were active traders. Among 18-30 year olds, 56% investors wanted to invest for high ROI, whereas 28% wanted to invest in order to stay ahead of the curve. Among 31-45 year old investors, 38.5% wanted to invest for high returns, and 19% wanted to invest as they wanted more control over financial assets. Among 45-60 and 60+ (age) investors, the scope of high ROI and gaining from speculative assets were considered most important reasons.
Furthermore, the survey revealed that 75% of respondents understood how crypto is taxed in India, 16% claimed to have some knowledge, whereas 8.9% weren’t aware of it. Reportedly, 19.4% of respondents were expected to use a crypto tax filing platform, whereas 24.2% mentioned that they would file taxes by themselves.
“I believe crypto has become popular among Indian investors in the last few years. However, it’s been encouraging to see that even in a bear market, users have continued to engage with virtual digital assets. With global regulatory developments in place, this adoption should see growth,” Rajagopal Menon, VP, WazirX, said.