Sure, India has got a somewhat mixed response with crypto.
While several tech-savvy investors have banked and made excellent profits, the government continues to fine-tune a crypto bill aimed at cutting down ‘illegal activities’ and promoting ‘transparency’ – only to delay its announcement even further.
Despite this push for regulation, the Indian crypto market has largely grown into a thriving landscape of educated investors, eager young analysts, and even homegrown attempts to establish cryptocurrencies and blockchain companies.
For a year that’s truly witnessed a crypto wave in the subcontinent, there’s a lot of stories to tell – especially within the lines of data and statistics. That’s why WazirX’s latest report, ‘Highlights and Observations From 2021: The Year Of Crypto,’ is well worth a read.
Mass Adoption
For starters, the big number to look at is trading volume and user signups. WazirX couldn’t have asked for better results here – the Mumbai-based exchange recorded a $43 Billion trading volume, representing a 1735% surge compared to 2020.
The company also crossed a user base of 10 million.
According to CEO and Founder Nischal Shetty, this represents over 50% of India’s crypto market – no mean feat.
What Do The Users Have To Say?
Along with data analysis, WazirX has also incorporated direct user surveys into their 2021 report – making for some unique and interesting insights into the world of Indian cryptocurrency.
Just over half (51%) of all users attribute word of mouth to their interest in crypto – this means that it’s a near-even split right now between those who conduct independent research, and those who decided to dive in after speaking to family and friends.
Another interesting metric is the diversification of traders’ investment portfolios. Indians have traditionally been fairly conservative – splitting their assets between shares, real estate, gold, and other avenues.
Crypto has shaken things up a bit – with 66% of WazirX users under 35 years of age, nearly half of all users have up to 10% of all assets in the form of crypto. Major investors with over 50% of their portfolios in crypto, mostly belong to the 18-24 years age group.
It’s been an interesting year of development for female investors as well – who have been signing up 1009% more than last year, beating out male signup rates. Interestingly, there’s also a gender dynamic behind trading volume – women mostly deal in Bitcoin, while men have been trading more in Shiba Inu.
What About NFTs?
Unsurprisingly, NFTs have made their way into the Indian crypto community as well. On the WazirX NFT Marketplace, just under a thousand creators have made 12,600 NFTs – selling 5,267 of them for a total value of approximately Rs. 2.4 Crore, according to current WRX rates.
Make sure to check out two big NFT hits in India – The MVMNT’s MOONHEADS, or Shabarigirisan’s Krypto Karadis.
Ultimately, the future is bright for India’s crypto market, and especially for those willing to look beyond Bitcoin. As the world’s most popular crypto begins a slow decline, Indians seem to have wised up, taking the effort to research and own various kinds of new currencies as well.
This is echoed by Nasscom as well. The Indian biztech nonprofit reports an expected 2x increase in Indian crypto growth – and a projected 800,000 new jobs by 2030.
Will the government throw a spanner into the works? We’ll have to wait and see.
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