Indians are more likely to invest in Bitcoins than American, Brits or Russians
Jan 19, 2018 Posted / 9891 Views
If we ask anyone which country has the highest number of Bitcoin and Cryptocurrency investment enthusiast in the world, then the usual answers would be United States, Canada or may be Russia. However, in a new survey conducted by Pundi X along with NEM.io and Stellar.org reveals that Indians are more positive about investing in Bitcoin than anyone else around the globe as 68% of the Indians believe that majority of the people would be using cryptocurrencies in the next decade.
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This number makes it apparent that high number of Indians are optimistic about the cryptos and its future considering that only 45% of the US respondents and 47% of Russians answered affirmative when asked about the future of the digital assets in the next decade. However, Indonesians remained the staunch believers with 74% displaying a positive indication and Japan bagged the third spot with 66%. On the other hand, Brits showed they are not very much in favour with 44% positivity to use of cryptocurrency.
Figure 1 reveals the percentage of respondents according to each country who believe that cryptocurrencies will be majorly used by next decade
These results from India are astounding owing to the fact that Indian government has been sceptical about cryptocurrencies and from time to time have issued warnings to people about investing in them. Along with this, the survey also established that about 7% of Indian respondents owned a bitcoin or an altcoin and the number equals to the numbers of the Americans. The survey was covered about in 6 countries and most of the major markets and was conducted on 3000 people, which included 500 Indians.
Pundi X is basically an Indonesian firm behind the survey is basically a cryptocurrency point-of-sale solution provider, which teamed up with NEM.io and Stellar.org and used Opeepl mobile “Live sampling” technology. It is noteworthy that the company was trying to enter the Indian market with a network of POS Terminals, however, the Indian government has remained adamant about not letting cryptocurrencies to enter the scenario. Even the Indian citizens are demanding clear guidelines in relation to trading, mining and taxation.
Nonetheless, the survey established that acquiring cryptocurrency is more appealing to Indians than investing in stocks or bonds. 16% of the respondents cleared that they would invest in cryptos if $1000 were given to them. However, bank savings are still the most popular sort of investments with 24% preferring the traditional financial system.
Another surprising revelation made by company president Constantin Papadimitriou to the Quartz was that “one in every 10 bitcoin transactions in the world takes place in India”. He also disclosed that many other cryptocurrencies are also garnering attention in India, but by far bitcoin remains the most known digital currency with 68% of Indian pronouncing that they know bitcoin when asked, “Which cryptocurrencies do you know?”
The survey basically determined the attitude of people towards digital currencies. The “State of Cryptocurrency report” investigates mainstream adoption and coin acceptance in India, Indonesia, Japan, Russia, UK, and the US. It has been conducted from Dec 21, 2017 to Jan 2, 2018, with respondents aged 18 to 59 years old. The study reveals a healthy interest in cryptocurrencies, while evaluating purchase behavior.
Many investors are now hoping that they would be able to use cryptocurrencies to carry out other transactions, besides trading, but there are hardly any options available. This has forced people to hold on to these digital coins for longer, the survey revealed. This problem, however, is not particular to Indians. It can summed up that with the people’s love, bitcoin’s journey to be a legal tender will soon reach be over.
Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .
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