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Over half of Indian crypto investors in for long term: WazirX survey

In the age group of 18-30 years, 40% of respondents said they have invested more than Rs 40,000 in digital assets

Bitcoin, cryptocurrency

Photo: Bloomberg

Raghav Aggarwal New Delhi

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53.2 per cent of Indians who have invested in cryptocurrency are looking for long-term returns, findings of a report released by crypto exchange WazirX on Monday showed. Women were more keen on being invested in crypto for the long term as compared to men.

"85 per cent of female respondents were HODLers, whereas the proportion of male respondents stands at 53.8 per cent," it said. HODLers, according to the report, are the ones who invest in crypto for long-term returns. The report was based on a survey of investors on WazirX aged between 18 years and 60 years.

In the age group of 18-30 years, 40 per cent of respondents said they have invested more than Rs 40,000 in digital assets. Interestingly, despite the bear market, 80 per cent of investors in this age group indicated that they have invested in Crypto in the last one year.

Among those aged between 31-45 years, 50 per cent have invested more than Rs 40,000 in virtual digital assets. In the last one year, 84 per cent of these investors have invested in Crypto.

Among 45-60-year-old investors, 40 per cent of respondents have invested more than Rs 40,000 in virtual digital assets.

The report further highlighted that getting high returns on their crypto investments was still the top objective of these investors.

Among 18-30-year-olds, 56 per cent of investors wanted to invest for a high return on investment, whereas 28 per cent wanted to invest in order to stay "ahead of the curve".

Among 31-45-year-old investors, 38.5 per cent wanted to invest for high returns. 19 per cent wanted to invest as they wanted more control over financial assets indicating their knowledge of digital assets beyond an investment tool.

"Interestingly, among 45 to 60 and 60+ (age) investors, the scope of high ROI and gaining from speculative assets were the most important reasons," it said.

On crypto tax, the survey revealed that 75 per cent of respondents understood how Crypto is taxed in India, 16 per cent claimed to have some knowledge, whereas 8.9 per cent were not aware of it.

In India, crypto investment currently attracts a 30 per cent tax on gains and an additional 1 per cent tax deducted at source (TDS) on trading.

"Crypto has become quite 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 will see exponential growth," said Rajagopal Menon, vice president (VP) at WazirX.

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First Published: Jul 24 2023 | 12:39 PM IST

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