Why are so many young Indians trading in cryptocurrency, especially in tier-two cities?
New crypto users are mostly under 35, and they’re skilled – a bulk of those investing are IT professionals, MBA graduates, engineers, and start-up owners. They’re also curious to sample variety, and are investing in things like De-Fi assets and Non-Fungible Tokens or NFTs. Another happenstance through 2021 was the entry of many more women traders – local exchanges unanimously reported a rise in the share of women investors to 30-40 per cent, doubling from the previous year’s figure of 15 per cent.
By the end of 2021, India had 15 homegrown cryptocurrency exchange platforms, furiously working the trading and selling aspect of the with more than 1.5 crore users. According to broker discovery and comparison platform BrokerChooser, over 100 million people were trading cryptocurrencies in India, leaving the US and Russia a distant second and third. According to the Blockchain and Crypto Assets Council, part of the Internet and Mobile Association of India, not only experienced investors, but also youth from tier-2 and -3 cities are among those investing in crypto. This young subsegment has invested up to Rs 6 lakh crore in cryptocurrencies.
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