A recent report by Finder’s Cryptocurrency Adoption Index, an international data collector platform, has ranked India at number one for cryptocurrency ownership. This is not surprising considering the strides that have been made in this field and how much it’s growing!
According to a survey carried out on 2.515 internet users, the crypto ownership rate in India is 29.9%! That’s more than double the global average of 14.6% and ahead of countries like Nigeria and Vietnam, which sit at 26.5% and 26.2%, respectively.
The report revealed that bitcoin is the most popular crypto coin among Indians, and about 29.3% of those surveyed own bitcoins. The second-most common cryptocurrency in India is Solana (SOL), with a 22% market share, followed by Ripple’s 18.9%.
The data shows that while the majority of crypto owners are male, there is not necessarily any correlation between gender and cryptocurrency ownership. For example, in India, where 63% of those who own cryptocurrency are male and 37% female, men are 1.7 times more likely to invest than women locally.
It has been revealed that the crypto ownership is dominated by younger Indians, with 44.8% of people in this age group (18 – 34) owning cryptocurrency – but it’s not the same for those aged 55 and older, who account for just 25.8%.
The report found that the most likely generation to own cryptocurrency is young adults, with close to half (46.8%) of crypto owners aged 18-34. The following highest rates are found among those who are 35 – 54 years old at 30.8%. Finally, an aging population (55 and older) brings up the rear at only 22.4%.
“Of the ten countries with the highest percentage of their GDP being made up by remittances, all rank poorly in regards to transparency. Specifically, the Philippines, Vietnam, Ghana, Mexico, Nigeria, India, Kenya, and Colombia see remittances making up over 1 percent of their total GDP — with the Philippines being the standout at almost a tenth (9.7 per cent) of its GDP coming in the form of remittances,” the report says.
The most enthusiastic about crypto among nationalities are Nigerians, with 87% of those surveyed saying they think investing in cryptocurrency makes good sense. This comes off the back of those who took this survey last November and before that had responded positively at 81%.