Forget Mumbai or Bengaluru, this city reigns as the cryptocurrency capital of India (2024)

In the rapidly evolving world of cryptocurrency, India stands at the forefront of adoption, with Tier-1 cities leading the charge. According to the latest findings from the Mudrex Crypto Investment Survey, Delhi-NCR emerges as the frontrunner, boasting the highest number of crypto investors in the metropolitan area. Following closely behind are Bengaluru, Mumbai, Hyderabad, and Chennai, showcasing the burgeoning interest in cryptocurrencies across the nation.

Notably, Delhi boasts of 25% of crypto investors, followed closely by Bengaluru with 16%. Mumbai (9%), Hyderabad (8.9%), Chennai (8%), Kolkata, Pune, Lucknow, and Ahmedabad also contribute significantly to the expanding presence of crypto enthusiasts in the country.

"Several factors contribute to this growing trend, including robust digital infrastructure, widespread internet accessibility, increasing financial literacy, evolving investment tendencies, and the quest for higher returns. These elements collectively create a fertile ground for the expansion of cryptocurrency adoption, particularly in urban centers," Mudrex said.

Gender-wise, the survey reveals significant participation from both male and female investors, with 69% and 29% representation, respectively. Additionally, 2% of respondents prefer not to disclose their gender. This balanced involvement can be attributed to various factors, including a pursuit of financial independence, a willingness to take calculated risks, and varying levels of digital literacy among participants.

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Among different age groups, individuals aged 20-30 exhibit the highest inclination towards investing in crypto assets, comprising approximately 63.06% of respondents. As the age brackets progress, the percentage of investors gradually declines, indicating a generational disparity in the acceptance and adoption of cryptocurrencies as investment assets.

Remarkably, startups emerge as the frontrunners in crypto investment, with 56.91% of employees within this sector actively participating in crypto markets.

Interestingly, crypto investment transcends income brackets, with minimal differentials observed among high-income, mid-income, and low-income investors. Notably, even individuals earning below Rs 5 lakh annually are actively engaging in cryptocurrency markets, underscoring the democratization and accessibility of digital assets.

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Further insights from the survey highlight a significant overlap between crypto and traditional equities (stocks & mutual funds) investment. A staggering 58.5% of investors have allocated funds to both asset classes, indicating a diversified approach to wealth accumulation. Conversely, only 5.5% of respondents exclusively invest in crypto, while 17% focus solely on equities.

In the survey, Mudrex conducted research across a broad spectrum of adults from across India, spanning ages between 20 and 60, and encompassing diverse income brackets.

The survey comprised mainly young adults, with 80% falling within the age range of 20 to 35 years, showcasing a male-to-female ratio of 3:1. Annual incomes varied widely, ranging from below 5 lakh to above 50 lakh. Additionally, participants were drawn from all four major sectors of the economy, ensuring a comprehensive representation across various industries.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)