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Millennials From Smaller Cities Driving Crypto Adoption in India

The younger generation is going straight for crypto assets, overlooking the traditional modes of investment. Currently, 55% of crypto investors in India are based out of tier-1 areas.

In March 2020, the Supreme Court lifted the ban on digital assets.

A month later the whole country was under a strict lockdown due to a raging pandemic.

Both these developments kickstarted a storm of crypto adoption in India.

Millenials and Gen-Z at Forefront of Crypto Adoption

A Bloomberg article has highlighted that millennials are the torchbearers of crypto adoption in India.

The article quoted the demographics of the userbase of India’s most valuable crypto exchange, CoinSwitch Kuber.

The average age of the exchange’s 11 million (1.1 crores) users is 25, and 55% of them are from outside the large tier-1 cities like New Delhi or Mumbai. 

The Gen-Z is also quite fervent about embracing digital assets may be due to its upbringing during the internet age.

They have “grown up on the internet,” says Sharan Nair, CoinSwitch’s Chief Business Officer. “Many are techies like us who like to solve problems in the crypto world by contributing code. What can they do as shareholders of a bank whose website they don’t like?”

As per research by Kantar, 83% of urban Indians are aware of digital currencies, while 16% actually own them.

India’s oldest stock exchange, the Bombay Stock Exchange, was established in 1875, whereas the oldest cryptocurrency, Bitcoin, was launched in 2008. It is astonishing to see how a generation is overlooking the traditional instruments of investment and is in favour of a new class of assets without any extensive experience of investing.

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