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India Has the Most Number of First-Time Crypto Investors

More than 50% of respondents in India said they are first-time crypto users.

India is well known for its crypto adoption. It ranks 2nd in the Chainalysis Global Crypto Adoption Index and 6th in the Global DeFi Adoption Index.

According to new research by crypto exchange Gemini, over 54% of respondents from India were first-time investors in cryptocurrencies over the past year. The country ranked ahead of Brazil and Hong Kong, each of which had 51% of respondents saying they were first-time investors over the past year.

The exchange surveyed about 30,000 individuals in 20 countries between November 2021 and February 2021, which includes 1706 respondents from India, 1700 from Brazil, and 1105 from Hong Kong.

Furthermore, the report classified the respondents into different categories. One of the categories is “crypto curious”. These are people “who do not currently own crypto, but are either interested in learning more or say they are likely to acquire cryptocurrency in the next year”, the report said.

“Compared to other regions, nations in Europe had a high number of crypto-curious respondents. Ireland led among the crypto-curious with 58% saying they are interested in learning more about crypto or purchasing crypto in the coming year,” the report said.

An interesting statistic uncovered is that 47% of the respondents who plan to buy crypto for the first time in the next year were women. And among this group, “at least half” of the women were from developing nations like Israel, Indonesia, and Nigeria.

On the other hand, women in developed countries such as the United States (32%), Europe (33%), and Australia (27%) only constituted one-third of current crypto owners.

Moreover, the researchers observed that users are more likely to seek education about cryptocurrencies now. About 40% of the respondents globally said that educational resources on cryptocurrency would help them get started in the industry. Earlier users were more likely to get started in crypto on the recommendation of their friends. Now it is changing. Only 22% of the respondents said they would take advice from friends for investing in crypto.

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