The crypto unicorn's report on 'How India invests in crypto 2022' says that the platform has 19 million crypto users, of which only 8% are women. About 45% of its users are between 18 and 25 years.
Published: 21st December 2022 09:55 PM | Last Updated: 21st December 2022 09:55 PM | A+A A-
Image used for representational purpose only. (File Photo)
BENGALURU: Though RBI Governor Shaktikanta Das on Wednesday said that the next financial crisis might come from private cryptocurrencies, a report released by crypto investing app CoinSwitch says that Delhi leads the country on crypto adoption, followed by Bengaluru and Hyderabad.
The crypto unicorn’s report on ‘How India invests in crypto 2022’ says that the platform has 19 million crypto users, of which only 8% are women. About 45% of its users are between 18 and 25 years.
Though the year marked bankruptcy, scandals and crypto winter, the report says Bitcoin (12.12%) is the top coin in the country’s portfolio, followed by Dogecoin (DOGE) at 11.54% and Ethereum at 9.43%.
India set aside 40% of its crypto investments on top dollar CRE8 coins and DeFi utility tokens in 2022, and only about 6% in metaverse tokens. The report further adds that Jaipur has allocated the highest share of its investment in meme coins than the rest of the country. At 14.43%, the city’s asset allocation in meme coins is over 2% points higher than Delhi, and over 60% of crypto investors in Gurugram are under 25 years.
Recently, the crypto investing app diversified into other asset classes and revealed its brand identity and a new logo.
Meanwhile, the RBI governor at an event said that his main concern is that cryptocurrencies don’t have any underlying value and that it is speculative.
Reacting to Das’ comments on crypto, Mohammed Roshan, Co-Founder and CEO of GoSats said, “It is unfortunate to see statements such as the one classifying all crypto with no underlying value, while we have seen how assets like Bitcoin have been adopted by countries and institutions as a superior store-of-value.”
He argues that Bitcoin is a hedge against the instabilities in the present financial system. He said that stakeholders in the industry need to work with government officials to help understand what Bitcoin truly is, its inherent value and its potential. “Until that happens, all of the issues within the crypto sector would affect the adoption and growth of Bitcoin in the country,” he added.
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