53.2 percent of Indians who have invested in cryptocurrencies are looking for long-term returns, according to findings in a report released by crypto exchange VazirX on Monday. Women were more interested in investing in crypto for the long term than men.
Eighty-five percent of the respondents were women HODLers, while the proportion of men was 53.8 percent. HODLers, according to the report, are those who invest in crypto for long-term returns. The report is based on a survey of WazirX investors between the ages of 18 and 60 years.
Among 18-30 year olds, 40 percent said they have invested more than Rs 40,000 in digital assets. Interestingly, despite the bear market, 80 percent of investors in this age group indicated that they had invested in crypto in the past year.
50 percent of 31-45 year olds have invested more than Rs 40,000 in virtual digital assets. Over the past year, 84 percent of these investors have invested in crypto.
Among investors aged 45-60, 40 percent of respondents have invested more than Rs 40,000 in virtual digital assets.
The report highlights that earning high returns on their crypto investments is still the main objective of these investors.
Among 18-30 year olds, 56 percent of investors want to invest for higher returns on investments, while 28 percent want to invest to stay “ahead of growth.”
38.5 percent of investors aged 31-45 years want to invest for higher returns. 19 percent wanted to invest because they wanted more control over financial assets, indicating knowledge of digital assets beyond an investment tool.
“Interestingly, among investors aged 45 to 60 and over 60, the magnitude of higher ROI and gains from speculative assets are the most important reasons,” it said.
Regarding crypto tax, 75 percent of those surveyed understood how crypto is taxed in India, 16 percent claimed to have some knowledge, while 8.9 percent did not know about it.
In India, crypto investments are currently taxed at 30 percent on gains and an additional tax of one percent at source (TDS) on trading.
“Crypto has become very popular among Indian investors over the past few years. However, it is encouraging to see users continue to engage with virtual digital assets even in a bear market. With global regulatory developments in place, this adoption will grow significantly,” said Rajagopal Menon, Vice President (VP) of VazirX.