India ranks number one among the list of 27 countries surveyed for cryptocurrency ownership, according to a recent report released by Finder’s Cryptocurrency Adoption Index, an international data collector platform.
Finder surveyed 2,515 Internet users in India for the April 2022 report, and found that the crypto ownership rate in India is 29.9 per cent, ahead of Nigeria, 26.5 per cent, and Vietnam (26.2 per cent). This is roughly double the global average of 14.6 per cent, the report says.
According to the report, Bitcoin is the most popular crypto coin among Indians, and about 29.3 per cent of those surveyed own Bitcoin. The second most popular coin is Solana (SOL) at 22 per cent, with Ripple (XRP) in third place at 18.9 per cent.
Additionally, of those in India who own crypto, 63 per cent are men, and 37 per cent are women, which means that men are roughly 1.7 times as likely to own crypto than women.
“This is in line with the average globally, where men are on average 1.7 times more likely than women to own cryptocurrency. Of those who own crypto, an average of 37 per cent are women, and 63 per cent are men,” says the report.
The report also revealed that the crypto ownership is dominated by younger Indians, with 44.8 per cent of crypto owners being in the age group of 18-34 years. However, people in India aged 55 and older are the group least likely to own crypto, making up just 25.8 per cent of crypto owners. Global crypto ownership rates are heavily skewed toward the young, with close to half (46.8 per cent) of crypto owners aged 18 to 34. The next most likely are those ages 35 to 54 (30.8 per cent), followed by those ages 55 and older (22.4 per cent), the report further says.
“Of the 10 countries with the highest percentage of their GDP being made up by remittances, all rank poorly in regards to transparency. Specifically, the Philippines, Vietnam, Ghana, Mexico, Nigeria, India, Kenya and Colombia see remittances making up over 1 per cent of their total GDP — with the Philippines being the standout at almost a tenth (9.7 per cent) of its GDP coming in the form of remittances,” the report says.
Among nationalities, Nigerians have the most positive outlook on crypto, with 87 per cent of those surveyed saying they think investing in cryptocurrency is a good idea, coming off the back of the 81 per cent who took the survey in November.