Despite repeated government warnings against crypto-currency investments, a substantial majority of Indians feel optimistic about the future of the environment. Many Indians and Americans, 7%, admit to owning a fraction of bitcoin or an altcoin. However, Indians are more optimistic - 68% believe that most people will use cryptos in the next decade, compared to 45% of US respondents and 47% of Russians. Indonesians are the strongest believers with 74%, well above the average of 69%. Japan is third (66%), while the British are the skeptics of the pack (44%).
Crypto-currencies preferred to equities for investment.
The acquisition of cryptocurrencies is more attractive to Indians than investing in stocks or bonds. 16% of study participants said they would buy cryptos if they had $ 1,000 to spend. Savings on a bank account, however, is still considered a major option - nearly a quarter of respondents (24%) admitted that they would put their money in the traditional financial system.
The survey was conducted by Pundi X, a cryptocurrency point of sale, in collaboration with NEM.io Foundation and Stellar.org using Opeepl's live sampling technology. The Indonesian company is preparing to enter the Indian market with a network of payment terminals. The government's stubbornness in Delhi, refusing to recognize cryptos as legal tender, may have forced Pundi X to put its plans aside, according to local media. Indian citizens and businesses have been pushing for clear guidelines on trade, mining and taxation.
Nevertheless, the potential of the Indian market has been recognized by the management of Pundi X. A transaction on ten bitcoins in the world takes place in India, said the company's president, Constantin Papadimitriou, in Quartz. Other crypto-currencies also attract attention in India, but bitcoin is the most prominent leader with 68% of Indian respondents placing it first, when asked "What cryptocurrencies do you know?
3,000 people from 6 countries, including 500 Indians, answered tailored questions to determine their attitude towards bitcoin and its alternatives. The State of Crypto-Currency report explores traditional adoption and market acceptance in India, Indonesia, Japan, Russia, the United Kingdom and the United States. It took place from December 21, 2017 to January 2, 2018 among respondents aged 18 to 59 years. The study reveals a healthy interest for cryptocurrencies, while evaluating buying behavior.
The report compares cryptographic purchases with other items that consumers may consider buying. According to its authors, the inhabitants surveyed would prefer to invest in cryptocurrencies (12%) than in an iPhone X (7%), a VR helmet or a drone (both 1%), if they were offered a thousand dollars. A refined dinner is not much higher in the list with only 3%. Saving in a bank, however, is still the best option in the six countries with 33%, but with 11%, the purchase of stocks or bonds is behind on the acquisition of cryptos.
The study clearly shows that each person has different ideas some want to use their cryptos to invest and trade (35%) and to make purchases (another 35%), "storage of value" ranking third (27%) . The sale of goods and services (16%) is just a figure behind the payment of unpaid bills (17%) when it comes to spending cryptocurrency. 13% of respondents would use Bitcoin or any other to transfer funds locally and 10% for international transfers.
The volatile value of bitcoin remains a major concern for most respondents, with the excuse "I do not know how to spend crypto-currencies". With only 5%, "It's illegal" remains the last among the answers to the question "What are the reasons you do not buy / own bitcoin or other altcoins".
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