- Survey reveals that crypto firms in India will be the main driving factor of a possible crypto boom.
A survey conducted by Paxful, a US-based P2P exchange platform, anticipated a crypto boom in India in the near future. Just about a month ago, the Supreme Court of India lifted all restrictions pertaining to crypto dealings in the country. This seems to have proliferated positive sentiments among more people.
The findings showed that crypto entrepreneurs and businesses will lead the crypto boom and adoption. The subject of the survey were both men and women, aged between 18-55. About 75% of the respondents had made crypto investments at some point in their lives.
“According to the data collected in Paxful’s survey, 75.8% of respondents rely on digital currencies to easily and fairly transfer money, in an otherwise limited banking system, and 64.8% believe it is the path to financial freedom.”
About 43% of the respondents also believe that the crypto boom will eventually pave way for increase in jobs and entrepreneurial undertakings.
It is no doubt that the historic SC ruling stirred a growth in the number of crypto enthusiasts in the country. However, even before that, the crypto community of the country remained dedicated to their beliefs. In February, the trade volume on the Paxful platform alone was over USD 3.2 million. Moreover, prior to the ruling, about 94% of the survey respondents had already invested in crypto.
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