Data from several Indian crypto exchanges show that investing in cryptocurrencies has gone beyond millennials, as people aged 45 and above explore the new asset class despite it lacking in the regulatory framework.
According to The Economic Times, India’s largest crypto exchange, WazirX, recorded 337% increase in users aged above 45 years old who have been signing up between the month of February and April. This is after comparing the data from the previous three-month period. Wazix’s largest user base is below 30 years old.
Senior executives of several Indian crypto exchanges believe that increased institutional investment and acceptance of cryptocurrencies such as Bitcoin (BTC) by companies like PayPal and MasterCard as well as the increased visibility of crypto industry in media have contributed to the latest boost in the crypto space in the country.
The young educates
Officials from Indian crypto exchanges also think that young Indians who use Twitter, YouTube, Discord and other social media platforms promote the budding industry by educating their parents and even their grandparents about the technology and its potential.
As for the case of Delhi-based 19-year-old Daksh Miglani, he shared how things she learned from websites like bitcoinscamhai.com and IndiaWantsCrypto.org helped in changing his parents’ perspective about cryptocurrencies.
He said, “It is hard for them to understand the concept of decentralization and new ideas that go above and beyond countries.” Miglani is a firm believer of the leading cryptocurrency, bitcoin.
Elders join the bandwagon
In April, CoinSwitch Kuber recorded the highest number of users over 65 years of age.
Ashish Singhal, Chief Executive Officer and founder of CoinSwitch Kuber, said the elderly too are becoming more tech-savvy and there seems to be no problem for them when it comes to allocating some of their savings to digital assets just by swiping their phones.
The company’s largest user base is aged below 27 years old and according to its CEO, elders investing in crypto are a new and emerging category.
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