The popularity of cryptocurrency is spreading. A recent cryptocurrency survey that polled 100,000 Chinese citizens reveals that 3% have already invested in virtual currencies. The survey also shows that 50% of Chinese cryptocurrency investors have billed over 10% of their household wealth in crypto assets.
In another survey data revealed by Circle apparently, a quarter of millennials expressed a desire to invest in crypto assets in the coming 12 months. In contrast to that, 10% of Gen X-ers and 2% of boomers show a leaning towards buying crypto in the coming year. The survey also found that more men than women want to invest in crypto assets.
In yet another survey by UK’s Rathbone Investment Management, data points to trends that say that citizens of London show more than double of bullishness on crypto compared to the rest of the country.
Bitcoin.com quoted Robert Hughes-Penney, investment director at Rathbone, “Lucrative returns made by the early adopters of bitcoin and other cryptocurrencies have been widely publicized. These early investors have been followed by others looking to make similar gains. These figures suggest there are a number of investors in London with shorter investment goals who have been more susceptible to the so-called bitcoin craze, while outside of the capital investors have mostly stayed clear of what is a high-risk asset class.”
India has been seeing activity in the crypto space as well. Bitcoin and other cryptocurrencies have been operating within India for several years now. Cryptocurrency exchanges have come up within the country, including pioneers like BtcxIndia, Unocoin, and Coinsecure. After some time, these were joined by Zebpay, Koinex, and Bitcoin-India. However, with the RBI ban in effect, most people are discouraged from investing in crypto assets.
As P2P lending seems to rise in India, with lenders and borrowers breaking away from physical channels to embrace the cheaper and faster digital channels, the use of cryptocurrency in secured loans can be a possibility in the country. India has shown the second highest rate of fintech adoption (India’s 59% to the global average of 33%) according to the EY Fintech adoption index.
Bitcoin.com quoted Saurabh Shankar, head of marketing at Paysense, an Indian digital lending platform, “It is an additional security measure for us when we lend to a customer. Any other form of collateral can be used as security for sure, so why not bitcoin? But the current regulatory environment is not exactly an incentive to consider such options. This may also need additional work. Crypto-to-crypto lending may not be too tricky but crypto-to-fiat would be a whole new space to reckon.”