India's Strong Sentiment Towards Crypto.
Company noted that, across all five cities, the company witnessed a "concerning" dip in the number of people planning to start using bitcoin for remittance or as a replacement for fiat payments. According to The Times of India, reported at the time, the survey also found that users were overwhelmingly supportive of the government's ban on bitcoin exchanges and services. In Bangalore, the city with the highest percentage of users, more than 80 percent indicated that they planned to continue using bitcoin for trading and other purposes.
Bitcoin adoption in India is on the rise. Once you're used to it, people find it easier to use as a payment option. However, around 80 percent still think that finding a way to use Bitcoin in India is very hard, Bitcoin (BTC) platform that lets people buy, sell, and store digital currencies.
Momentum will rise either way. Even when the cryptocurrency banking ban was in place, the Indian crypto community was actively trading and investing. It is good that they are heavily calling on regulation, with the barriers lifted, the momentum has multiplied manifold with million-dollar investments and support.
What's perhaps even more intriguing about the whole survey is that a sizable number of Indian millennials expressed a preference for using BTC over cash as a form of payment. With their parents perhaps concerned about the volatility of BTC, this trend will become very noticeable in the coming months as BTC prices continue to soar.
However, almost half of the participants stated that they either do not plan to use cryptocurrencies in the future or that they believe that they will have to store their wealth in the traditional banking system. On the other hand, those who prefer the use of cryptocurrencies to transfer money might be willing to keep this type of wealth in the conventional banking system, because they believe that cryptocurrencies are too unstable and fluctuate as fast as the price of bitcoin.
The survey data revealed the level of Bitcoin adoption by Indian cities and in Bangalore, respondents stated they would want to own Bitcoin in the near future."We are seeing an enormous increase in digital transactions from the consumer side, but the data also indicated that the cryptocurrency footprint in India was growing. As indicated by the survey results, the number of daily Indian Bitcoin users has increased by 250% over the past 12 months,"