Topic: Millennial and Cryptocurrency (Read 220 times)

RBI imposed ban on cryptocurrency trading in April,2018 and Supreme Court lifted this ban in March,2020.In this span of 2 years, I have not seen even a single post regarding this gone viral on social media.Not even a single news channel considered it important to be shown on their channel. Not everyone goes and search about crypto's. These two are the basic platform's from where people can get to know about cryptocurrency.You are right that our media is least interested in showing this type of news so undeniably we require more social media handles sharing regular information regarding cryptos's.
As the ban is lifted so definitely more people will start working with crypto's. So instead of imposing a ban on it again, government should come out with some measures like KYC process in order to regulate and track the transactions and the user's.

You're right. More social media presence would definitely lead to more adoption but like I said, no one wants to do it for what if tomorrow the bill gets passed and then they get in trouble for a tweet they did way back. Media too is being silent on it because I guess everyone is still waiting for things to get completely clear. As soon as it does, you'll see that many companies, groups of people will jump in and it will spread all over about it everywhere. Not for the sake of Crypto but to make more profit from it.

More adoption won't lead to its ban. As long as it stays regulated, people will trade it more openly and pay taxes on whatever profit they make. In-fact, if it stays legal and regulated it will be difficult to use it for money laundering. Because if every exchange knows what rules to follow to allow trade, like compulsory KYC, no third party payments for P2P, receipt mandatory, transaction ID in form, etc. Then the money launderers will themselves find it hard to use it. So, no, adoption cannot lead to its ban.

What can lead to its ban though is like said. Ponzy schemes, Shitcoins, etc. When people lose money in these, they don't blame themselves for making a mistake. They blame the govt. and they then ban it for they don't want their next election effected by it.

Same was the case with the PMC Bank. The bank gave out unsecured loans which were defaulted by many. So, the bank went bankrupt. Now the people knew before hand that up to then only 1 Lakh INR was insured in a bank account(it is hiked to 5 lakh now) but they still kept way more than that in their accounts. And then blamed the govt. and RBI and who not when bank failed to pay them back.

Thnx for the response; I think u can add those points which people have sighted as a barrier and ask people to rank them; also a correlation to people who have invested in stocks and crypto wud be good. Something like are people here generally risk averse and so crypto is untouched or they are more comfy with something that has a govt sanctioned setup.

I always think legality will play a major role in determining Bitcoin's popularity in this country or in any country. It's because not everyone is ready to risk out their savings in something which is not backed by government no matter how great the technology is. Volatility too is a consequence of no legal system checking trading of Bitcoins.

Moreover, most of the people think bitcoin is banned because when it was banned this news was all over the internet along with Tv too. Moreover once even Arun Jaitley said in the budget speech that bitcoin will be banned. But when the ban was lifted there was hardly any publicity.

First of all, Thank you  

Also, the purpose of doing this survey was to gauge whether people would like more information regarding cryptocurrencies on their social media feeds as I am looking to start a crypto related channel and page just to target Indian audience and make basic crypto information more accessible to people in a fun way. I would be doing more surveys in coming future on wider sample.


In this form, the questions and the options were based on the queries which I was getting from different people in my social circle. I will probably build a more comprehensive form covering wider sample in near future.

If you have any suggestions, I will love to hear them.


I understand that. Legal regulations surrounding cryptos in India is one of the biggest hindrance. But I was shocked to see that people still think that cryptos are banned in India and are not aware of RBI circular being lifted. Future regulations is still a topic of speculation. There is not enough awareness and we certainly can't ignore that fact. That's why I suggested more information regarding cryptos on social media is required because I don't think our "Media" is anyway interested to spread news we need.

Also, I would like to know that what you people think whether more adoption will lead to an immediate ban (as government might fear increased money laundering) or would it stop government from pursuing the ban (since many people will be into cryptos and banning it might harm their party interest)?

Great job doing the survey. Did you do it as part of some course requisite? Also, were there more questions regarding awareness and understanding of crypto. Coz the questions that you asked were only about trading and buying. Most educated Indians studying in colleges see "trading" as the sort of thing that unemployed, jugaadu uncles used to do. Once you get a job, investing in stocks etc becomes quite natural and necessary. Yet, if you ask those in colleges, they should have an exposure to bitcoin as well as cryptocurrency in general as a purely academic plus startup opportunity.

That is what we need. There are enough Indian developers in the scene AND traders AND bounty-hunters. To bring in much needed idealism, you need college level students to start seeing this as an opportunity similar to what Android app development, web development, 3D modelling/ animation was once seen as.

Do u have data on reasons and prioritising them as such...

That would help to draw further conclusion, as to which cause they deem important

I think we first need a clear legal regulation on it for people to start parading about it on social media. The people who already are trading/investing in Crypto are doing it silently because they don't want to get called a 'witch' and burnt alive. The trading volume increased immensely after the Supreme Court verdict but then it came into knowledge that a new Bill is being prepared to ban it altogether again. Which is why everyone is practicing caution. They trade/invest but they don't want to beat their drums about it.

Do you know there were State Lotteries once in India? Some states still has it like Punjab and/or Sikkim but they're not that grand now and there was a time when it was everywhere and people had businesses selling lottery tickets but it was decided that they are hazardous to the people as some gamble recklessly and it was closed down. By the same govt. who is currently in power. This is the same reasoning which is now being applied to Crypto.

If some idiot doesn't do his homework and decides to invest in Ponzy and/or Coins no one has ever heard of and loses his money. It is considered the fault of Cryptocurrency, same way like it was considered Lottery's fault when/if someone spend his life saving buying the ticket/s which didn't win.

I think people in India especially younger generation at today's time is aware about crypto. After the ATH when it reached, and it created all the hype in the news and paper whole world might know during that times. People may or may not be buying due to uncertainty in the country, but for college or professionals would know about it and its advantages as well.

Not only in India these things applies to the whole world, younger generation may heard the world bitcoin but they exactly don't know what it is about.Legality of India is not really a barrier for Millennial generation the lack of knowledge is the main reason for people are not interested in crypto related activities.

"Millennial are facing shortfall compared to other generations when it comes to pay check. According to a study, a millennial earns 20% less compared to what baby boomer did at same point of life, in spite of higher education background." (as per the article "millennial earns 20% less than boomers" from CNBC)

Millennial see saving and wealth generation different from their parents and their ways to create wealth has also evolved. Increase in desires, education debt, impulsive buying nature, inflation and other factors have led to many sources of generating passive income. Having a side gig, investing in instruments, gambling and trading have been few ways to generate a passive income and make the ends meet. Millennial face the most uncertain economic future of perhaps any generation since the great depression.

I carried out a survey to understand Indian millennial’ perception of trading in cryptocurrencies and their will to learn more about it.

The sample size was 124. The respondents are both students and working professionals between the ages of 20 to 30 years old. While the majority of them are post graduates, no one is below a graduate level.  Out of 124 responses, approx. 60% are males and rest are females.


Out of total respondents, only 8% trade in crypto and out of the rest, 15 % don’t trade or invest.
When asked about obstacles in buying or trading in crypto, almost 50% of respondents fall to reasons like

• Ambiguous legal status
• High volatility
• No idea of trading/buying platforms

Others reasons to not be able to buy or trade crypto were absence of capital, high ticket size and no interest in crypto.

Also, when asked will they be eager to buy or trade in crypto in future, almost 75 % responded with yes while 50 % of total were eager to learn more through forums and social media.  Almost 12 % were not interested to know or do anything in regards to crypto.

Conclusion:

There is a lack of cryptocurrency knowledge among Indians. It is not that mainstream. People are not even clear about the legal status of cryptocurrencies in India which is one of the main hindrances when it comes to acceptance of cryptocurrencies in India. People are not aware of trading platforms and thus, they don't know from where to even start investing or trading. Although, high volatility is one of the hindrances but still people are welcoming towards learning more about cryptocurrencies and want to invest in future. So there is this rising interest in regards to cryptocurrencies.

We need more social media presence of cryptocurrency related pages in India to make cryptocurrency knowledge more accessible to people.