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India’s Crypto Market Sees Significant Growth Amid Sluggish Job and Wage Growth
Crypto trading in India has seen a significant surge, with volumes reaching nearly $2 billion in the fourth quarter of 2024, more than doubling from the previous quarter. According to reports, this growth is largely driven by small-city investors seeking financial stability in the face of weak job growth and wages.
Factors Contributing to the Growth
Tighter stock market regulations and growing curiosity about cryptocurrencies have pushed more traders toward digital assets. Many young Indians, previously trading stocks and derivatives, now see cryptocurrencies as an attractive alternative. As Edul Patel, co-founder of Mudrex, an Indian crypto exchange, notes, “Digital assets have become particularly appealing, especially with the changing global landscape of cryptocurrencies.”
“especially with the entire flavor of crypto changing world over.”
Demographics Driving the Activity
Retail traders are driving most of the activity, according to exchange executives. Interestingly, out of the top 10 cities leading crypto adoption in 2024, seven were smaller cities like Jaipur, Lucknow, and Pune, where people are turning to cryptocurrencies for extra income.
Future Outlook
Despite high taxes and regulatory uncertainty, India’s crypto market is projected to grow beyond $15 billion by 2035, according to Kush Wadhwa, partner at consulting firm Grant Thornton Bharat. This growth is expected to be driven by increasing adoption among retail investors.
International Exchanges Eye the Indian Market
U.S.-based exchanges are looking to capitalize on the trend, with Kraken preparing to re-enter the Indian market after being banned in 2024 for anti-money laundering violations. Coinbase, another major player, is also considering a return to the Indian market.
Key Takeaways for Crypto Investors:
• India’s crypto market is expected to grow beyond $15 billion by 2035.
• Retail traders are driving most of the activity in the Indian crypto market.
• Smaller cities are leading crypto adoption in India.
• U.S.-based exchanges are looking to capitalize on the growth of the Indian crypto market.
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