An increasing number of millennials and Gen Z are viewing Bitcoin as a means of exchange rather than an asset class.According to a report by global peer-to-peer platform Paxful, users in Hyderabad grew by over 135% last year alone.
Between 2019 and 2020, user sign ups grew by over 850%.
Bitcoin and digital currencies in India were virtually non-existent five years ago; however, today nearly 20 million people in India hold $5.3 billion in bitcoin and other digital currencies, representing the second-largest population in the world.India is continually proving a significant market for Peer-to-Peer bitcoin trading.
Millennial and Gen Z in India are shifting to P2P exchange platforms meanwhile the internet penetration and digital assets adoption rates are increasing in continuum.
Paxful – a P2P Bitcoin platform that enables easy crypto transactions and was recently named as one of the 100 influential companies worldwide in 2022 by TIME magazine has experienced its strongest growth in India across users and trade volume.
India is the fourth largest country based on trade volume which has increased by over 50% across the country.The platform is witnessing significant growth across use cases including arbitrage, remittances, payments, and investment.
Paxful gives over nine million users worldwide equal access to finance.The users have the liberty to choose from 400 plus payment methods, from bank transfers to gift cards, to buy, sell and trade currencies globally.
Through Paxful’s initiatives around Bitcoin education and financial inclusion as well as safety and security of P2P platforms, this scenario is slowly changing.Nearly 6% of Paxful’s total users in India are located in Hyderabad, Andhra Pradesh.
The platform has helped new and existing users in Hyderabad by providing a reliable and safe platform for wealth preservation, trading, and investment.More than 75% of Indian users on Paxful are under the age of 35 indicating a rise in Gen Z and millennial consumers.
The top currencies traded across the globe by Indian users are Bitcoin (BTC), Ethereum (ETH), Digital Yuan and Tether (USDT).
Speaking on these developments, Renata Rodrigues, Global Community and Education Lead, Paxful said, “At Paxful, we believe that Bitcoin is for the millions, not just the millionaires.
Financial literacy and freedom are basic rights and they should be available to everyone including, students, immigrants, the unbanked, the underbanked and the non-profit sector.We aim to establish Bitcoin as a long-term and credible financial institution for the masses, and focus our efforts on establishing Bitcoin as a gateway to a brighter financial future for everyone”.
The annual Financial Inclusion Index of India
was recorded at 53.9% in March 2021, a 10% increase from the 43.4% in March 2017.Further, in alignment with the government’s plan to be more financially inclusive, Paxful is empowering more people towards financially inclusive avenues for people to be self-reliant and protect their financial wealth.
