Exploring Investor Awareness and Perceptions of Cryptocurrency

Abstract

In recent years, cryptocurrency has emerged as a decentralized virtual asset operating across a vast network of computers, free from centralized governmental control. Proposed legislation aims to establish a framework for a digital currency issued by the Reserve Bank of India (RBI). This study delves into the transformative impact of technology on payment systems and the awareness of investors about cryptocurrency. It explores factors influencing this awareness, particularly following India's Bitcoin surge, which notably attracted the younger generation to cryptocurrency. Conducting this study involved gathering responses from 110 investors using a non-probability snowball sampling method. The majority of investors surveyed fell within the 18 to 24 age range. Findings indicate that awareness predominantly spreads through social circles and online platforms, with male respondents exhibiting higher awareness levels than female counterparts. Moreover, higher educational qualifications correlate with heightened cryptocurrency awareness. Notably, a significant portion of respondents expressed interest in investing in cryptocurrency.