As per the annual investor report by CoinSwitch, the national capital Delhi, followed by Bangalore and Hyderabad, has recorded the highest crypto adoption in India. Whereas in tier-2 cities, Jaipur saw the highest adoption of cryptocurrency, followed by Lucknow and Pune.
"Delhi leads India on crypto adoption—measured in terms of value invested—followed by India's tech hubs--Bangalore and Hyderabad," according to the "India's Portfolio 2022" report released by crypto exchange CoinSwitch.
"The pink city of Jaipur has the highest crypto adoption among tier-2 and tier-3 cities, followed by Lucknow and Pune," the report said.
The highest holdings in the virtual currencies in India were in Bitcoin. It was followed by Dogecoin and Ethereum.
The report also stated that the investing patterns followed by men and women in India were largely similar. However, women accounted for 8% of the total investors in India. The highest allocation by both genders was made in tokens listed on CRE8. These include Bitcoin, Ethereum, BNB, Ripple, Dogecoin, Cardano, Polkadotn, and Solana.
Jaipur, with the highest crypto adoption in tier-2 cities, allocated the highest share of its investment in meme coins than the rest of India. At 14.43%, Jaipur's asset allocation in meme coins is over two percentage points higher than Delhi, the report added.
Furthermore, over 60% of crypto investors in Gurugram are under the age of 25.