Small cities form lion’s share of crypto investments in India:Maximum number of investors comes from Uttar Pradesh, followed by Maharashtra

75% of India’s crypto investors are from small and medium-sized cities like Tier-3, 4 and 2. According to CoinSwitch’s India Crypto Portfolio 2025 report, crypto adoption growth has come mostly from small cities in 2025. Tier-3,4 cities had a 43.4% share in crypto adoption. Meanwhile, Tier-2 cities have a 32.2% share. Tier-1 cities still contribute 25%, but now participation has spread to other cities. This report is based on data from 25 million users. In this, India remained the world leader in retail crypto adoption for the third consecutive year. Uttar Pradesh has highest participation among states 13% of the total invested value in crypto came from Uttar Pradesh. Investors here showed a diversified approach with balanced buying in small cap, mid cap and large caps. Maharashtra ranked second with 12.1%. It benefited from being a financial and digital hub. Blue chips and large caps were more preferred here. Karnataka ranked third with 7.9% and Delhi fourth with 7.4%. This was followed by Haryana at 6%, Rajasthan at 5.9%, West Bengal at 5.3%, Andhra Pradesh at 5%, Tamil Nadu at 4.9%, and Bihar with a 4.3% share. Higher share of youth in investment The share of young people among crypto investors is continuously increasing. Investors aged 26-35 years make up 45%. While investors aged 18-25 years constitute 25%. In 2024, the share of the 26-35 age group was 42%, which has now increased to 45%. The share of investors in the 18-25 age group has also increased. In contrast, the participation of investors above 35 years has decreased. Most female investors from Andhra Pradesh Women’s share among crypto investors across the country is 12%. However, in Andhra Pradesh this figure is 59%, which is 18% higher than men. Bihar leads in risk-taking, where 36.5% of crypto investors invest in small-cap assets. In contrast, 33.3% of investments in Andhra Pradesh are in large-cap assets and NFTs. This difference occurs in blue-chip assets like Bitcoin and Ethereum. Investing in crypto is risky The report’s figures indicate that investors from smaller cities are now viewing crypto as a long-term investment. However, it is important for new investors to note that crypto is not legal in India and is taxed at nearly 30%. RBI Deputy Governor T Ravi Shankar had stated that discussions were ongoing about implementing a complete ban on cryptocurrency. It was not a currency, it didn’t have the basic characteristics of money.