Exploring Cryptocurrency Investment Behavior in India: A Thematic Analysis

Abstract: This paper aims to investigate the behavior of Indian investors in the cryptocurrency market. Thematic analysis was the primary research method, and data were collected through semi-structured interviews with a diverse group of Indian cryptocurrency investors. The study unveiled four key themes illuminating Indian investors' cryptocurrency market behavior. Firstly, motivations for investing varied widely, encompassing profit-seeking, economic instability hedging, and intrigue surrounding blockchain technology. Secondly, participants exhibited divergent risk perceptions, acknowledging cryptocurrency's volatility and regulatory uncertainty, while others saw it as a profitable investment avenue. Thirdly, the decision-making process hinged on factors like information sources, peer influence, and personal financial objectives. Lastly, perspectives on regulatory mechanisms were diverse, with some advocating for clear regulations to bolster market stability while others voiced concerns about excessive government intervention. Findings hold several implications as it helps understand motivations and risk perceptions of Indian investors, which can assist in making informed investment decisions in the cryptocurrency market. This research contributes to the emerging body of knowledge on cryptocurrency behavior and provides a basis for further research. Using thematic analysis as a qualitative research method adds depth and richness to our understanding of this unique market segment.

Keywords: Cryptocurrency, Thematic Analysis, India, Motivation, Perception, Decision-making

 JEL Classification Number: E22, G11