ABSTRACT:

Bitcoin has unique characteristics that have inspired people to invest in it as well as distinct
drawbacks. With a rapid increase in Bitcoin prices in the short term, more investors
enthusiastically began investing in it, raising concerns about a speculative bubble. This study
investigated the multiple factors involved in the Bitcoin craze despite concerns about its
shortcomings. In what concerns to personality traits and psychological states, online use
patterns, and investment patterns, we first hypothesized that Bitcoin investors would show
differences in multiple factors when compared to share investors. We compare the hedging,
safe-haven, and diversification potential of gold and Bitcoin for different investment styles
and industry portfolios in the United States. We find that gold is at least a weak hedge for the
style and industry portfolios except for utilities, energy, and telecom. The hedging potential
of gold is comparatively higher for large-cap portfolios, whereas Bitcoin offers minimal
hedging effectiveness. However, Bitcoin shows hedging potential for the noncyclical
industries. Although investors need a higher amount of investment to hedge the downside risk
using gold, it still is a superior hedging instrument compared with Bitcoin. Finally, the
analysis using the conditional diversification approach shows that gold is a superior and
stable diversifier for style and industry portfolios. Overall, our findings provide evidence of
superior safe-haven and hedging potential of gold over Bitcoin.
Keywords:
Bitcoin, personality, gold, hedging, diversification and portfolio

1
 CHAPTER I
INTRODUCTION

1.1 INTRODUCTION
"It seems like the dotcom bubble all over again, or the housing bubble all over again." That is
Robert Shiller, the Nobel Prize-winning Yale economist when he was asked in an interview
what he thinks about the crypto-currency market and skyrocketing valuations of bitcoin and
its myriad clones. Considering the history of financial markets, one might evidently claim
that bubbles, crashes, and financial crises have all been recurring phenomena. So, why not
learn from the mistakes or bitter experiences of the past? The tulip and bulb craze, the South
Sea bubble, The Wall Street crash of 1929, dot-com bubble of the late 1990s, and lastly
housing bubble and credit crisis in the US in 2007, they all led to the most intriguing bubbles
of the history and financial crises in the end. Although all these bubbles were of various
sectors, the pattern of the bubbles’ life-cycle had dramatically similar characteristics. The aim
of this thesis is to investigate the characteristics of the speculative cryptocurrency bubble by
applying the learnings from the earlier similar bubbles to that of cryptocurrencies.
A pseudonymous computer scientist called Satoshi Nakamoto proposed bitcoin for the first
time in 2008. The main purpose of this digital currency has been to use it as means of
exchange, independent of any central authority. By encrypting every single bitcoin with
advanced mathematical principles, secure electronic transactions are ensured by
cryptocurrency miners. Although it is a legit usage, any digital cryptocurrency might usually
be called as ‘Bitcoin’ among the traders since Bitcoin is the first cryptocurrency with the
highest amount of market capital 194 billion dollars in the market in February 2018.
However, in the market, there are as many as 1384 different cryptocurrencies as of the start of
2018 with different names (‘Ethereum’, ‘Ripple’, ‘Litecoin’…) and constantly new ones are
created. Especially, massive fluctuations in the prices of all cryptocurrencies have no doubt
kept attention. In 2008, when bitcoin was first introduced, its price was below 1 dollar.
Growing slowly in a usual trend, its price hit 1000 dollar in February 2017 for the first time.
Until August 2017, its price quadrupled in a short interval keeping global attention. Later,
just in 4 months, until December its price quadrupled again with a very unusual exponential
growth. Most of the other digital currencies in the market has followed the same trend as
well. In the context of “bubble phenomenon”, the surges in the cryptocurrency market have

2
awakened a variety of strong claims that it is another bubble to keep an eye.
Cryptocurrencies like Bitcoin, Litecoin or Ethereum have received great public attention due
to the exceptional volatility of exchange rates. Supporters see cryptocurrencies as the future
means of payment with some organizations like Expedia and Microsoft already starting to
accept them. In contrast, others give warning and see the hype as a driver for a speculative
bubble. Valuations of various digital crypto-currencies are carried out on the basic principle
of demand-supply pricing system (more efficient and robust now, thanks to sophisticated
programming algorithms) and can be traded against many physical currencies. Due to
complications such as the lack of intrinsic value and regulations in the crypto-currency
market, crypto-currencies tend to show higher levels of volatility than other hard currencies.
This situation proves it is more susceptible to speculation and, in turn, speculative bubbles
Cryptocurrencies are digital assets managed by a network, which in general utilizes
distributed ledger technology and encryption to log, control and verify both transactions and
creation of new currency units, i.e., coins or tokens. Like physical currencies, e.g., the US-
Dollar (USD), the digital coins are primarily used as a medium of exchange. However,
cryptocurrencies are neither backed by any central bank or government institution nor do they
rely on any economic value creation processes. In comparison to other assets like equity or
bonds, returns from cryptocurrency investments can only be generated via a rise in price.
Therefore, the digital asset is strongly driven by speculations which are reflected in a high
volatility of the exchange rate.
In the economics discipline, the consensus regarding the traditional definition of money
requires three major desirable properties: (i) it serves as a medium of exchange, (ii) it is used
as a unit of account, (iii) it stores value. Throughout the history of economics, money has
been an indication of political power. They were of representation of some intrinsic value
(coins were minted from precious metals) in the beginning. The Later stage was the era of
paper money; the value of money has been printed in paper bank notes. The representative
banknote value was linked to the associated value of gold stored and guarded in central bank
vaults though. It has always been governments which use their political power to regulate and
impose the use of money within their territories as legal tender for three properties of money
for the economy. Then abandoning gold standard took place in 1971 and for the first time, a
currency's value (not depending on its content or intrinsic value) has been determined only by
its economy's ‘health' and the consequences of monetary policies in the macro-level.
Besides investors, the new technology also raises attention from researchers, who investigate
the underlying block chain. However, with the Wall Street Journal reporting that individual

3
investors dominate cryptocurrency markets in contrast to other financial markets, price
determinants of traditional assets might not be valid in this field. Besides market
fundamentals and technological indicators, scholars especially focus on analyzing the effect
of social media on the price of cryptocurrencies. Although evidence is provided that social
media news significantly impacts the price of Bitcoin, the relationship between social media
sentiment and price fluctuations is seen as complex.

1.2 STATEMENT OF THE PROBLEM:

Though a variety of investment options are available, majority of them still depend on the
banking system to invest their savings using the surplus liquidity on the banking system,
banks have steadily reduced the interest payable on deposits. After the Post
demonetization, there is a steady decline in interest rates offered by banks despite the huge
cry raised by retired people and depositors. Hence it would be more useful to study the
various other options available for getting better returns on one’s hard-earned savings from
the organized system.

1.3 SIGNIFICANCE OF THE STUDY:

Preparing for future is one of the most important aspects of financial strategizing and lack
of involvement often leads to exposed to financial hardships. In today’s world, the cost of
living is unpredictable and it is highly volatile. In India, the post demonetization brings
tremendous changes in financial and investment sector. In addition to the implementation
of GST brings lots of changes in standard of living. Ideally it would take time to
acknowledge and explore this challenges.so it is necessary to plan for stable income and
returns on investment to sustain.

4
1.4 OBJECTIVES OF THE STUDY:

1. To understand in depth about different investment avenues available in India.

2. To know investor awareness towards their investment.

3. To know the various sources where an investor gain knowledge.

4. To know the risk tolerance level of the individual investor and

suggest a suitable Portfolio
5. To find out the factors to be analyzed before investing

1.5 RESEARCH QUESTIONS:

 Why an individual goes for investment?

 How much amount is to be investment?

 What is role of investment in life of investor?

 How investor can choose the right pattern of investment?

 What should an individual investor do after their investment?

1.6 HYPOTHESIS:

1. There is significant relationship between investors salary and proportion allocated

for saving.
2. There is significant relationship between purpose of investment and investment
preference.

5
RESEARCH METHODOLOGY:

RESEARCH DESIGN: The research study is Empirical in nature.

DATA COLLECTION: Both the primary and secondary data collection methods were
considered. The primary data was collected through a questionnaire designed and data
collected from 50 respondents for the study Secondary data was taken from Research
papers, Journals, Magazines and Websites.

TOOLS OF DATA ANALYSIS: The data and information collected is classified,

tabulated and processed and its findings are presented in a systematic manner. Ranking
analysis is used analysis preference of the respondents. Correlation and chi- square
table is used to analyze the framed hypothesis.

6
 CHAPTER-2
LITERATURE SURVEY
2.1 REVIEW OF LITERATURE:

1. Chuen, D. L. K., Guo, L., & Wang, Y. et al, (2017), The primary problem of the
conventional fiat currency system had been a high transaction cost for a prolonged
period. The consequence of that was a successful digital currency market with a
reduced risk of settlement, which led to the emergence of alternative currencies that
enable a faster peer-to-peer (P2P) time processing.

2. Wu, J., et al, (2021), Cryptocurrency has lately received considerable interest. All
transaction records of cryptocurrencies, enabled by block chain technology, are
irreversible and are kept in blocks. These transaction records comprising rich
information and full records of financial activity are accessible to the public and so
provide academics new possibilities to explore data mining and find information in
this field.

3. Teker, D., et al, (2021), The majority of users of cryptocurrency range is between 25
and 34 by sex, age and education level, and are university graduates It has been
observed that the majority of investors are willing to invest in the exchange of
foreign currencies and that their strong profit performance causes substantial interest.
and it was shown that investors largely receive information from social media
channels regarding the market.

4. Uma Maheshwari and Ashok Kumar (2014), suggested that majority of investors
preferred to invest in Fixed deposit with banks followed bygold, units of UTI, fixed
deposit of non- government companies, mutual funds, equity shares and
debenture for safety andliquidity. The above literature shows the important
contribution on investors perception towards’ various investmentavenues. It is also
evident from the above literature that majority of the investors prefer fist safety and
security for theinvestment and secondly, they interested to get maximum benefits for
their investments.

5. MANSOUR, B. Y. (2020), The results will prepare hit and run investors to stay on
the bitcoin market and improve their skills in the most efficient way of securing solid
venture selections. The results of the study also motivate financial experts to
understand that information on conventional theory of finance is not sufficient to

7
 excellence on the dynamic crypto market.

6. Pham, Q. T., et al. (2021), The desire to attain key goals and increase one's quality
of life, as well as perceived control, which refers to the sense of having the
appropriate means, expertise, and support to utilise cryptocurrencies, both positively
influence the desire to invest in cryptocurrency.

7. Mahomed, N. (2017), According to the statistics, building support mechanisms

around usage – referred to as enabling conditions – is arguably the most efficient
way of promoting adoption. According to the research, a pleasing experience most
significantly indicated the propensity to utilise Bitcoin. In terms of the degree and
order of these impacts, both of these conclusions contradict. This results in the
majority of research in important financial technology adoption areas.

8. OmaneAdjepong, M., et al, (2021), Individual traders minimise their distinctive

trading tactics in order to follow other colleagues or the herd on market performance,
which not only increases investor risk but also makes markets inefficient and
decreases the chance of diversification advantages. Speculative trading is fuelled by
this dynamic, exacerbating market uncertainty and volatility.

9. Submitter, G. A. T. R., et al, (2021), Trust, social influence, cyber-security threats,

and privacy potential risks are the most significant characteristics that determine
bank customers' behavioural intention to utilise FinTech services in Malaysia,
according to the research findings
10. Palanivel and Chandra Kumar (2013), identified the low and middle-incomegroup
of investors and irrespective of them give preference to invest in insurance and bank
deposit.
11. R Sreepriya& P Gurusamy (2013) studied the investment pattern of salaries people
in the district of Coimbatore with a sample of 150 respondents and concluded that
majority of the respondents are educated up to college level and they are aware of
the investment avenues. It was also concluded that most of the respondents prefers
long term investment and bank deposits was the most preferred investment. They
have not faced any problem on their investments. The study also emphasized that the
there was a significant relationship between education qualification and fulfilment
level of the respondents.

12. B.N. Panda&J.K. Panda (2013) carried out a comparative study on the relevance

8
 of demographic factors in investment decisions with respondents from education
sector. A convenient sample of 175 respondents from Bhubaneshwar was selected.
The study revealed that demographic variable such as age, gender; education and
occupation have no significant relations with the period of investments made by the
investor. It also disclosed that there is significant relationship exist between the
demographic factors such as gender, education, occupation, annual income and
savings with the sources of awareness with the analysis of investment avenues.
Investor’s choice was equally distributed between physical assets and financial
assets. It also conveyed that no significant relation exists with the demographic
variables of age and family size.
13. Brahma Bhatt, P.S. RaghuKumari& Sharmira Malekar (2012) has conducted a
study on the investor behaviour on investment avenues in Mumbai with a sample of
100 respondents. The study revealed that people invest in stock market as compared
to any other avenues, even though they face huge losses. It was also evident from the
study that investor prefers savings and safety but at the same time they want higher
interest at low risk in shorter span. They study also concluded that most of the
respondents possess higher educational qualification and opt for two or more
sources of information to make investment decision. It also stated that most of the
respondents discuss with their family and friend before making investment and the
respondents decisions are based on their own initiative. Female respondents are
attracted towards gold than any other avenues.
14. VarshaVirani (ISSN 2277-1166, Volume No.2 Issue No.4) undertook a study on
saving and investment pattern of school teacher in Rajkot city, Gujarat with a sample
of 100 school teachers and concluded that most of the teachers prefer Bank Fixed
deposit and government securities as their investment option. High interest rates as
well as safety have been considered as the main criteria for investment. It also
revealed that high rate of return and tax benefit has influenced the investment
decision of the respondents. There was a lack of awareness about equity and mutual
fund as avenues of investment. It also revealed that most of the teachers are saving
their money for children’s education, marriage and to fulfill the other goals of life.
15. Murithi Suriya, Narayanan and Arivazhagan (2012), in their study reveal that
female investors dominate the investment market in India. According to their survey,
majority of the investors are found to be considering two or more sources of
information to make investment decisions. Most of the investors discuss with their

9
 family and friends before making an investment decision.
16. Yogesh and Charily (2012), analyzed that due tolow returns the conventional
investment options like Post Office Saving Schemes, Public Provident Funds are
notpreferred by the investors. However, investment on gold is preferred by female
investors.

17. Kaushal and Kinjal (2012), discussed that due to less risk all income group and
category of investor prefer to invest in bank deposits as well as postoffice deposits.
Whereas investment in equity shares, mutual funds, insurance, commodities and
BITCOIN are preferred by higher income group with higher education.
.

10
2.2 THEORETICAL REVIEW

Cryptocurrency is gaining traction worldwide. We're advanced in technology and any

progress is unquestionably dangerous. Investors have enormous potential, but it also carries
risk. The first of these cryptocurrencies, Bitcoin, began operations. In January 2009, in the
midst of the Great Recession, by purpose or by chance. Despite the schism into Bitcoin Cash
and the launch of other innovative altcoins such as the programmable Ethereum, Bitcoin
remains the most valuable cryptocurrency by value. Cryptocurrency, as a decentralized,
digital, programmable money, is well suited to an increasingly digital environment, the
Fourth Industrial Revolution, and as a viable alternative to traditional currencies. this
centralized world economic order's inadequacies. In terms of mainstream attention, the
underlying technology has overtaken the Bitcoin application. By decentralizing trust, the
blockchain – the immutable distributed digital record – holds not just in the financial
industry, but also in other sectors The first of these technology enablers is cryptocurrency.
Cryptocurrency places consumers at the centre of this potential revolution by rejecting central
authority in favour of a decentralized peer-to-peer (p2p) monetary system. However, little is
known about this critical role in the behaviour and intents of bitcoin adopters. As a result, the
study presented here seeks to fill in some gaps in this neglected perspective by clarifying why
people utilize cryptocurrencies. Since the first of them, Bitcoin, was released in 2009, interest
in cryptocurrencies has grown among the media, consumers, governments, and, most
importantly, the financial industry.
We live in an exponentially advanced technology age. We have moved from stock exchange,
mobile banking now cryptocurrency. These technological developments have already made
life easier and more viable. Crypto-currency has experienced a massive growth in crypto-
currency markets around the globe recently. The disclosure of the determinants for adopting
cryptocurrencies worldwide, especially in emerging markets such as India, has been
unfortunately paid very little attention. Cryptocurrency is also known as the digital money of
the twenty-first century, and it is used to transfer funds between people or institutions via
peer-to-peer networks in the form of cryptographic codes (P2P). Blockchain technology is
important for transferring cryptographic codes into a decentralized ledger environment across
P2P network nodes.
Firstly, Trading is possible 24 hours a day, seven days a week. Second, valuing crypto

11
currencies, which have many similarities to stocks sold on venture markets, is more difficult
than valuing mining enterprises, which may disclose projected earnings based on gold depots
and oil bars. For many of these stocks, all that exists are project concepts, a few real assets,
and the execution of business strategies. A blockchain is a growing chain, called blocks,
which are cryptographically linked and secured. There are various protocols to achieve a
blockchain consensus, the main proof-of-stake (PoS) and proof-of-Work (PoW). At different
times in the history of contemporary people, virtual money has become popular. The number
of people who now use cryptocurrencies has grown substantially and is comparable with the
populations of some small countries. In its simplest form, a cryptocurrency can be regarded
as a digital asset, which can act as a cryptographic exchange medium for the control and the
control of the creation of additional currency units. Few sources have estimated that the
nation has between 60,000 lakhs to One Crore cryptocurrency holders with combined
balances greater than Rs 10,000 crore, the largest cryptocurrency exchanges in India —
WazirX, CoinDcX and Unocoin.

2.2.1 FACTORS INFLUENCING CONSUMER BEHAVIORAL INTENTION

TOWARDS CRYPTOCURRENCY USE : Based on

(1) Ease of use: Cryptocurrency is a type of decentralized digital money that is kept
online and is not regulated by governments or banks. The results of the interviews
revealed that most participants have a clear knowledge of the nature of
cryptocurrency, despite some misunderstandings. Most participants were able to
describe technical elements of cryptocurrency, such as mining and market cap. The
major purposes of cryptocurrency, according to participants, were investment and
money. Perceived benefits of cryptocurrencies include decentralization, security,
anonymity, simplicity of use, and cheap costs. Where in, everyone agreed that they
will continue to use cryptocurrencies in the future.
(2) Social Impact: Data show that online investor sentiment is a substantial nonlinear
predictor of most major cryptocurrency returns, indicating the superiority of Twitter
over Google-based online investor sentiment proxies. Furthermore, cryptocurrency
returns appear to be driven more by mood relayed via social media than by
macroeconomic news, which is consistent with the character of bitcoin participants,
who are primarily young computer fanatics. The results suggest that individual tweets

12
 can have a large impact on cryptocurrency returns and trading volumes, and can thus
serve as a foundation for much more study. (Ante, L. (2021). During the social media
age, crypto trading has also evolved. As a result, a significant social media culture of
crypto advisors, strikers/influencers, and more seasoned advisers has emerged on
channels like as YouTube. A brief web search reveals that at least one major currency
has at least one good recommendation.
(3) Convenience: Cryptocurrencies can be utilized outside a certain geographical area.
They are now possible because to blockchain technology, which ensures their
security, eliminates the problem of double-spending, and provides incentives for
customer engagement. They can be appealing to small companies by encouraging
residents to engage in commercial activities in the neighborhood. Consumers are
encouraged to support local businesses while also benefiting from a convenient
payment method and the opportunity to earn bitcoin incentives.
(4) Trust: Consumers are more inclined to trust cryptocurrencies and peer-to-peer
transactions if they are not issued by a central issue and controlled by their individual
governments.
(5) Price Volatility: Both investors and researchers pay close attention to the volatility of
various cryptocurrency values. Due to pricing and stochastic impacts in the market,
forecasting cryptocurrency prices is a difficult process. The link between liquidity
volatility and returns of five high capitalization cryptocurrencies is examined.
According to the findings, there is a positive association between liquidity volatility
and overall returns. This indicates that investor’s view liquidity volatility over time as
a risk that should be mitigated by higher rewards.
(6) Individual Believes: We shed light on the role of beliefs for asset demand using the
crypto currency industry as a laboratory. Reduced-form evidence and a structural
model of asset demand point to an important impact of beliefs on individuals’
holdings of crypto currencies and their equilibrium prices.
(7) Privacy: The goal of designing privacy-enhanced software should be easy-to-use
software that preserves the holistic privacy of users. As our study showed, it is
difficult for even highly motivated and technically adept users to use anonymous
cryptocurrency wallets at the present moment in a way that preserves their holistic
privacy due to the fundamental disconnection of network level and on-chain
anonymity. A centralized exchange where a trusted party receives tokens on the

13
 different ledgers and transfers the exchanged tokens accordingly based on some
centrally decided exchange rate. An example of this is Coinbase or Kraken. A
solution using atomic-swap as employed by current decentralized exchanges. Where
hash time locked contracts are used to ensure that the required transfers actually get
carried out.
(8) Risk: Depending on the sort of uncertainty, the bitcoin market reacts in different
ways. Overall, our data imply that bitcoin returns are heavily influenced by
uncertainty. The risk assessment was calculated as the difference between the most
likely profit value and the danger zone's boundary. Based on the updated
optimization, a set of optimum cryptocurrency portfolios was created. Two market-
specific indicators – momentum and investor interest – may be used to forecast
bitcoin profits. Our findings call into question common arguments that supply
parameters like mining costs, price-to-"dividend" ratios, and realized volatility may be
used to forecast bitcoin return behavior. Finally, we show that the blockchain
technology inherent in cryptocurrencies has the potential to have a significant impact
on a number of key businesses.
(9) Decision Making: The recent boom and collapse of the cryptocurrency market has
piqued the interest of investors, regulators, and other financial industry participants.
The interconnections between the cryptocurrency market and the technology industry
are investigated in this research, which contributes to the expanding body of
knowledge. It's worth mentioning that cryptocurrency investors and financial analysts
care more about future cryptocurrency price movements than they do about knowing
the precise future price in order to make informed investment decisions. We may infer
that the presented model is typically preferred for supporting policy decision-making
and cryptocurrency market behaviour since the directional movement prediction
problem is more significant than the price prediction problem. The great majority of
economists and experts feel that crypto currencies are speculative financial assets that
are best used for short-term investments (see, for example. As a result, it would be
important to establish appropriate forecasting tools for decision-making in the bitcoin
market.

14
2.3 NEW TOOLS TO BE USED FOR THE METHOD
THEORIES INFLUENCING BEHAVIORAL INTENTION:

(1) TAM (Technology acceptance Model):

Davis' approach for studying the practical use of behavior of users of new technology
was developed in 1989 and is widely accepted. The Theory of Reasoned Action
(TRA) model is used to create the TAM model. People's conduct is defined by their
desire to carry out their activity, according to these theories (TRA and TAM), a well-
known, influential, and frequently used model of information system use and
acceptance behavior that may be applied to a range of situations. Study of information
technology and information systems. In the original TAM, a user's behavioral desire
to utilize a certain service was considered. Two key antecedents influence technology:
perceived ease of use and perceived usefulness. TAM has been around for a while.
Effectively employed to explain gender inequalities in technology perception and
social use.
(2) TPB (Theory of Planned Behavior): The TPB was created to anticipate actions
that are not totally under the control of the individual. The model has been used to
predict intentions to embrace new technologies in a number of correlational studies.
TPB considers intention to be a direct antecedent of conduct. Intention is a function of
attitude towards the activity, subjective norm, and perceived behavioral control at the
same time. Several correlational investigations corroborate the TPB's power to predict
behavioral intentions, demonstrating the model's predictive potential. In terms of its
value in predicting customer intention and assisting management decision making, the
TPB theory has proved to be beneficial. To build good tactics that promote the
viability of their services, financial technology innovators and service providers must
first understand the processes involved in user adoption. The value of any commercial
invention resides in pushing its adoption, hence studying the antecedents of
behavioral intention to embrace bitcoin may substantially aid in increasing the rate of
adoption.
(3) TRA (Theory of Reasoned Action): Theory of Reasoned Action (TRA) is a
model developed by Fishben and Ajzen that encapsulates the link between beliefs,
attitudes, intentions, and action. Attitudes and subjective norms are two fundamental
variables in TRA. The goal of TRA is to forecast a person's intention based on one's

15
personal attitude towards conduct, which is reflected in subjective norms. in society
an individual's general sentiment of favorable or negative judgement of performance
is represented by their attitude. Specific behavior. In the meanwhile, the subjective
norm is a function of belief that represents an individual's view of the most important
thing. Important individuals believe he or she should engage in such action.
(4) UTAUT (Unified theory of acceptance and use of technology: UTAUT model
is selected due to its high in variance value of usage intention, an improvement
compared to other models. To determine the drivers of behavioral intention (BI),
Researchers in this study used construct mapping analysis. To examine the most
prominent endogenous factors in adoption-related studies. performance expectancy
and effort expectancy, constructs from UTAUT, have been widely applied by research
and considered as the most popular antecedent of behavioral intention. Furthermore,
constructs like facilitating conditions and social influence have investigated at rarer
instances. Similarly, constructs such as price value and hedonic motivation (HM) are
studied but rarely. Apart from the constructs incorporated from the aforementioned
theories and models, past researchers have also embraced various other constructs,
such as personal innovativeness, perceived risk, and trust.
(5) UTAUT2: The existing study’s proposed model is grounded on UTAUT2. Also,
the researcher extended the UTAUT2 model by including both personal
innovativeness and trust in the proposed model. The model is based on UTAUT2. In
addition, the researcher expanded the UTAUT2 model by incorporating personal
innovativeness as well as trust in the model. These new variables are thought
necessary particularly the inclusion of trust in the model principally in the context of
crypto currencies laden with worries about insecurity, danger, and anonymity,
reflecting its sheer necessity and relevance. Moreover, researchers have averred those
personal innovations as a construct, should be included in the studies on the basis that
people, who are more innovative are more inclined to take risks in regards to adopting
new and novel technology.

16
 CHAPTER III
INDUSTRY PROFILE

Cryptocurrency Market

The cryptocurrency market size is expected to grow from USD 1.6 billion in 2021 to USD
2.2 billion by 2026, at a CAGR of 7.1%. Transparency or distributed ledger technology and
growth in venture capital investments are the key factors driving the growth of the market.

Cryptocurrency Market Size Forecast to 2026 With COVID-19 Impact Analysis

The COVID-19 pandemic has had a huge impact on the global economy. With the virus
spreading across 188 countries, a number of businesses were shut down and many people lost
their jobs. The virus mostly affected small businesses, but large corporations felt the impact
as well. Apple closed all of its stores outside of China temporarily and Bloomingdale’s did
the same with all of its 56 locations. Against the backdrop of the uncertainty raised by
COVID-19, Bitcoin, Ethereum, and other digital currencies have garnered significant
attention. Even banks have started buying crypto for the first time. Banks in the US are
creating their own blockchain-based systems, including digital currencies, to enable B2B

17
cryptocurrency payments between their customers. Also, in October 2020, PayPal announced
that its customers will be able to buy, sell, and hold Bitcoin and cryptocurrencies using their
PayPal accounts, allowing customers to buy things from the 26 million sellers who accept
PayPal, In 2021, PayPal is planning to allow cryptocurrency to be used as a funding source.

Cryptocurrency market dynamics

Driver: Transparency of distributed ledger technology

Issues related to lack of transparency arise when transactions take place without the
knowledge of stakeholders, especially in Asian countries where several instances of
fraudulent or unwanted transactions, such as deduction of scheduled charges, are frequently
observed. This may be caused by human error, machine error, or data manipulation during
the transaction process, and may result in customers losing huge amounts of money.
Moreover, in most cases, financial institutions do not accept their fault. This lack of
transparency in the current monetary system leads to dissatisfaction among the public.

Restraint: Uncertain regulatory status

The cryptocurrency market is not yet regulated. At present, the lack of regulations and the
uncertainty regarding the same are among the major factors restraining the adoption of
cryptocurrencies. While financial regulatory bodies across the world are working to find
common standards for cryptocurrencies, regulatory acceptance remains one of the biggest
challenges. As the distributed ledger technology is still in the nascent stage, it raises a number
of questions for regulators and policymakers at national and international levels.

Opportunity: Significant growth opportunities in emerging and developed markets

Emerging economies (such as India, China, and Brazil) and developed countries (such as the
US, Germany, and Japan) are expected to offer significant growth opportunities for
companies operating in the cryptocurrency market. For instance, in 2020, Brazilian crypto
companies have signed a code of self-regulation that aims to legitimize and boost the
adoption of crypto assets in the country. The document was signed under the auspices of
Abcripto, the country’s association of cryptocurrency companies. The objective of the
agreement is to establish operational practices and compliance standards that all members

18
must adhere to. The country’s prominent cryptocurrency firms that signed the code include
Foxbit, Ripio, Bitcoin Market, and Novadax.

Challenge: Concerns regarding security, privacy, and control

Cryptocurrency has the potential of transforming and revolutionizing compliance-free peer-

to-peer and remittance transactions; however, end users have to overcome certain challenges
related to security, privacy, and control to benefit from cryptocurrency. As cryptocurrency
transactions are recorded in the distributed public ledger known as blockchain, hackers have a
large attack surface to gain access to critical and sensitive information. If this public ledger is
used to store confidential contract-related information or payment data, replicating the file
could potentially make it easier for hackers to access it. If a key is compromised, it can be
used to access the database in a hub-and-spoke model as well as in a distributed database.

Value Chain Analysis

To know about the assumptions considered for the study, download the pdf brochure

Hardware to hold largest size of Cryptocurrency market in 2021

The concept of cryptocurrency is based on decentralizing the monitoring of transactions. In

the transaction monitoring process, miners (generally the users) validate the transactions
made by other users. In this process, the system needs high computing power to validate the
transactions. The validation process involves the creation of hash codes to encrypt the

19
transactions. To generate a hash code, the miner needs highly effective and efficient
hardware. In other words, to get new blocks and solve them, miners need to generate as many
hash codes as possible. Miners get rewards through mining. Mining rigs are available in
several shapes and sizes. The cryptocurrency market for hardware has been segmented, on
the basis of processor, into GPUs, central processing units (CPUs), FPGAs, and ASICs.

Mining process to hold largest share of Cryptocurrency market in 2021

Mining is an integral process for the generation, transmission, and validation of transactions
in cryptocurrencies. It ensures stable, secure, and safe propagation of the currency from a
payer to a receiver. Unlike fiat currency, where a centralized authority controls and regulates
the transactions, cryptocurrencies are decentralized and work on a peer-to-peer system.

APAC to grow at highest CAGR during the forecast period

In terms of value, APAC to grow at highest CAGR during the forecast period. This market in
APAC has been studied for China, Japan, South Korea, and Rest of APAC (RoAPAC).
RoAPAC includes Singapore, Malaysia, Thailand, India, Australia, and New Zealand. China
is the largest market among all APAC countries. Owing to the low cost of electricity, and
presence of big mining companies.

20
Key Market Players

Bitmain (China), NVIDIA (US), Xilinx (US), Intel (US), Advanced Micro Devices (US),
Ripple Labs (US), Ethereum Foundation (Switzerland), Bitfury Group (Netherlands),
Coinbase (US), BitGo (US), Binance Holdings (China) Canaan Creative (China). Bitstamp
(Luxemburg), Ifinex (Hong Kong), Ledger SAS (France), Xapo (Hong Kong), and
Alcheminer (US), are a few major companies dominating the Cryptocurrency market.

21
Scope of the Report

:
Report Metric Details

Market size available for years 2015-2026

Base year 2020

Forecast period 2021–2026

Units Value (USD)

Segments covered Offering, process, type, and

Geography

Geographic regions covered North America, APAC, Europe,

and RoW

Companies covered Bitmain (China), NVIDIA (US),

Xilinx (US), Intel (US), Advanced
Micro Devices (US), Ripple Labs
(US), Ethereum Foundation
(Switzerland), Bitfury Group
(Netherlands), Coinbase (US),
BitGo (US), Binance Holdings
(China) Canaan Creative (China).
Bitstamp (Luxemburg), Ifinex
(Hong Kong), Ledger SAS
(France), Xapo (Hong Kong), and
Alcheminer (US).

This report categorizes the Cryptocurrency market by end-user industry, applications, type,
revenue, and geography.

22
By Offering:

 Hardware
 Software

By Process:

 Mining
 Transaction

By Type:

 Bitcoin
 Ethereum
 Bitcoin Cash
 Ripple
 Litecoin
 Dash
 Others

Geographic Analysis

 North America
o US
o Canada
o Mexico
 Europe
o Mexico
o Germany
o France
o East Europe
o Rest of Europe
 Asia Pacific (APAC)
o China
o Japan
o South Korea

23
 o Rest of APAC
 Rest of the World (RoW)

Recent Developments

 In March 2018, NVIDIA announced a series of new technologies and partnerships

that expand its potential inference market to 30 million hyperscale servers worldwide,
while dramatically lowering the cost of delivering deep learning-powered services .
 In February 2018, AMD launched EPYC Embedded 3000 series processor and AMD
Ryzen Embedded V1000 processor that deliver high performance, exceptional
integration, and on-chip security.

24
COMPANY PROFILE

THE INDIA INFOLINE LIMITED

Origin:
India infoline Ltd., was founded in 1995 by a group of professional with impeccable
educational qualifications and professional credentials. Its institutional investors include Intel Capital
(world's) leading technology company, CDC (promoted by UK government), ICICI, TDA and
Reeshanar.
India Infoline group offers the entire gamut of investment products including stock broking,
Commodities broking, Mutual Funds, Fixed Deposits, GOI Relief bonds, Post office savings and life
Insurance. India Infoline is the leading corporate agent of ICICI Prudential Life Insurance Co. Ltd.,
which is India' No. 1 Private sector life insurance company.
www.indiainfoline.com has been the only India Website to have been listed by none other
than Forbes in it's 'Best of the Web' survey of global website, not just once but three times in a row
and counting... “A must read for investors in south Asia” is how they choose to describe India
Infoline. It has been rated as No.l the category of Business News in Asia by Alexia rating.
Stock and Commodities broking is offered under the trade name 5paisa. India Infoline
Commodities pvt Ltd., a wholly owned subsidiary of India Infoline Ltd., holds membership of MCX
and NCDEX

Main Objects of the Company

Main objects as contained in its Memorandum or Association are:
1. To engage or undertake software and internet based services, data processing IT enabled
services, software development services, selling advertisement space on the site, web
consulting and related services including web designing and web maintenance, software
product development and marketing, software supply services, computer consultancy
services, E-Commerce of all types including electronic financial intermediation business and
E-broking, market research, business and management consultancy.

2. To undertake, conduct, study, carry on, help, promote any kind of research, probe,
investigation, survey, developmental work on economy, industries, corporate business houses,
agricultural and mineral, financial institutions, foreign financial institutions, capital market on
matters related to investment decisions primary equity market, secondary equity market,
debentures, bond, ventures, capital funding proposals, competitive analysis, preparations of
corporate / industry profile etc. and trade / invest in researched securities

25
VISION STATEMENT OF THE COMPANY:

“Our vision is to be the most respected company in the financial services space In India”.

Products: the India Infoline pvt ltd offers the following products
A. E-broking.
B. Distribution
C. Insurance
D. Mortgages
A. E-Broking:
It refers to Electronic Broking of Equities, Derivatives and Commodities under the brand name of
5paisa
1. Equities
2. Derivatives
3. Commodities

B. Distribution:
1. Mutual funds
2. Govt of India bonds.
4. Fixed deposits

26
 C. Insurance:
1. Life insurance policies
2. General Insurance
3. Health Insurance Policies.

THE CORPORATE STRUCTURE

The India Infoline group comprises the holding company, India Infoline Ltd, which has 5
wholly-owned subsidiaries, engaged in distinct yet complementary businesses which together offer a
whole bouquet of products and services to make your money grow.
The corporate structure has evolved to comply with oddities of the regulatory framework but
still beautifully help attain synergy and allow flexibility to adapt to dynamics of different businesses.
The parent company, India Infoline Ltd owns and managers the web properties
www.Indiainfoline.com and www.5paisa.com. It also undertakes research Customized and off-the-
shelf.

Indian Infoline Securities Pvt. Ltd. is a member of BSE, NSE and DP with NSDL. Its
business encompasses securities broking Portfolio Management services.

India Infoline.com Distribution Co. Ltd., Mobilizes Mutual Funds and other personal
investment products such as bonds, fixed deposits, etc.

India Infoline Insurance Services Ltd. Is the corporate agent of ICICI Prudential Life Insurance,
engaged in selling Life Insurance, General Insurance and Health Insurance products.

India Infoline Commodities Pvt. Ltd. is a registered commodities broker MCX and
offers futures trading in commodities.

India Infoline Investment Services Pvt Ltd., is proving margin funding and NBFC services to
the customers of India Infoline Ltd.,

Pictorial Representation of India Infoline Ltd

27
Management of India Infoline Ltd.,
India Infoline is a professionally managed Company. The promoters who run the company/s
day-to-day affairs as executive directors have impeccable academic professional track records.
Nirmal Jain, chairman and Managing Director, is a Chartered Accountant, (All India Rank 2);
Cost Account, (All India Rank l) and has a post-graduate management degree from IIM Ahmedabad.
He had a successful career with Hindustan Lever, where he inter alia handled Commodities trading
and export business. Later he was CEO of an equity research organization.
R. Venkataraman, Director, is armed with a post- graduate management degree from IIM
Bangalore, and an Electronics Engineering degree from IIT, Kharagpur. He spent eight fruitful years
in equity research sales and private equity with the cream of financial houses such as ICICI group,
Barclays de Zoette and G.E. Capital
The non-executive directors on the board bring a wealth of experience and expertise.
Satpal khattar -Reeshanar investments, SingaporeThe key management team comprises seasoned and
qualified professionals.

Mukesh Sing- Director, India Infoline Securities Pvt Ltd.

Seshadri Bharathan- Director, India Infoline. Com Distribution Co Ltd
S Sriram- Vice President, Technology

28
Sandeepa Vig Arora- Vice President, Portfolio Management Services
Dharmesh Pandya- Vice President, Alternate Channel
Toral Munshi- Vice President, Research
Anil Mascarenhas- Chief Editor
Pinkesh Soni Financial controller
Harshad Apte Chief Marketing Officer
Human Resources:
I. General:
Management is committed to provide necessary resources which are required as identified
in documents like Quality system procedures, work instructions and quality forms / other
documents etc.
Personnel assigned to various tasks are suitably qualified with formal job training,
education, and / or experience.
II . Competence, awareness and training:
 The necessary competence are determines for personnel performing work affecting
product quality
 Identified and provides necessary training as and when required to the employees to
meet the customer needs.
 Evaluates the effective of training.
 Ensures that employees are aware of the relevance and importance of their activities
and how they contribute to the achievement of the quality objectives.
 Maintains appropriate records of education, training, skills and experience
Work Environment:
It is determined and managed the work environment need to achieve conformity to product
requirements.

MISSION, VISION, CORE VALUES

Mission:
To maintain the customer satisfaction level, with zero defect supply.
Vision:
To become one of the best forging company in south India with press technology
Core values:
 Quality
 Service at any cost
 Cordial relation ship

29
 Collective team work

30
Organization of Employees in INDIA INFOLINE LTD along with
Minimum Competence level
The Manpower is categorized as Non-technical & Technical. In the non-technical category
four identified levels are present. They are Manger, Asst. Manager, officer & Assistant. Minimum
competence details are given in the chart
In the technical category C.E.O. is Chief lead a technical and a business qualification. In the
top-management category G. Manager, Dy. Gen. Manager, and Asst. Gen. Manager levels are there,
these report to C.E.O. In the middle management category the levels are Manager, Asst. Manager,
Sales manager, team manager, relationship managers, dealers are in the Junior Management category.
The work force of consists of operators (experienced and skilled), apprentice, and helper. The
details are given in organization chart.

WELFARE ACTIVITIES IN “INDIA INFOLINE LTD”

The company’s welfare activities include
 Medical benefits are available Ambulance is provided in case of Emergency
 Providing Transport for executives.
 Providing mineral water to the employees
 Providing tea for three times to all the employees
 Group insurance facility is available in INDIA INFOLINE LTD
 Providing Esop ( Employee stock option )
 Providing mobile allowences

Recruitment & Selection Process at “INDIA INFOLINE LTD”

Whenever a vacancy or a requisition occurs in the organization a “Requisition” or “Indent” for
recruitment is submitted by the line official. These indents contains all the information regarding skill,
qualification, age group, physical fitness etc., required by the personnel department to recruit a
person.
The indent is then examined and evaluated additional expenditure is worked out and if the indent is
found satisfactory, the proposed recruitment is authorized to be carried out.
Before recruiting the applicant, it considers the most likely source available for the type of
employment it needs. In general, the sources of the employment here can be classified into two types.
1. External
2. Internal

31
 CHAPTER -IV
DATA ANALYSIS AND INTERPRETATION
TABLE NO: 1

32
TABLE: 2
Proportion of Income Allocated for Savings

No. of. Percentage

Proportion
respondents (%)
5000-25000 15 30
25000-40000 20 40
40000-50000 10 20
>50000 5 10
50 100

33
 TABLE
NO: 3
Interest
to Invest
in Stock
Market

Response No. o
Yes 15
No 20
Fear of Loss 15
50

34
TABLE NO :4
Updation For Sources of Information:

S. Information Rank
No Source
1 News Paper, 3
Magazines
2 Social media 2
3 Tv, Radio, 4
Advertisements
4 Official 5
sources
5 Institutional 1
agents

35
ABLE NO :5
Proportion of Income Allocated for Investments

Proportion No.of. respondents Percentage (%)

500-2000 15 30
5000-10000 20 40
15000-30000 10 20
>50000 5 10
50 100

36
 TABLE
NO :6
Elements
Consider
ed
Before
Investme
nt

El NP
e oe
m. r
e oc
nt f. e
s Rn
et
sa
pg
oe
n(
d%
e)
n
ts
S 24
af 0 0
et
y
of
Pr
in
ci
p
al
M1 2
in 0 0
i
m
al
ri
sk
H13
ig 5 0
h
er
re
tu
rn
s
M5 1
at 0
ur

37
ity Period
50 100

38
TABLE NO :7
Factors That Hold You to Invest in Stock

Factors

Lack of knowledge
Poor experience
Enormous risk involved
Lack of time
Excessive cost of investment

39
TABLE NO:8 Ranking of Investments

S.NO INVESTNMENT RANK

1 GOLD 5
2 PPF 3
3 POSTOFFICE SAVINGS 7
4 BANK DEPOSITS 2
5 SECURITIES 4
6 MF 1
7 BITCOINS 6
TABLE NO: 9: Reasons for nor to invest in crypto currency

Reasons not to invest No of Respondents Percentage

Little knowledge 5 10
Little knowledge about where I 4 8
should buy
Blurry future/ they are not real 9 18
money and have not utility
Prices are not stable 5 10
There is insufficient regulation 4 8
and legacy to support
I cannot sell/ exchange or spend 4 8
it easily
I don't know which crypto it is 8 16
worth investing
I have seen/experienced some 5 10
investment failures
I'm afraid of being involved in 4 8
illegal action
Others 2 4
Total 50 100
TABLE NO:9 CHI-SQUARE
TEST HYPOTHESIS:
H0: There is significant relationship between purpose and investment preference.
H1: There is no significant relationship between purpose and investment
preference.

Table value @ 5%
Degree of freedom Calculated value
evel of significance
8 15.5 14.4

Inference: The null hypothesis is accepted. There is significant relationship between

purpose and investment preference
TABLE NO:10 CORRELATION:
HO: There is significant relationship between investors salary and proportion
allocated for investments.

H1: There is no meaningful relationship between investors salary and

proportion allocated for investments.

X Y XY
X2 Y2
50 50 850 750 675

𝑵𝚺𝚾𝚼−𝚺𝚾𝚺𝚼
r= =0.29

√𝑵𝚺𝐱𝟐−𝚺𝐱𝟐√𝑵𝚺𝐘𝟐−𝚺𝐘
𝟐
TABLE NO: 11 COMPARISON OF GOLD AND BITCOIN

Date Gold Price in Bitcoin Price in

13-06-2022 ₹ 53,461 ₹ 21,83,291

12-06-2022 ₹ 54,861 ₹ 22,25,839
11-06-2022 ₹ 54,861 ₹ 22,65,602
10-06-2022 ₹ 54,836 ₹ 23,51,312
09-06-2022 ₹ 53,914 ₹ 23,42,777
08-06-2022 ₹ 53,987 ₹ 23,44,607
07-06-2022 ₹ 53,998 ₹ 24,34,455
06-06-2022 ₹ 53,783 ₹ 23,31,337
05-06-2022 ₹ 53,934 ₹ 23,07,192
04-06-2022 ₹ 53,934 ₹ 22,95,010
03-06-2022 ₹ 53,930 ₹ 23,38,378
02-06-2022 ₹ 54,267 ₹ 23,50,701
01-06-2022 ₹ 53,778 ₹ 24,87,877
31-05-2022 ₹ 53,517 ₹ 23,79,346
30-05-2022 ₹ 53,945 ₹ 22,68,280
29-05-2022 ₹ 54,008 ₹ 22,46,940
28-05-2022 ₹ 54,008 ₹ 21,95,335
27-05-2022 ₹ 53,952 ₹ 22,91,426
26-05-2022 ₹ 53,954 ₹ 23,19,243
25-05-2022 ₹ 53,876 ₹ 22,75,142
24-05-2022 ₹ 54,230 ₹ 23,29,794
23-05-2022 ₹ 53,882 ₹ 23,24,331
22-05-2022 ₹ 53,890 ₹ 22,88,309
21-05-2022 ₹ 53,890 ₹ 22,46,005
20-05-2022 ₹ 53,874 ₹ 23,40,108
19-05-2022 ₹ 53,462 ₹ 22,62,430
18-05-2022 ₹ 52,981 ₹ 22,91,548
17-05-2022 ₹ 52,665 ₹ 23,25,305
16-05-2022 ₹ 53,294 ₹ 23,27,104
15-05-2022 ₹ 52,648 ₹ 23,01,640
14-05-2022 ₹ 52,648 ₹ 22,85,702
13-05-2022 ₹ 52,569 ₹ 22,04,209
12-05-2022 ₹ 52,943 ₹ 23,30,439
11-05-2022 ₹ 53,785 ₹ 24,42,517
10-05-2022 ₹ 53,186 ₹ 24,03,735
09-05-2022 ₹ 53,770 ₹ 26,44,489
08-05-2022 ₹ 54,347 ₹ 27,65,758
07-05-2022 ₹ 54,347 ₹ 27,64,037
06-05-2022 ₹ 54,345 ₹ 27,70,215
05-05-2022 ₹ 53,887 ₹ 29,71,576
04-05-2022 ₹ 53,733 ₹ 28,86,009
03-05-2022 ₹ 53,558 ₹ 29,20,118
02-05-2022 ₹ 53,429 ₹ 29,23,428
01-05-2022 ₹ 54,446 ₹ 29,29,699
30-04-2022 ₹ 54,446 ₹ 29,53,823
29-04-2022 ₹ 54,432 ₹ 30,84,402
28-04-2022 ₹ 54,486 ₹ 29,80,974
27-04-2022 ₹ 54,090 ₹ 29,42,544
26-04-2022 ₹ 54,714 ₹ 30,23,779
25-04-2022 ₹ 54,535 ₹ 30,28,933
24-04-2022 ₹ 55,388 ₹ 30,45,325
23-04-2022 ₹ 55,388 ₹ 30,11,979
22-04-2022 ₹ 55,447 ₹ 31,72,067
21-04-2022 ₹ 55,812 ₹ 31,42,454
20-04-2022 ₹ 55,952 ₹ 31,65,311
19-04-2022 ₹ 55,873 ₹ 31,15,255
18-04-2022 ₹ 56,576 ₹ 30,59,223
17-04-2022 ₹ 56,500 ₹ 30,66,325
16-04-2022 ₹ 56,500 ₹ 30,86,398
15-04-2022 ₹ 56,490 ₹ 30,46,741
 CHAPTER V

FINDINGS, SUGGESTIONS, FUTURE SCOPE AND CONCLUSION

FINDINGS

1. 38% of the respondents are male and only 12% of the respondents are female.

2. The majority 50% of the respondent’s Annual income is up to 3-5 lakhs and only
10% of the respondent anal income are up to 1200000.

3. The majority of 30% of the respondents are graduated.20% of respondents are not
interested and aware of equity investment pattern.

4. 15% of the respondents are aware trading in diverse investment avenues and other
respondents are quite aware of Equity and securities available for investment but do
not participate as they hesitate to the fear of loss.

5. 35% of the respondents are tax payers. They prefer diverse investment patterns to
avail the tax benefit.

6. The major objective of respondents for investment only for the safety of Principal
and capital appreciation.

7. The respondent’s hesitation to invest is due to lack of knowledge and enormous risk
involved as the stock market is highly volatile according to economic conditions.

8. The investors give priority for mutual fund investment and its ranked 1
followed by bank deposits as the reduce the rates but some investors are still
holding fixed deposits in bank as they consider for safety of principal.

9. The respondents have sufficient knowledge in trading securities and mutual funds
are investing their funds by dividing the available funds in to diversified portfolio.

10. Majority of 30% of investors chose mutual fund for investing in current scenario as
 it offers multi schemes like ELSS; SIP; which provides minimal risk and higher
returns.

11. The hypothesis framed to know the relationship between investment Preference
and purpose of investment. is highly significant. therefore; the null hypothesis is
accepted Which depicts that purpose or objective of investment is related to
investment preference.

12. The Hypothesis frame to know the significant relationship between annual
income and allocation of saving is correlated which depicts that individual
investor income has relationship between funds allocated for investment.
SUGESSTIONS:
 Cryptocurrency has raised awareness and encouraged investment in it; there are many
crypto investors in India who have put more than 10,000 crores of money into
cryptocurrencies.
 Because of its unchangeable distributed nature, Blockchain, the underlying technology,
has helped cryptocurrency consumers trust cryptocurrencies.
 Cryptocurrency is unique from other digital currencies in that it is not centrally
managed and is more volatile than traditional currencies.
 Because the majority of investors are between the ages of 25 and 35, they find the
technology to be simpler and more approachable.
 Because bitcoin investors are located all over the world, investing behavior varies from
one region to the next, as do the variables driving cryptocurrency adoption.
 Herding behavior is a notion that raises investor risk while also making ineffective &
limiting the chance of Diversification has advantages since it reduces the importance of
individual traders and their performance.
 Investing in cryptocurrency brings with it some unpredictability, such as price
volatility, but millennials are willing to accept any risk.
 Understanding of the technology plays an important part in cryptocurrency adoption
and has a positive influence on cryptocurrency users' opinions.
 In today’s world men and women are equally employed. But only 12% of the
respondents are women investors. The women respondents somehow till using
the fixed deposits, post office savings, chit funds, insurance scheme which are
already exhaustive. The fear of loss is the prior reason that working women
are not ready to invest in stock market.
 Systematic investment plan (SIP); Monthly income plans(MIP); ELSS;
Balanced mutual fund is reason for increasing investors to invest in mutual
funds which gives minimal risk. Most of the Retail investors are interested in
investing SIP which is a current trend in capital. market as Rs.500/- is enough
to invest in SIP. Large caps funds are highly suitable for long term investments.
 The study is to find out the investors preference towards various investment
avenues like fixed deposits, post-office schemes, bonds / debentures, share
market, mutual funds and insurance.
 The study revealed that mutual fund ranks as the most popular avenue for
investment followed by life insurance and fixed deposits about the risk appetite
 of the investors; it is found that the investors perceive that investments in
mutual funds carry moderate risk.
 The study also reveals that a better and steady return is the main reason for
investing investment in mutual funds. The study in dictated that the
majorities of the investors are satisfied with their investments in mutual fund.
Investments in insurance and housing are found to be the popular avenues for
saving tax in addition to mutual funds suggestions have been made to improve
investments in mutual funds minimal risk schemes in mutual funds.
FURTHER RESEARCH PROPOSAL:
(1) Because bitcoin is based on block chain technology, technological adoption among
cryptocurrency investors must be examined.
(2) In order to analyze investors' attitudes about cryptocurrency use, a framework based on
several variables must be developed.
(3) The Indian government has announced that it will create a new digital currency under
CBDC that will use block chain and other related technologies, expanding the market for
cryptocurrencies in India.
(4) It is estimated that India has approximately 10 crore cryptocurrency users, making it
the world's largest.
CONCLUSION:

Cryptocurrency allows value to be moved online without the use of an intermediary

such as a bank or payment processor, allowing value to be transferred internationally,
almost quickly, and for low fees, 24 hours a day, seven days a week. Investors in
cryptocurrencies are motivated by a variety of variables. This study is significant
because it offers a thorough examination of the literature on investors' behavioral
intentions regarding cryptocurrency use. The study conducted a systematic analysis of
several scholarly articles with the goal of determining the elements that influence
investors' behavioural intentions towards cryptocurrency adoption. Many key attributes
connected with investor behavioural intention have been investigated, but further
research is needed. The literature study revealed that this work has a theoretical
foundation and adds to the body of knowledge and to the current research. The study
revealed that mutual fund ranks as the most popular avenue for investment followed by
life insurance and fixed deposits about the risk appetite of the investors; it is found that
the investors perceive that investments in mutual funds carry moderate risk. The
study also reveals that a better and steady return is the main reason for investment in
cryptocurrency. The study in dictated that the majorities of the investors are satisfied
with their investments in mutual fund. Investments in insurance and housing are found
to be the popular avenues for saving tax in addition to mutual funds suggestions
have been made to improve investments in mutual funds minimal risk schemes in
mutual funds. The investment in shares, mutual fund is popular in urban and metro
cities as they are aware of those investment schemes in banks, insurance schemes,
Post office savings which are provide less return and capital appreciation and they are
already exhaustive among other investors.
BIBLIOGRAPHY:

[1] Chakravaram, V., Ratnakaram, S., Agasha, E., & Vihari, N. S. (2021). Cryptocurrency:
Threat or Opportunity. In ICCCE 2020 Springer, Singapore, 747-754.
[2] Granero, R., Tarrega, S., Fernandez-Aranda, F., Aymami, N., Gomez-Pena, M., Moragas,
L., ... & Jimenez-Murcia, S. (2012). Gambling on the stock market: an unexplored issue.
Comprehensive Psychiatry, 53(6), 666-673.
[3] Roşu, I., & Saleh, F. (2021). Evolution of shares in a proof-of-stake cryptocurrency.
Management Science, 67(2), 661-672.
[4] Gil-Cordero, E., Cabrera-Sánchez, J. P., & Arrás-Cortés, M. J. (2020). Cryptocurrencies
as a financial tool: Acceptance factors. Mathematics, 8(11), 1974.
[5] Johar, M., & Aggarwal, (2021). An Upcoming Aeon of Cryptocurrency. Indian Journal of
Law and Legal Research, 2(1), 1-6.
[6] Huang, W. (2019). The impact on people’s holding intention of bitcoin by their perceived
risk and valuec. Economic research-Ekonomska istraživanja, 32(1), 3570-3585.
[7] Rose, C. (2015). The evolution of digital currencies: Bitcoin, a cryptocurrency causing a
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[8] Hileman, G., & Rauchs, M. (2017). Global cryptocurrency benchmarking study.
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