User Persona of Bitcoin buyers in India
In India, Top investors like Mr Jhunjhunwala always influence retail investors to invest in a particular stock. The stock price rises when he invests in it. But when we talk about Bitcoin, Indians don’t get influenced by Elon Musk (invested $1.5 Bn) or Richard Branson (invested $30 Mn).
Ideally, while investing in any stock, you look at the stocks performance, business, records, analyze its future growth and then decide to invest, which is not the case with Bitcoin. Many Indian investors don’t understand the bitcoin ecosystem. Only 1 out of 20 people can rarely explain how bitcoin get produced (mining).
In the financial year 2020, new Demat account registration rose to an all-time high of 10.7 million, introducing more retail investors in the Indian market. These investors expect to earn through capital appreciation, i.e., on the capital gains (principal invested) when the stock price rises.
But, investing in Bitcoin is entirely different. Only 21 million Bitcoins can ever be mined or unleashed into the market. Of which 18.6 million bitcoins have already been mined and are in circulation while I’m writing. That leaves only 2.4 million left up for grabs by miners. Because the supply of Bitcoin is limited and controlled by computer code, people are craving to invest in Bitcoin in India with a tentative mind.
Why are people wondering if they should invest in Bitcoin?
Looking at the current scenario of Bitcoin in India, I began by conducting secondary research: interviewing my retail investor friends, discussing with professional bitcoin traders, exchanges and miners. I created a provisional persona and empathy map to represent a typical user based on my findings.
User Persona
A user persona is a fictional character representing a potential customer based on what you know about their demographics, behaviours, and what motivates them.
Empathy Map
An empathy map goes beyond your customers’ interests, skills, or lifestyle and into what they see, feel and think — allowing you to gain a deeper understanding of what it’s like to be them.
According to economists, the cryptocurrencies market appears fascinating to investors in terms of returns, but it is at its peak.
Indian retail investors are still figuring out to channelize their hard-earned money and accumulate wealth with minimized risk.
If you are one of them, let me know what do you think about investing in Bitcoin. Have you invested already? or Planning in the coming time? Let me know in the comments.
