Data Indicates India Could Have 5 Times More Crypto Users Than the US

Over the past six years, India has witnessed a significant increase in the number of crypto investors. Despite the Indian government’s negative stance on crypto, the rise in the number of crypto investors can be attributed to several factors, including the rise of Fintech companies, adoption of mobile technology, and the increasing use of digital payments.

According to a report released by BitcoinCasinos.com, the crypto market in India is expected to reach $3.3 billion in transactions by 2023, with 156 million crypto users in the country. The report also predicts that India will have five times more crypto users than the US by 2023.

Despite being far behind in terms of crypto transaction value, Nigeria, Pakistan, and Vietnam are projected to have a significantly higher number of crypto users compared to other top markets. According to Statista, Nigeria is expected to have around 12 million crypto users in 2023, which is nearly equivalent to the combined number of crypto users in Russia and the UK. Pakistan and Vietnam are predicted to follow, with approximately 6 million crypto owners each.

Number of users in the five largest crypto markets in 2023 (in millions) | Source: Statista

The growth of the crypto industry in India can be attributed to the rise of Fintech companies that use blockchain technology to innovate and provide financial services. This has resulted in an increase in the use of crypto in peer-to-peer payments, cross-border transactions, and online payments. Additionally, the rise of mobile technology has helped build a large digital payment user base, making it easier for Indians to transact with crypto.

Over the past few years, the crypto market has gained significant momentum and is now being widely used as a means of exchange and storage of value. Global crypto transactions are expected to reach approximately $43 billion, marking a 24% increase from last year’s $34.3 billion. However, the exact value of crypto transactions worldwide may fluctuate due to market fluctuations, global adoption rates, and regulatory developments.

Transaction value in the five largest crypto markets in 2023 (in billion U.S. dollars) | Source: Statista

Crypto also makes digital transactions safer and more convenient, which has attracted more users to the platform. Despite the growing popularity of crypto in India, the government has not yet legally supported the industry. In 2018, the Reserve Bank of India (RBI) issued a circular banning banks from engaging in crypto, leading to a sudden drop in the value of crypto in India. However, the Indian Supreme Court lifted the ban in March 2020, leading to the resumption of crypto transactions.

The COVID-19 pandemic has also played a significant role in the growth of the crypto market in India. With the pandemic affecting the country’s poor financial infrastructure, more people have turned to crypto as an alternative mode of payment. As a result, the number of crypto users in India has increased by 760% between 2017 and 2022, reaching 134 million.

According to Statista, global adoption of cryptocurrencies is expected to continue its upward trend. As of last year, there were 257.2 million crypto users worldwide, which represents 3.2% of the global population. This figure is projected to rise to 293.7 million by 2023.

More than half of the global crypto users in 2023, at 53%, will be based in India. In contrast, the United States, which is the world’s largest crypto market, will account for less than 10% of the global crypto user count.

India is expected to see significant growth in its number of crypto users in the coming years. By 2027, the number of people using or owning digital coins in the country is predicted to rise by 22% to 191 million. Meanwhile, the United States is forecast to experience much smaller growth at 7%, with the number of crypto users rising to 31.2 million.

With the rise of crypto users in India, crypto could become an important part of the country’s economy in the future. However, the government needs to address the regulatory concerns surrounding the industry to ensure its sustainable growth. As the number of crypto investors continues to grow in India, it will be interesting to see how the market develops in the coming years.

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