Over 156 million members could be part of India’s crypto community by 2023

A recent Statista report has revealed that India’s crypto community is expected to soar to over 156 million members by the end of the year. This estimation indicates that over 11% of India’s population will have jumped into the cryptocurrency sector by the end of 2023.

The country’s crypto adoption rate is predicted to surpass that of major economies such as the United States, the United Kingdom, Japan, and Russia.

The report highlighted that most Indians who deal with digital assets are well-educated and aged between 18-40. The younger generation, in particular, has shown a strong inclination to interact with the industry in other countries as well.

Moreover, India’s cryptocurrency market could offer profits worth approximately $3.3 billion this year, with revenues expected to skyrocket to nearly $6 billion by 2027. Statista also found that the residents of the capital city, Delhi, are most likely to buy and hold digital currencies for the long term. Bengaluru, the largest city in the state of Karnataka, also has a significant number of HODLers.

The average revenue per user in the Cryptocurrencies segment is expected to amount to US$21.28 in 2023. However, it is worth noting that the highest revenue is projected to be generated in the United States, with an estimated US$22.7 billion in 2023. The number of users in the Cryptocurrencies segment is anticipated to reach 191.8 million users by 2027, with user penetration expected to hit 13.1% by then.

The uncertainty in the traditional finance system and the search for higher profits are the primary driving factors pushing Indians toward the digital asset field. With a thriving crypto ecosystem, India has become an attractive market for cryptocurrency exchanges and blockchain-based startups.

In conclusion, India’s crypto community is poised for exponential growth in the coming years, as more Indians seek to diversify their investment portfolio and capitalize on the potential of digital assets.

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