Will India have over 150 million crypto users by the end of 2023?: Study

March 29, 2023

By Anjali Kochhar

India’s cryptocurrency adoption rate could surpass that of the US and the UK by the year’s end.  According to a recent Statista report, India’s crypto community could surge to more than 156 million members by the end of the year.

Most people expected to jump on the bandwagon are educated younger individuals with middle-income status who seek alternatives to the shaking banking system.

The survey estimated that over 11% of India’s population will have dived into the cryptocurrency sector by the end of 2023. The country’s crypto adoption rate is expected to surpass that of the United States, the United Kingdom, Japan, and Russia.

The Statista report determined that most Indians who deal with digital assets are well-educated and aged between 18-40. Previous studies have also shown that youngsters are most likely to interact with the industry in other countries, too.

India’s crypto market could offer profits worth approximately $3.3 billion this year, while revenues could explode to nearly $6 billion by 2027.

The residents of the capital Delhi are most inclined to buy and hold digital currencies for the long term. Bengaluru – the largest city in the state of Karnataka – also has a substantial number of HODlers.

The uncertainty in the traditional finance system and the search for higher profits are the main factors pushing Indians toward the digital asset field.

Last year’s KuCoin survey indicated that the total number of domestic crypto investors is around 115 million, with nearly 40% of those falling in the 18-30 age group.

Non-HODLers explained that the primary reason that had stopped them from joining the club was the lack of appropriate regulations. Insufficient investor protection and hacking attacks have also been named as major concerns.

Despite the bear market in 2022, cryptocurrencies have remained highly popular across multiple countries. Gemini questioned 30,000 people in April last year to determine that Indonesia and Brazil are the global leaders in crypto adoption, with 41% of the surveyed participants from both countries admitting owning bitcoin or altcoins.

About the author

Anjali Kochhar covers cryptocurrency stories in India as well as globally. Having been in the field of media and journalism for over three years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.

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