India is set to hit 156 million crypto users in 2023, five times more than users in the United States.
In 2023, cryptocurrency is expected to account for almost $43bn worth of transactions worldwide. Over half of that value will come from the United States, the world`s largest crypto market. Still, the U.S. market is far behind India, when it comes to crypto ownership.
India has three times more crypto users than the U.S., Japan, the UK, and Russia combined.
India’s crypto adoption surged during the pandemic growing by a whopping 760% between 2017 and 2022 to 134 million users, according to Statista.
The key reason for the massive crypto adoption by Indians is the growing, well-educated middle class combined with a less-developed traditional financial system in the country.
This has pushed Indians to embrace alternative means of banking following the less developed traditional financial systems in their country.
Statistics show India will also witness much bigger crypto user growth in the following years. By 2027, the number of people using or owning digital coins in the country is predicted to jump by 22% to 191 million.
Statista expects the adoption of cryptocurrencies to continue growing on a global scale. Last year, there were 257.2 million crypto users worldwide, representing 3.2% of the world’s population. In 2023, this figure is expected to grow to 293.7 million.
Meanwhile, according to Statista, Nigeria is predicted to have 12 million crypto users in 2023.