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India to Have Over 150 Million Crypto Users by the End of 2023? (Study)

India’s crypto 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.

Indians Could Flock to Crypto in the Near Future

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.

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

India’s cryptocurrency 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.

Other Nations Where Crypto Thrives

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.

The asset class seems to have attracted many residents of nations that experience financial difficulties. Some examples are Argentines, Turks, and Lebanese, which all passed through severe political and monetary turbulence in the past years.

As CryptoPotato reported, Vietnamese are also intrigued by crypto, with around 17% of them being HODLers. Nearly a third of them have invested in bitcoin, making it their most preferred digital asset. Thailand is the only country from the Association of Southeast Asian Nations (ASEAN) ahead of Vietnam in that statistics.

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