India to hit 156 million crypto users in 2023
In 2023, cryptocurrency is expected to account for almost $43bn worth of transactions worldwide, up 24% from $34.3bn a year ago. Over half of that value will come from the United States, the world`s largest crypto market. Still, the US market is far behind India when it comes to crypto ownership.
According to data presented by BitcoinCasinos.com, India is expected to hit over 156 million crypto users in 2023, or five times more than the United States.
India has three times more crypto users than the US, Japan, the UK, and Russia combined
Over the past six years, India has seen a major rise in crypto investors, despite a historically negative attitude toward the sector from the government. The country`s cryptocurrency market gained traction during the pandemic years, with the number of crypto users swelling by a massive 760% between 2017 and 2022 to 134 million, according to Statista data.
One of the key reasons for such an impressive crypto adoption was a growing, well-educated middle class combined with a less-developed traditional financial system in the country. Statista expects the number of crypto owners in India to continue growing and hit new highs this year. With 156 million people using digital coins in 2023, India will have three times more crypto users than the United States, Japan, United Kingdom, and Russia Combined.
The world`s largest crypto market, the United States, is expected to reach 29 million users this year. Statistics show that Russia, the fifth largest crypto market globally, will have around 10.6 million crypto users in 2023. Japan and the United Kingdom follow, with 4.4 million and 3.3 million, respectively.
Although far behind in crypto transaction value, Nigeria, Pakistan, and Vietnam will count much more crypto users than most top markets. Statista expects Nigeria to have around 12 million crypto users this year, almost as Russia and UK combined. Pakistan and Vietnam follow, with around 6 million crypto owners each.
More than half of all crypto users in 2023 from India
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.
More than half of all crypto users in 2023, or 53%, come from India. On the other hand, the world`s largest crypto market, the United States, has less than a 10% share in the global crypto user count.
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 forecast to jump by 22% to 191 million.
The United States is set to witness much smaller 7% growth in this period, with the number of crypto users rising to 31.2 million.