Will India have over 150 million crypto users by the end of 2023? (Learn)

Will India have over 150 million crypto users by the end of 2023? (Learn)

According to a recent Statista report, India's crypto community could grow to more than 156 million members by the end of the year.

Most of the people expected to jump on the bandwagon are educated, younger, middle-income individuals looking for alternatives to the shaky banking system.

Indians may flock to Crypto in the near future

The surveyappreciatedthat over 11% of India’s population will be immersed in the cryptocurrency sector by the end of 2023. The country’s crypto adoption rate is expected to surpass that of the United States, United Kingdom, Japan and Russia.

Statista found that most Indians involved in digital assets are well-educated and between 18 and 40 years old. Previous studies show that young people in other countries are also the most likely to interact with the industry.

India's cryptocurrency market could offer around $3.3 billion worth of profits this year, while revenue could explode to nearly $6 billion by 2027.

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 significant number of HODLers.

The uncertainty in the traditional financial system and the search for higher profits are the main factors driving Indians into the digital asset space.

Last year's KuCoin surveyspecifiedthat the total number of domestic crypto investors is around 115 million, with almost 40% of them falling into the 18-30 age group.

Non-HODLers explained that the main reason that stopped them from joining the club was the lack of proper regulations. Inadequate investor protection and hacker attacks were also cited as major concerns.

Other nations where crypto is thriving

Despite the bear market in 2022, cryptocurrencies are still very popular in several countries. Geminiquestioned30,000 people in April last year to find that Indonesia and Brazil are leading the world in crypto adoption, with 41% of surveyed participants from both countries admitting to owning Bitcoin or altcoins.

The asset class appears to have attracted many residents of nations experiencing financial difficulties.Some examples are ArgentiniansTurks andLebaneseall of whom have gone through severe political and monetary turmoil in recent years.

AsCryptoPotatoreported, Vietnamese are also fascinated by crypto, with about 17% of them being HODLers. Almost a third of them have invested in Bitcoin, making it their preferred digital asset. In these statistics, Thailand is the only country from the Association of Southeast Asian Nations (ASEAN) ahead of Vietnam.

.