India to See a Massive Jump in Crypto Users: Report
- According to a study conducted by Statista, the number of crypto users in India is expected to surge to more than 156 million by the end of 2023.
- As per the survey, over 11% of the population of India is expected to have some kind of exposure to cryptocurrencies by the end of this year.
- India is expected to surpass the United States, the United Kingdom, Japan, and Russia in terms of crypto adoption.
- The crypto market in the country is expected to offer profits worth approximately $3.3 billion this year and around $6 billion by 2027.
India, the second-largest internet market around the globe, has embraced crypto at a rapid pace compared to other countries, and some of the most notable blockchain companies have been created by Indians. Interestingly, according to the results of a study conducted by Statista, an online platform specialised in market and consumer data, the number of crypto users in the country is expected to surge to more than 156 million by the end of 2023.
According to the survey, a larger number of youth in India with low income and high expectations who are looking for alternatives to the trading banking system are expected to jump on the crypto bandwagon, ignoring the advice shared by the Governor of the Reserve Bank of India (RBI), Shaktikanta Das.
Das recently stated that cryptocurrencies have no underlying value and have many risks associated with them. He also added that these blockchain-based assets risk the world of traditional finance and asked investors to “keep in mind that they are investing at their own risk.” While referring to the Dutch tulip bubble market, the Reserve Bank of India Governor said:
“They should also keep in mind that the cryptocurrency has no underlying, not even a tulip.”
It is crucial to note that, as per the survey, over 11% of the population of India is expected to have some kind of exposure to cryptocurrencies by the end of 2023. Moreover, it is expected that the Southeast Asian country will surpass the United States, the United Kingdom, Japan, and Russia in terms of crypto adoption.
The study also shows that the majority of people in India who have their wealth associated with crypto assets are well-educated and belong to the 18–40 age group. Further, youngsters are expected to interact with crypto assets in other countries around the globe as well. The crypto market in the country is expected to offer profits worth approximately $3.3 billion this year, while revenue is expected to be around $6 billion by 2027.
Two cities in the country are expected to have a significant number of crypto HODLers. The first is the capital of India, i.e., Delhi, which is expected to have the largest number of crypto users aiming to hold digital assets for the long term. On the other hand, the second city with the most users is Bengaluru.
It is important to mention here that the regulatory uncertainty surrounding crypto has affected many companies in the country, with WazirX announcing the closure of its NFT platform due to a low number of users in India last month.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
