Over the past six years, India has seen a major rise in crypto ownership, despite a historically negative attitude toward the sector from the government. The country`s cryptocurrency market gained traction during the pandemic, causing the number of crypto users to snowball from less than five million in 2017 to over 206 million this year. This figure is expected to continue growing in the following years, with India reaching far more crypto users than the world`s top crypto markets.
According to data presented by BitcoinCasinos.com, India is expected to hit 328 million crypto users by 2027, or nearly three times more than the United States and the United Kingdom combined.
The Fastest-Growing Crypto Nation in the World
One of the key drivers behind the surging crypto adoption in India was the growing well-educated middle class searching for an alternative investment avenue in a country with a less-developed traditional financial system. The ease of crypto trading and potentially high returns have attracted many Indians to enter the cryptocurrency market.
According to a Statista survey, between 2017 and 2020, the number of crypto users in the country increased nearly four times, rising from 4.8 million to 17.8 million. But that was just a start of a surging crypto adoption. Between 2020 and 2021, at the peak of the COVID-19 pandemic, more than 60 million Indians started buying cryptos, pushing the total user count in the crypto market to 77.6 million. Since then, another 130 million people have entered the crypto market, with the country reaching over 206 million crypto users in 2023. This figure is even more impressive when compared to the world`s largest and highest-grossing crypto markets.
The United States, which generates nearly half the total crypto transaction value, worth $38bn in 2023, hit 74.3 million users this year, almost three times less than India. Statistics also show India has eleven times more crypto users than the world`s third-largest crypto market, the United Kingdom, and fourteen times more than Germany.
Statista expects India to remain the fastest-growing crypto market in the following years. Between 2023 and 2027, the number of crypto users in the country is forecasted to surge by almost 60% to 328.7 million. The United States will see nearly 100 million crypto users and a 33% growth in the next four years. The UK and German crypto markets follow with a 25% increase, resulting in 22.2 million and 19 million crypto users, respectively.
India to Make One-Third of Global Crypto User Count in 2027
As the fastest-growing crypto nation in the world, India also has the largest share of the global crypto user count. According to a Statista survey, the total number of crypto users hit almost 674 million in 2023, 244 million more than last year, and roughly 30% are from India. The world`s largest crypto market, the United States, has an 11% share of the global crypto user count.
Statista expects the global crypto population to swell to nearly one billion by 2027, and the Indian market will make 33% of that figure.