India to have over 150 million crypto users by end of 2023? (Study)
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 those expected to jump on the bandwagon are educated younger people of middle income status seeking alternatives to the shaky banking system.
Indians may flock to crypto in the near future
The survey Assumed 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 US, UK, Japan and Russia.
Statista determined that most Indians who engage in digital assets are well-educated and between the ages of 18-40. Previous studies show that it is most likely that young people interact with industry in other countries as well.
India’s cryptocurrency market could offer profits worth roughly $3.3 billion this year, while revenue could explode to nearly $6 billion by 2027.
Residents of the capital Delhi are most likely 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 pursuit of higher profits are the main factors pushing Indians towards the digital asset field.
Last year’s KuCoin survey indicated that the total number of domestic crypto investors is around 115 million, with almost 40% of them 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 rules. Inadequate investor protection and hacking attacks have also been cited as major concerns.
Other nations where crypto thrives
Despite the bear market in 2022, cryptocurrencies have remained very popular in several countries. The twins asked 30,000 people last April to determine that Indonesia and Brazil are the global leaders 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 ArgentinesTurks and Lebaneseall of which have undergone severe political and monetary turbulence in recent years.
As The crypto potato reported, Vietnamese people are also fascinated by crypto, with around 17% of them being HODLers. Almost 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 this statistic.
