The crypto industry is on the up in 2023, despite the ups and downs and regulatory twists seen in the past months, with nearly one billion people expected to use cryptocurrencies as investment or a payment method by 2027, a study has shown.
According to data presented by AltIndex.com, the impressive performance of the world’s largest cryptos, which saw double-digit price growth in the first six months, helped the market to grow its user base by 56% year-over-year, with 245 million people joining the crypto space.
This figure will continue growing in the following years, with the crypto industry reaching a huge new milestone.
One in three will be from India
Although the 2022 crypto winter had a brutal impact on the market, wiping hundreds of billions of dollars off crypto’s value and causing massive layoffs in the crypto space, the number of crypto users continued rising.
Between 2020 and 2021, more than 220 mln people joined the crypto space, causing the total number of users to jump from 74 mln to over 296 mln. Last year, another 135 mln people started using cryptos as a payment method or a long-term investment, pushing the total user count to nearly 430 mln.
Statista expects 2023 to see just as impressive growth rates, with 244 mln people joining the crypto space.
Although growth rates will slow down in the following years, the crypto market will see the total user count jump from 674 mln in 2023 to 994 mln in 2027. Most of that increase will come from India, the world’s fastest-growing crypto nation.
India has seen a significant rise in crypto ownership over the past six years, despite a negative attitude toward the sector from the government.
Between 2017 and 2023, the number of crypto users snowballed from less than 5 mln to over 206 mln. This figure is expected to grow in the following years, with India reaching far more crypto users than the world’s top crypto markets.
By 2027, India is expected to hit 328 mln crypto users, or three times more than the United States and the United Kingdom combined. That means one in three crypto users in 2027 will be from India.
The U.S. market will see nearly 100 mln crypto users by 2027. The U.K. and Germany follow with 22.2 mln and 19 mln crypto users, respectively.
Revenue to hit $65 bln by 2027
The surging number of people using cryptocurrency as a payment method or investment will help the crypto market double its revenues in the next four years.
Statistics show that global crypto revenue jumped by 105% year-over-year and hit $37.8 bln in 2023. This figure is expected to jump to almost $65 bln by 2027, a 71% increase in four years.
Almost half of that value will come from the United States, the world’s highest-grossing crypto market. Far below, the United Kingdom, Canada and Japan follow, with $3.7 bln and $2.4 bln in crypto revenue by 2027, respectively.