The U.K. crypto industry maintains a strong pace of growth, growing much faster than the world’s largest crypto market, although far behind the United States in terms of revenue and the number of users, a study has shown.
According to data presented by AltIndex.com, the U.K. crypto industry grossed $1.9 bln this year, showing a massive 137% year-over-year growth from $800 mln in 2022. This figure is expected to double and hit $3.77 bln by 2027.
Over the years, Britain has become the largest crypto economy in Europe and one of the most promising locations for blockchain and crypto development globally.
According to Statista, over 17 million people, or 26% of the U.K.’s population, own or use cryptocurrencies, and more than 200 businesses across the country accept crypto payments. This massive user base has helped the United Kingdom to become the fastest-growing industry among the top five crypto markets.
The U.S. crypto market, which generates most of the global crypto revenues, has seen smaller growth, with its revenue rising by 107% YoY to $17.9 bln. As the next three crypto markets by size, Germany, Canada, and Japan saw four to five times smaller growth rates than the U.K., with their revenues rising between 20% and 30% year-over-year.
Fastest growing
Statista expects Britain to see just as impressive growth in the following years and remain the fastest-growing crypto industry in the top five club.
By 2027, the U.K. crypto revenues are expected to double and hit $3.77 bln. The U.S. market will see a 76% growth in this period, with crypto revenue rising to $31.6 bln.
The Japanese crypto market is also expected to grow by 76% and hit a $2.43 bln value in the next four years. Canada and Germany follow with 26% and 17% growth, respectively, and $2.41 bln and $2.35 bln in revenue by 2027.
Besides seeing the biggest four-year revenue growth, the U.K.’s crypto sector will also hit the highest user penetration rate among the top five markets.
In 2023, the U.K. crypto market had 17.6 mln users, showing a 25.6% user penetration rate. However, Statista expects this figure to continue rising in the following years, with nearly one-third of the country’s population, or 22.3 mln people, using cryptos as an investment or a payment method by 2027.
In comparison, the user penetration market in the U.S., which now counts over 74 mln users, will grow from 22% to 28% in this period. Japan and Germany follow with roughly 25 mln and 19 mln crypto users, respectively, and 20% and 22% user penetration rates by 2027.
