India is expected to have almost 270 mln crypto users this year, more than the United States and Europe combined, according to data presented by AltIndex.com.
Over the past years, India has seen a significant rise in cryptocurrency investors despite the government’s historically negative attitude toward the sector.
The country’s crypto market will continue growing in 2024 and reach far more users than any other country or region.
The Indian crypto market gained momentum during the pandemic years, causing the number of crypto users to skyrocket by 570% in just two years and hit almost 120 mln in 2022.
The growing, well-educated middle class combined with a less-developed traditional financial system in the country was a key driver behind this impressive growth. But what started as a COVID-19-caused boom continued last year, with another 90 mln Indians embracing cryptos as an investment or payment method and pushing the total user count in the market to a whopping 206 mln.
Statista expects the number of crypto owners in India to continue growing and hit new highs this year.
With almost 270 mln people using digital coins in 2024, or 63 mln more than last year, India will have many more crypto users than the United States, the world’s largest crypto market.
Statistics show the US crypto market will hit 87.7 mln users this year, or three times less than India. Although ahead of the United States in total crypto user count, Europe will also stay far behind India, with 165.5 mln users in 2024.
Largest crypto nation
Besides being the world’s largest crypto nation, India will also see the biggest user growth in the following years.
Statista expects the number of crypto users in the country to jump by 21% and hit almost 330 million by 2028. Europe and the United States will see a 14% growth in this period, hitting 188 million and 100.7 million users, respectively.
The Statista survey also showed India will continue to have the lion’s share of the total crypto user count. In 2028, every third crypto user in the world will be from India, almost the same as this year.
Although India will keep the title of the world’s largest and fastest-growing crypto nation, the country’s crypto revenues are still far behind those of the highest-grossing crypto markets.
In 2024, crypto exchanges and trading platforms are expected to generate $51.3 bln in revenue, or 26% more than last year. Almost half of that value, or $23.2 bln, will come from the United States, the world’s number one crypto market.
The European crypto market will hit $13.5 bln in revenue, making 26% of the world’s total this year. Statistics show the Indian market is still far behind these figures, with only $340 mln in crypto revenues in 2024.
