February 11, 7:07 pm
Over the past years, India has seen a significant rise in crypto 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.
According to data presented by AltIndex.com, India is expected to have almost 270 million crypto users this year, more than the United States and Europe combined.
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 million 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 million Indians embracing cryptos as an investment or payment method and pushing the total user count in the market to a whopping 206 million.
Statista expects the number of crypto owners in India to continue growing and hit new highs this year. With almost 270 million people using digital coins in 2024, or 63 million more than last year, India will have much more crypto users than the United States, the world's largest crypto market.
Statistics show the US crypto market will hit 87.7 million 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 million users in 2024.
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 billion in revenue, or 26% more than last year. Almost half of that value, or $23.2 billion, will come from the United States, the world's number one crypto market.
The European crypto market will hit $13.5 billion 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 million in crypto revenues in 2024.
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The information provided by AltIndex is solely for informational purposes and not a substitute for professional financial advice. Investing in financial markets carries inherent risks, and past performance doesn't guarantee future results. It's crucial to do your research, consult with financial experts, and align your financial objectives and risk tolerance before investing. AltIndex creators and operators are not liable for any financial losses incurred from using this information. Users should exercise caution, seek professional advice, and be prepared for the risks involved in trading and investing in financial assets, only investing what they can afford to lose. The information in this application, derived from publicly available data, is believed to be reliable but may not always be accurate or current. Users should verify information independently and not solely rely on this application for financial decisions. By using AltIndex, you acknowledge that it doesn't offer financial advice and agree to consult a qualified financial advisor before making investment decisions.
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