September 4, 9:45 am
The crypto industry is on the up in 2023, despite the ups and downs and regulatory twists seen in the past months. The impressive performance of the world's largest cryptos, which saw a 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.
According to data presented by AltIndex.com, nearly one billion people will use cryptocurrencies as investment or a payment method by 2027.
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 million people joined the crypto space, causing the total number of users to jump from 74 million to over 296 million. Last year, another 135 million people started using cryptos as a payment method or a long-term investment, pushing the total user count to nearly 430 million.
Statista expects 2023 to see just as impressive growth rates, with 244 million 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 million in 2023 to 994 million 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 five million to over 206 million. 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 million 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 US market will see nearly 100 million crypto users by 2027. The United Kingdom and Germany follow with 22.2 million and 19 million crypto users, respectively.
The surging number of people using cryptocurrency as a payment method or investment will help the crypto market practically double its revenues in the next four years.
Statistics show that global crypto revenue jumped by 105% year-over-year and hit $37.8bn in 2023. This figure is expected to jump to almost $65bn by 2027, showing 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 $3.7bn and $2.4bn in crypto revenue by 2027, respectively.
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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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