December 5, 4:54 am
Although far behind the United States in terms of revenue and the number of users, the UK crypto industry maintains a strong pace of growth, growing much faster than the world's largest crypto market.
According to data presented by AltIndex.com, the UK crypto industry grossed $1.9bn this year, showing a massive 137% year-over-year growth. This figure is expected to double and hit $3.77bn by 2027.
Over the years, the United Kingdom 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 UK's population, own or use cryptocurrencies today, 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.
According to Statista, the UK crypto industry grossed roughly $1.9bn in 2023, or 137% more than the $800 million reported last year. The US crypto market, which generates most of the global crypto revenues, has seen smaller growth, with its revenue rising by 107% YoY to $17.9bn. As the next three crypto markets by size, Germany, Canada, and Japan saw four to five times smaller growth rates than the United Kingdom, with their revenues rising between 20% and 30% year-over-year.
Statista expects the United Kingdom 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 UK crypto revenues are expected to double and hit $3.77bn. The US market will see a 76% growth in this period, with crypto revenue rising to $31.6bn. Statistics show the Japanese crypto market will also grow by 76% and hit a $2.43bn value in the next four years. Canada and Germany follow with 26% and 17% growth and $2.41bn and $2.35bn in revenue by 2027.
Besides seeing the biggest four-year revenue growth, the UK's crypto sector will also hit the highest user penetration rate among the top five markets.
In 2023, the UK crypto market hit 17.6 million 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 million people, using cryptos as an investment or a payment method by 2027.
In comparison, the user penetration market in the US market, which now counts over 74 million users, will grow from 22% to 28% in this period. Japan and Germany follow with roughly 25 million and 19 million crypto users and 20% and 22% user penetration rates 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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