According to a recent report by Statista, India’s crypto community could grow to over 156 million members by the end of the year.
Most of the people expected to jump on the bandwagon are educated young people with middle-income status looking for alternatives to the faltering banking system.
Indians could flock to cryptocurrencies in the near future
the survey My dear that more than 11% of India’s population will have immersed themselves in the cryptocurrency sector by the end of 2023. The country’s cryptocurrency adoption rate is expected to surpass that of the United States, the United Kingdom, Japan, and Russia.
Statista determined that the majority of Indians managing digital assets are well-educated and between the ages of 18 and 40. Previous studies show that young people are also more likely to interact with the industry in other countries.
India’s cryptocurrency market could deliver roughly $3.3 billion worth of profit this year, while revenue could skyrocket to nearly $6 billion by 2027.
Residents of the capital, Delhi, are more inclined to buy and hold digital currencies for the long term. Bengaluru, the largest city in the state of Karnataka, also has a considerable number of HODLers.
Uncertainty in the traditional financial system and the search for higher profits are the main factors pushing Indians towards the field of digital assets.
KuCoin survey from last year indicated that the total number of domestic crypto investors is around 115 million, with almost 40% of those being in the 18-30 age group.
Non-HODLers explained that the main reason that prevented them from joining the club was the lack of proper regulations. Insufficient investor protection and hacking attacks have also been mentioned as major concerns.
Other Nations Where Crypto Thrives
Despite the bear market in 2022, cryptocurrencies have remained very popular in several countries. Gemini disputed 30,000 people in April last year to determine that Indonesia and Brazil are the world leaders in cryptocurrency adoption, with 41% of survey participants from both countries admitting to owning bitcoin or altcoins.
The asset class appears to have attracted many residents of countries experiencing financial difficulties. Some examples are the ArgentineTurks and Lebanesethat went through serious political and monetary turmoil in recent years.
As crypto potato reported, the Vietnamese are also intrigued by cryptocurrencies, and around 17% of them are HODLers. Almost a third of them have invested in bitcoin, making it their preferred digital asset. Thailand is the only Association of Southeast Asian Nations (ASEAN) country ahead of Vietnam in those statistics.
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