India Crypto Revenue to Hit $3.3 Billion in 2023
The revenue generated from cryptocurrency activity in India is predicted to increase to 3.33 billion USD by 2023, due to the adoption of crypto by approximately 156 million users.
According to an online crypto analytical platform called Statista, India is expected to outperform major countries such as the United States, the United Kingdom, Japan, and Russia in terms of crypto adoption this year.
The yearly revenue graph provided by the platform shows significant growth in India's crypto revenue since 2017, rising from 0.10 billion USD to 2.49 billion USD in 2022. Reports suggest that the revenue is expected to rise to 5.34 billion USD in 2026 and 5.92 billion USD in 2027.
Currently, India is in second place in terms of crypto adoption, with the United States ranking first with a revenue of 22,710,000,000 USD. Japan, the UK, and Russia occupy the third, fourth, and fifth positions, respectively. India has about 115 million crypto investors, which represents a mere 15% of the country's total population.
The report also indicates that the lower investment by the general public in India's crypto market is due to factors such as difficulty in managing risk, difficulty in understanding and predicting the crypto market, the threat of crypto hacks, alongside other related concerns.
Sources:
https://coinedition.com/indias-crypto-revenue-expected-to-reach-3-33-billion-in-2023/
https://businesspost.ng/economy/double-digit-growth-expected-in-global-crypto-market-in-2023/
https://beincrypto.com/india-crypto-users-million-users-2023-5x-more-us/
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