More cryptocurrency users in India by 2027, to surpass US and UK combined

India is expected to account for 33% of one billion global users in four years.

India’s cryptocurrency market gained momentum during the pandemic, propelling the number of users from under five million in 2017 to over 206 million in 2023, according to BitcoinCasinos.com.

In the past six years, India has witnessed a significant surge in crypto ownership, despite previous government scepticism towards the sector. 

This upward trend is predicted to continue, positioning India to surpass even the leading global crypto markets.

Data further showed that India could reach 328 million crypto users by 2027, nearly three times the combined count of the US and the UK.

A major driver behind India's growing crypto adoption has been the educated middle class seeking alternative investment options in an underdeveloped traditional financial system. 

The ease of crypto trading and potential high returns have lured many Indians into the crypto market.

A survey by Statista reveals a fourfold increase in crypto users from 2017 to 2020, rising from 4.8 million to 17.8 million. 

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Amid the COVID-19 pandemic, over 60 million Indians entered the crypto market between 2020 and 2021, elevating the user count to 77.6 million. Since then, another 130 million individuals have joined the crypto space, pushing India's user count beyond 206 million in 2023. 

With a transaction value of $38b in 2023, the US, accounting for nearly half of the total, registered 74.3 million users—almost three times fewer than India. 

Notably, India boasts eleven times the crypto users of the third-largest market, the UK, and fourteen times more than Germany.

Statista projects India to maintain its status as the world's fastest-growing crypto market in the coming years. Between 2023 and 2027, the user count is expected to increase by nearly 60%, reaching 328.7 million. 

In the US, crypto users are anticipated to approach 100 million with a 33% growth. 

Meanwhile, the UK and Germany are set to experience 25% growth, yielding 22.2 million and 19 million users, respectively.

As the swiftest-growing crypto hub worldwide, India holds the largest share of the global crypto user count. 

Statista data showed the total number of crypto users reached almost 674 million in 2023, a rise of 244 million from the previous year—of which roughly 30% hail from India. 

In contrast, the US, the world's largest crypto market, contributes 11% to the global user count.

Statista envisions the global crypto population nearing one billion by 2027, with India expected to represent 33% of that figure.