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India's Crypto Community Could Surpass 156 Million by Year-End: Statista Report

Cointime Official

According to a recent report by Statista, India's cryptocurrency community is projected to grow to over 156 million members by the end of 2023.

The report also projects that revenue in the Cryptocurrencies segment in India will reach $3.33 billion in 2023, with an expected annual growth rate of 15.49% from 2023 to 2027, resulting in a projected revenue of $5.92 billion by 2027.

The average revenue per user in the Cryptocurrencies segment in India is expected to be $21.28 in 2023. In comparison, the United States is projected to have the highest revenue in the Cryptocurrencies segment at $22.71 billion in 2023.

By 2027, the number of users in the Cryptocurrencies segment in India is expected to reach 191.80 million, with user penetration expected to be 11.0% in 2023 and projected to reach 13.1% by 2027.

The growth in India's crypto community is attributed to several factors, including the increasing adoption of blockchain technology and the government's recent decision to allow cryptocurrency trading.

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