According to a research shared with BeInCrypto, the number of crypto investors in India could potentially exceed 150 million in 2023. If this prediction comes true, India could have 53% of the market share of global cryptocurrency users.
India is expected to reach more than 156 million cryptocurrency users in 2023, or five times more users than the US.
India stands out as one of the largest markets for Bitcoin adoption, especially given the country's population. There are many factors driving this adoption, such as a growing cultural movement in major cities driven by crypto meetups attended by a variety of audiences, from leading global CEOs to young enthusiasts. This intense interest from such a diverse audience is encouraging more people to join the movement and the industry. Large capital flows for Web3 and blockchain projects are another factor driving the adoption of Bitcoin.
Another reason for the growth of cryptocurrencies in India is the adoption of mobile technology. India is home to the world's second largest smartphone market with more than 1 billion smartphone users. This has created a large user base accustomed to digital payments and has the necessary technology to invest in cryptocurrencies. Also, the rise of mobile wallets in India has made it easier for people to transact in cryptocurrencies.
