Despite turbulence and regulatory twists in recent months, the crypto industry is on the up in 2023, according to analysis from Altindex.com.
The impressive performance of the world’s largest cryptos, which saw double-digit price growth in the first six months, helped the market to grow its user base by 56% YoY with 245-million people joining the crypto space. This figure will continue growing in the following years, the research company adds, with the crypto industry reaching a huge new milestone – nearly 1-billion people will use cryptocurrencies as investment or a payment method by 2027.
Although the 2022 crypto winter had a brutal impact on the market wiping hundreds of billions of dollars off crypto’s value and causing massive layoffs in the crypto space, the number of crypto users continued rising.
Between 2020 and 2021, more than 220-million people joined the crypto space which saw the total number of users jump from 74-million to over 296-million. Last year, another 135-million people started using cryptos as a payment method or a long-term investment, pushing the total user count to nearly 430-million.
Statista expects 2023 to see just as impressive growth rates, with 244-million people joining the crypto space. Although growth rates will slow down in the following years, the crypto market will see the total user count jump from 674-million in 2023 to 994-million in 2027. Most of that increase will come from India, the world’s fastest-growing crypto nation.
India has seen a significant rise in crypto ownership over the past six years despite a negative attitude toward the sector from the government. Between 2017 and 2023, the number of crypto users snowballed from less than 5-million to over 206-million. This figure is expected to grow in the coming years with India reaching far more crypto users than the world’s top crypto markets.
By 2027, India is expected to hit 328-million crypto users, or three times more than the US and the UK combined. That means one in three crypto users in 2027 will be from India. The US market will see nearly 100-million crypto users by 2027. The UK and Germany follow with 22,2-million and 19-million crypto users respectively.
The surging number of people using cryptocurrency as a payment method or investment will help the crypto market practically double its revenues in the next four years.
Statistics show that global crypto revenue jumped by 105% YoY to reach $37,8-billion in 2023. This figure is expected to jump to almost $65-billion by 2027 – a 71% increase in four years.
Almost half of that value will come from the US, the world’s highest-grossing crypto market. Far below, the UK, Canada, and Japan follow, with $3,7-billion and $2,4-billion in crypto revenue by 2027 respectively.
