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Thu, Sep 7, 2023 3:45 PM

Crypto Market Set to Reach Nearly 1 Billion Users by 2027

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Crypto Market Set to Reach Nearly 1 Billion Users by 2027
The cryptocurrency market is projected to reach a massive milestone by 2027, with nearly 1 billion individuals expected to use cryptocurrencies for investment or as a payment method. Despite recent market setbacks, the number of crypto users has continued to soar, driven by the impressive performance of leading cryptocurrencies. This growth is anticipated to be fueled by countries like India, which has seen a remarkable surge in crypto adoption. The surging number of crypto users is also expected to significantly boost the market's revenues in the coming years.

The impressive performance of the world's largest cryptos in the first half of this year has contributed to the significant growth of the crypto market's user base. Recent research reveals that 245 million people joined the crypto space, representing a YoY increase of 56%. This positive trend is projected to continue, with the number of crypto users estimated to reach close to 1 billion by 2027.

The crypto industry's total user count skyrocketed from 74 million in 2020 to over 296 million in 2021, with more than 220 million new users joining during that period. In 2022, despite the challenging market conditions and the crypto winter, another 135 million individuals began using cryptocurrencies as a means of payment or a long-term investment, pushing the total user count to almost 430 million.

Looking ahead, Statista predicts that 2023 will see similarly impressive growth rates, with 244 million additions to the crypto space. Subsequently, the total user count is expected to rise from 674 million in 2023 to a staggering 994 million by 2027.

India, the world's fastest-growing crypto nation, will play a significant role in driving this growth. Despite governmental skepticism towards the sector, India has witnessed a remarkable increase in crypto ownership over the past six years. From less than 5 million users in 2017, the country's crypto user count climbed to over 206 million in 2023. By 2027, it is anticipated that India will have 328 million crypto users, surpassing both the US and the UK combined.

With one in three crypto users expected to be from India by 2027, the United States will have nearly 100 million users, while the UK and Germany will follow with 22.2 million and 19 million users, respectively.

Not only will this surge in crypto adoption impact user counts, but it will also have a transformative effect on the market's revenues. It is estimated that the crypto market's revenues will nearly double in the next four years due to the increasing number of individuals using cryptocurrencies for payments and investments.

Source of content: OOO News 2023-09-07 News

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