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Over 10 Crore Indians Hold Crypto

This article was written based on mainstream media reports. However upon further investigation, we have concluded that the claim is misinformed at best. Hence we advise users to read this research instead.

In absolute terms, it is the highest in the world with the United States at the second place.

Cryptocurrency’s regulatory status might be unclear in India, but it does not deter Indians from investing in crypto assets.

As per a report by the Times of India, India ranks 5th among the Countries with the Highest Rate of Crypto Owners. Astoundingly, 7.3% of Indians hold cryptocurrency as per the estimates. It is over 10 crores, which is the highest in the world in absolute numbers. 

It is more than one-third the population of the next most populous country, the United States. The USA ranks 2nd in absolute numbers with around 2.7 crore people investing in crypto assets.

The leader is Ukraine with 12.73% of the population holding crypto.

Recently, it was reported by Chainalysis that India’s crypto market grew at a skyrocketing pace of 641% with 59% of the activity taking place on DeFi platforms.

Moreover, Indians are embracing digital assets as a mode of payment too. Many businesses have begun accepting it. Even freelancers working for overseas employers have started to take payments in crypto assets.

The Chainalysis report also had pointed out that in India large institutional investors are also playing an important role. They account for 42% of transactions from India-based addresses.

News recommendation: 45% Consumers Will Be Using Crypto Payments by 2023

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