30+ Crypto adoption in India statistics, facts & usage trends 2024

In this article, we are looking at crypto adoption statistics in India, including Bitcoin adoption, to understand trends, power segments, and the crypto adoption curve.
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Updated: May 14, 2024
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India’s large population drives the world’s highest number of cryptocurrency owners – over 93 million. But after we saw a surge in trading activity, the market was recently shaken by heavy taxation, volatility and fears of fraud. 

The recent downward crypto adoption curve doesn’t seem to impact positive sentiment, as reflected in the growing hope of people that cryptocurrencies are the future of finance in India. Women, despite the lower crypto adoption within the segment, are particularly curious to learn more and buy cryptocurrencies in future. With its tech-savvy, crypto-optimistic population, India is poised to overcome recent struggles and become a powerhouse of digital assets.

This statistics article comes hot on the heels of the latest crypto adoption statistics, delving into crypto and bitcoin adoption, investors’ demographics, and their awareness and attitudes. Here is what the research team at Invezz.com found.

Key takeaways

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  • India has the world’s highest number of cryptocurrency owners – 93 million.
  • The number of cryptocurrency owners fell by 5% in 2023, following the introduction of new crypto taxes.
  • Crypto ownership among people in India is 21%.
  • The average revenue per cryptocurrency user in India is $1.3.
  • 53% of investors in India have put crypto to rest, hoping for long-term returns.
  • Bitcoin adoption rate stands at 69% among crypto investors in India, making it the most popular coin.
  • People in India see  Bitcoin as  the most environmentally friendly cryptocurrency.
  • In India, Dogecoin leads in monetary value, with an 11% share of total crypto investments.
  • The majority of crypto owners in India are male (69%), but women show more interest.
  • One in 2 retirement savers in India have put money into crypto.
  • Most Indians want to use crypto profits to improve the family’s living conditions (40%).
  • In 2023, 45% of people in India believed cryptocurrency needs to  be heavily regulated.

General crypto adoption in India statistics

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1. India ranked first for crypto adoption globally in 2023.

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The US research firm Chainalysis found India leading in grassroots crypto adoption among the 154 countries analyzed. Indeed, developed economies naturally score better in transaction volumes, yet India ranked the highest in everyday adoption. 

Following India, people in Nigeria and Vietnam were most likely to adopt crypto, while the US took the fourth place.

Source: Chainalysis

2. India led globally with 93 million cryptocurrency owners in 2023.

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According to the crypto payments company Triple-A, there were over 420 million cryptocurrency owners globally. Out of them, 93 million – or 22% of total users worldwide – were based in India.  The US came second in cryptocurrency ownership with 48 million active crypto users, followed by Vietnam with 20 million, and Pakistan with 15 million.

3. In India, crypto ownership dropped by 5% in 2023.

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The number of crypto owners declined from 97.5 million in 2022 to 93 million in 2033, suggesting a downward crypto adoption curve. Many investors in the country were likely to put off the recently introduced taxation, including a 30% tax on cryptocurrency sales.

Source: Triple-A

4. The rate of crypto adoption in India was 21% in 2023.

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In a survey by the blockchain company Consensys and YouGov, more than half of adults in India reported they either owned (21%) or have previously owned (32%) cryptocurrency. The remaining 47% had no experience with crypto investments.

This placed India among the leading countries in terms of past or current crypto ownership, along with Nigeria, the US, the Philippines, and South Africa.

Source: Consensys

5. About 6% of investors in India are only investing in crypto.

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Most (59%) have invested in both crypto and equities (stocks, mutual funds), according to a 2023-24 survey by the crypto exchange Mudrex. 

This shows a preference for balanced approaches, yet there’s still interest in crypto-exclusive portfolios.

Source: Mudrex

6. In India, the average revenue per cryptocurrency user is $1.3 in 2024.

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This is much lower than the global average revenue of $61.8 per cryptocurrency user, estimated by Statista. The difference can be explained by the large share of HODLers in India, who put their crypto assets to rest, hoping for long-term gains.

Source: Statista, WazirX

7. Most investors in India (53%) have invested in crypto for long-term returns.

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The 2023 survey by the crypto exchange WazirX also found that the share of long-term investors (a.k.a. HODlers) jumps to 85% among women, compared to 54% among men. 

Meanwhile, active traders with more than one investment per month were estimated at just 19%. 

Source: WazirX

8. 70% of people in India are planning to invest in cryptocurrencies.

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When looking at the future of owning crypto, 70% of respondents in the Consensys’ 2023 study said they plan to invest in crypto over the next year, while only 30% would rather not.

Willingness to buy crypto was overall stronger in Asia and Africa, in sharp contrast to developed economies. In countries like Denmark, France, Germany, Japan, and the UK, the majority affirmed they would not invest. Analysts at the cryptocurrency exchange Gemini identified high inflation as the primary driver for crypto adoption plans. 

Source: Consensys, Gemini

9. One in 2 retirement savers have put money into crypto.

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Indians have been incorporating cryptocurrencies into their retirement savings. According to Mudrex’s 2024 report, 45% of users with retirement plans invested in cryptocurrencies. This shows a financial commitment to digital assets to meet long-term financial goals. 

Source: Mudrex

10. Most crypto investors in India (60%) make decisions independently. 

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The same study showed that when it comes to making financial decisions, people in India mostly rely on themselves. Those who do seek help turn to family (20%) or a partner (15%), and only 6% rely on financial advisors.

Source: Mudrex

Bitcoin adoption statistics

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11. Among investors in India, Bitcoin adoption rate was 69% in 2023.

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The Bitcoin adoption curve has been spectacular in India. According to the 2023 study by Consensys/YouGov, about 69% of cryptocurrency holders own or have owned Bitcoin. Ethereum (38%), Dogecoin (27%), Binance (27%), and Shiba (23%) made up the top 5.

Source: Concensys

12. People in India have invested more money in Dogecoin than in Bitcoin.

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Despite the impressive Bitcoin adoption curve, 2023 user data by the crypto exchange Coinswitch suggests that Dogecoin leads in investment value. This coin was recently introduced in 2023 and since then, it managed to claim 11% of total investment value. Following was Bitcoin with a 9% share in total crypto investments.

Source: Coinswitch

13. Bitcoin is seen as the most environmentally friendly cryptocurrency in India.

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Overall, the majority of people in India (57%) believe that crypto is an environmentally friendly technology, per Consensys’ 2023 study. But Bitcoin in particular is seen as the most conscious coin, followed by Ethereum.

Researchers from Consensys attribute the results to higher Bitcoin adoption and awareness, rather than to any real knowledge about the environmental impact of cryptocurrencies.

Source: Concensys

Crypto awareness and understanding statistics

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14. More than 9 in 10 Indians have heard about cryptocurrency. 

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Crypto is a widely-known concept in India, with 92% of the population saying that they had heard about it in 2023. This matches the global average (92%), measured by Consensys.

Source: Concensys

15. Despite the mass awareness of cryptocurrencies in India, just 56% understand what they are.

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Yet this is more than the global average of 50%. What stood out as a global trend in the Consensys’ research is the gender gap in understanding. Young men aged 25-34 years have the greatest knowledge of crypto, while women showed less understanding.

Source: Concensys

16. Nine in 10 investors understood how crypto is taxed in India.

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India’s crypto taxation has developed into a complex framework, including a flat 30% tax on profits and a 1% tax on transactions above a specified threshold.

Despite the complexity, in 2023 most investors (75%) claimed they understood how crypto is taxed in India, and another 16% had at least some knowledge. Just 9% said they have no understanding of how crypto taxation works.

Source: WazirX

Crypto investors statistics

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17. The majority of crypto owners (69%) in India are male.

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When it comes to crypto adoption in India, there is a big gender gap in India. Mudrex’s 2023-24 survey revealed that most crypto investors are male (69%), with just 29% being female.

Source: Mudrex

18. Women in India were more crypto-curious than men in 2022.

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Despite the ownership gap, a 2022 report by Gemini demonstrated that women were more interested in learning more or buying crypto, at 53% and 47%, respectively.

Crypto adoption statistics suggest that women will be a high-growth segment in India, likely leading to a spike in new female investors in the next few years.

Source: Gemini

19. The three biggest cities in India account for above 20% of total crypto investments.

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Coinswitch’s  2023 report estimated that Delhi tops crypto investments, with 9% of total value coming from the metro area. Following were the tech hubs Bengaluru (8%) and Mumbai (5%). Altogether, those three metros bring approximately 22% of total crypto investment value in the country.

Source: Coinswitch

20. About 75% of crypto investors belong to a young demographic, aged under 35 years.

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Approximately two-thirds of India’s 93 million crypto investors in India are young people aged 18-35 years, according to Coinswitch’s 2023 estimates.  

Source: Coinswitch

21. The majority of crypto investors in India are Gen Zers, with a 35% share. 

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Moving up the age brackets, the share of investors above 40 years is just 10%. 

The fresh young blood is likely to bring more dynamism in the crypto adoption curve. In 2022 Kucoin also found that the segment of investors aged 18-30 years is growing faster than their mature counterparts. It is likely that Gen Zers will continue to drive growth in crypto adoption, making them an attractive market.

Sources: Mudrex, KuCoin

22. Across occupations, crypto adoption in India is highest among start-up employees, at 57%.

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The culture of innovation and digital awareness at start-ups nurtures a significantly greater crypto adoption rate (57%), compared to the public (41%), business (37%), and private (36%) sectors.

Sources: Mudrex

23. More than 40% of investors in India have put INR 40,000 (about $480) or more into crypto.

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Using 2023 user data, the crypto exchange WazirX found that the percentage jumps to 50% across Millennials aged 31-45 years.

Source: WazirX

24. Crypto adoption in India is not significantly influenced by income.

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Data collected from investors throughout 2023/24 indicates that individuals across all income brackets hold cryptocurrency, with a slight gap between low-income (50%) and high-income investors (55%).

Source: Mudrex

Cryptocurrency attitude statistics

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25. Investors in India are overall positive about crypto, suggesting it is the future of money (38%) and digital ownership (31%).

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Cryptocurrencies in India mostly bring positive associations related to a big positive change in the financial ecosystem, according to a 2023 survey. Significantly fewer respondents reported negative sentiment, such as scams and phishing (20%) and speculation (17%).

Source: Concensys

26. Two in 3 crypto investors in India saw cryptocurrencies as a hedge against inflation.

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Gemini’s 2021/2022 survey highlighted a 59% devaluation of the rupee against the dollar over the past decade. Against this backdrop, 63% of crypto enthusiasts in India believed that digital assets would protect them from inflation.

Source: Gemini

27. Half of Indian investors see cryptocurrency becoming mainstream in the next 5 years.

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In the next five years, about 50% of those surveyed by Mudrex in 2023/24 expect crypto adoption amongst the masses. This suggests a growing integration of digital assets like Bitcoin within the established payment ecosystem, enabling people to easily pay with crypto to merchants.

Source: Mudrex

28. As of 2023, the most common goal to invest in crypto was high ROI, at 45%.

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As expected, Indian investors are putting money into crypto mostly for financial gains. But the next most popular reason was staying ahead of the curve, at 29%, showing great curiosity about emerging technologies in the country.

Source: WazirX

29. In India, most crypto investors (40%) will use their profits to improve the family’s living conditions.

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Kucoin’s 2022 research specifically looked at how people in India want to spend their crypto profits. The second most popular reason was saving for emergency or retirement, revealing long-term attitudes towards crypto investments.

Significantly fewer respondents planned to use their profits to start their own business (23%).

Source: KuCoin

30. The volatility of the crypto market (48%) along with fear of scams (44%) are the two main barriers to crypto adoption in India.

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In a 2023 survey, most investors (48%) recognized high volatility and risk as the number one barrier to entering the crypto ecosystem in India. Closely following was the related fear of scams, at 44%.

Most people in India (92%) have heard about crypto, but this doesn’t mean that they know how it actually works. The next two biggest barriers were the perceived complexity of the market (36%), along with not knowing where to start (36%). 

Source: Consensys

31. As of 2023, about 45% of the population in India believed that cryptocurrency needs to be heavily regulated.

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Despite the heavy crypto taxation in India, when Consensys asked the population what’s their opinion about cryptocurrency and taxation in 2023, most people (45%) were advocates of heavy regulation. This is to ensure that the traditional financial ecosystem is not destabilized and that investors are protected.

Source: Consensys

Final notes

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Despite tough tax regulations, India leads in global cryptocurrency ownership. The upward crypto adoption curve seems broken, but not for long. 

Crypto adoption statistics demonstrated a resilient mindset of investors. People in India demonstrate a high level of awareness and enthusiasm to try new blockchain technology and stay ahead of the curve. 

Women might be currently under-represented in crypto ownership, but they show greater curiosity and enthusiasm to buy crypto in future. Factoring in the sheer size of the female population in India, there is a huge opportunity for new crypto owners over the next few years.



Sources & references
Risk disclaimer
Delyana Georgieva
Data Analyst
Delyana is a Data Analyst at Invezz, an experienced market researcher and content creator. Prior to joining Invezz, she worked at marketing agencies and for an... read more.