Indians own the highest number of Cryptocurrency in the world, followed by the US & Russia
India -Indians are outpacing the rest of the world when it comes to cryptocurrency adoption. Even seeing investors, they are still awaiting the official verdict on cryptocurrency exchanges in the counting. A study conducted by the portal BrokerChoose’s annual crypto proliferation index reveals that at over 10 crores, India has the largest number of crypto owners in the world followed by the US and Russia.
While cryptocurrencies are currently in the grey area where policy and regulation are concerned. It was reported that India has 10.07 crore cryptocurrency owners, ahead of both the US, which has 2.74 crore owners, and Russia with 1.74 crores, according to the report. This puts India ahead of all others, in terms of individual currency holders.
In the past twelve months, India had the second-highest numbers, nearly 36 lakh of total crypto searches; on the other hand, the US saw the highest number of crypto searches at 69 lakhs.
Although, India was ranked second out of 154 countries on the 2021 Global Crypto Adoption Index. The report mentioned that large institution-sized traders above $10 million worth of cryptocurrency represent 42 percent of transactions sent from India-based addresses. It is believed that India’s cryptocurrency investors are part of larger and more sophisticated organizations.
According to the Chainlysis report, big institutional investment has also helped the growth of cryptocurrency in the country. In the absence of regulation and legal status for cryptocurrency in the country, these numbers are certainly impressive. Nevertheless, as countries around the world look to regulate these cryptocurrencies, it remains to be seen how investment and interest in these cryptocurrencies change over time.