The Indian cryptocurrency market is on course to become even more fructuous as the country has recorded the highest number of crypto owners in the world, standing at 10.07 crore according to BrokerChooser, an independent broker discovery and comparison platform.
In a study conducted by the portal’s annual crypto proliferation index, the US was down to the second place with a huge margin, recording a crypto owning population of 2.74 crores. Russia and Nigeria followed with having an estimated 1.74 crores and 1.30 crores crypto owning population respectively.
The data further analysed the number of crypto owners in comparison to the total population of the country. India placed fifth on the ranking with a percentage of 7.30 of the population engaged in cryptocurrency trading.
Meanwhile, Ukraine ranked first with 12.73 per cent of its population owning crypto. Ukraine was followed by Russia with 11.91 per cent, Kenya with 8.52 per cent and the US with an 8.31 per cent crypto owning population.
Speculating the potential reason for the global increase in crypto owning demographic, Shivam Thakral, CEO of BuyUcoin stated that the digital assets have garnered so much attention “not only because it has emerged as the best asset class of 2021 but also because other asset classes are not able to fulfil the aspiration of the smart investors who want their money to grow in tandem with global growth rate.”
The study conducted by BrokerChooser also offered a glimpse at the internet trends pertaining to the global cryptocurrency market, disclosing the data around total crypto searches and the global crypto adoption index.
Based on the global search results and other factors in the last 12 months, India is termed as the seventh most ‘crypto-aware’ country with a score of 4.39 out of 10 while Ukraine topped the chart with a 7.97 score followed by Russia, the US, Kenya, South Africa, and the UK.
Subsequently, India had the second-highest number of total crypto searches, around 36 lakhs, within the last 12 months while the US saw the highest number of crypto searches at 69 lakhs.
Earlier this year, India had been placed second out of 154 countries on the 2021 Global Crypto Adoption Index by Chainalysis, suggesting that the cryptocurrency market in the country continues to flourish despite being shrouded with unclarity regarding its legal status.