There is no country in the world with more cryptocurrency users than India. In fact, India has more crypto holders than the next 4 highest countries combined (see below).
India - 100 million
USA - 27 million
Russia - 17 million
Nigeria - 13 million
Brazil - 10 million
So just why does India have so many crypto users?
Reason #1: Population Size
Simply put, India is a massive country in terms of population. If we take a look at the top 5 most populous countries in the world, we can see just how far India is ahead (rounded to nearest ten million).
China - 1,440,000,000
India - 1,380,000,000
USA - 330,000,000
Indonesia - 270,000,000
Pakistan - 220,000,000
As we can see, India has over 1 billion more people than the following country, the USA. Although China may have a higher population, its government has banned the use of cryptocurrencies, leaving India (and its sizeable population) firmly ahead.
Reason #2: An Educated Population
India trails only China in number of STEM (Science, Technology, Engineering, Mathematics) graduates worldwide. It is also ranked number 3 in the world in terms of number of post secondary institutions (after the USA and China). An increasingly educated population is seeing the value of holding cryptocurrency and HODLing away.
Reason #3: High Emigration Rate
India ranks #1 in the world in terms of emigration (number of people leaving the country). Perhaps many people in India are seeing the value of cryptocurrencies and the ease in which they can be 'moved' (or lack thereof) between countries. For those who do emigrate and want to remit money, holding cryptocurrency helps eliminate the middle man and fees, while also ensuring assets arrive in the correct place in the least amount of time. For those staying, holding cryptocurrency can also act as a hedge against rising inflation of the Indian rupee (its official currency).
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