In 2021, cryptocurrency accounted for $6.10 billion worth of transactions worldwide, up 177.3% from $2.20 billion the year before. Come 2023, crypto transaction value will hit $16.16 billion as more businesses accept these digital currencies as payment.
Beyond the chart: Crypto adoption has exploded since the onset of the pandemic, when the digital assets captured the imaginations of people stuck at home and online. Nearly 13% of US adults will own crypto this year, per our estimates. Most are in it for long-term investment, with only about 10% of US owners using their crypto for transactions. That said, the base of crypto payment users will expand at high double-digit rates through 2023, even as growth in owners decelerates.
In India, nearly 20 million Indian were using cryptocurrencies. But after the Budget 2022 the crypto trading has gone down by 70%. Budget 2022 has imposed a higher tax rate on crypto earnings.
Source: eMarketer, Fortune India, The Economic Times
