India is the second largest owner of Bitcoin?

Information has started circulating on social media that investors in India own more than a million bitcoins, which is 5,1% of the total supply. However, data analysis shows that this claim is unlikely to be unfounded and distorts the true state of affairs.

Below you can see a message that claims India has the second largest number of Bitcoins.

Retail investors make up the bulk of cryptocurrency holders in India, leaving room for a surge if the country approves spot currencies, according to the Crypto India group. bitcoin ETF, which will open access to institutional investors.

While it is nearly impossible to accurately verify any country’s assets due to the anonymity of the Bitcoin network, there is no doubt that India is a global leader in cryptocurrency adoption. For example, a 2024 study shows that cryptocurrency adoption in India has grown by 172%, surpassing Nigeria, Indonesia, and the United States.

The inaccurate social media post appears to be based on confusing the number of users with the total amount of assets. According to a widely cited study, there are nearly 119 million cryptocurrency users in India, more than double the estimated 53,5 million users in the United States.

This huge user base of just over 8% of India’s total population puts the country at the top of the list in terms of the number of people involved in cryptocurrency. This is a verifiable statistic that demonstrates India’s huge role in the global cryptocurrency market.

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