Nigeria is the Most Obsessed Crypto Country According to Report
- Crypto interest in Nigeria has surged since April, with many Nigerians seeking ways to enter the market.
The crypto market crashed in April, leaving previously high-performing tokens a shadow of themselves. Most cryptocurrencies lost more than 50% of their value following the crash, which also led to a decline in trading activities and investor presence in the industry.
A recent study explored the growing interest in the crypto market and found that Nigeria currently has the highest number of people curious about the crypto space. The study was based on information from Google Trends about popular crypto search phrases, which usually indicate a growing interest in the crypto industry. The results of each country’s search history were then combined to provide an overall search score. The top-ranked nations on the list seem most willing to purchase the dip.
Of the 15 nations included in the study, Nigerians searched for the terms “cryptocurrency,” “invest in crypto,” and “buy crypto” the most, with a total search score of 370. Nigeria’s booming interest in cryptocurrencies is being spurred by the lack of competent financial services in the nation, which has been a major driver of crypto adoption throughout Africa.
Nigeria has one of the highest numbers of crypto users in Africa, and many of these individuals leverage cryptocurrencies as alternatives to their declining economy. The Central Bank of Nigeria frequently issues anti-crypto policies, but this has not deterred many Nigerians from staking their future in the industry.
According to reports, the bulk of Nigerian crypto users utilize crypto to transfer assets. Others prefer to save in cryptocurrencies as they see it as a better store of value than the naira. Recently, the naira fell to N700 to $1. Nigerians who had saved in crypto had a big smile on their faces, justifying their choice to invest in the digital asset.
Speaking on the growing interest in cryptocurrencies, a Nigerian user said,
Cryptocurrency for most Nigerians is a bailout to the inflation in the country. Saving in naira isn’t considered a smart choice now. Many people are relying on cryptocurrencies as a cheap and better financial alternative.
UAE Soars in its Crypto Interest Rate
Many people weren’t surprised that the United Arab Emirates (UAE), with a search score of 270, came in second in the poll, considering the nation’s recent drive for cryptocurrency acceptance. The United States was placed 12th with a search score of 157, while Singapore came in third with a score of 260.
Some of the top cryptocurrencies that individuals in these 15 countries looked for were also highlighted by the search score data. In 14 of the 15 nations, Ethereum (ETH) searches scored higher than Bitcoin (BTC), with Singapore topping the list with a score of 59.
Many experts believe that the much-anticipated Ethereum Merge slated for September is increasing people’s interest in Ethereum and giving it an edge over Bitcoin.
Lawrence has covered some exciting stories in his career as a journalist, he finds blockchain-related stories very intriguing. He believes Web3 will change the world and wants everyone to be a part of it.
