A report; The Cryptoverse conducted by KuCoin shows that shows 35% of the adult population aged 18-60 in Nigeria are vested in bitcoin or other cryptocurrencies, the multiple survey reveals.
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The investor population is largely made up of a youthful population driven by Nigeria’s median age of 18.4 years old, which leads to 52% of the investors being below the age of 30.
According Bitcoin Magazine, Nigeria hosts many long-term investors in the space as its currency, the Naira, has seen a 209% depreciation over a six-year period. 37% of investors in the space have been invested for over 3 years.
A survey conducted of the penetrated 35% shows that 70% of those users intend to increase their holdings within a short period of time. Another 6% of the population not currently invested were surveyed and said they are interested in investing within the next six months.
Over a course of six years, Nigeria’s currency, Naira, has depreciated 209%, according to the report. The adoption rate of Bitcoin is far more substantial in populations that have a need for Bitcoin, rather than just a want for it. The failing Naira led to earlier adoption that most, as 37% of those currently involved in bitcoin have been invested or trading in the asset for more than 3 years, with another 27% having just started within the past 6 months.
A need to opt out of the existing structure is being driven by the youthful population of Nigeria as its median age sits at 18.4 years old, according to Statista cited in the report. This drives the statistic in which 52% of Nigerians invested in bitcoin and other cryptocurrencies under the age of 30.