Bitcoin smartphone users in Nigeria are steadily growing. Share of respondents who indicated they either owned or used cryptocurrencies in 56 countries worldwide from 2019 to 2021 according to Statista had Nigeria covering 42% of the respondents.
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Only 10 to 20 per cent of the population uses smartphone while the rest rely on more traditional mobile phones, that is limited to voice calls and text messages.
Estimates from various sources suggest the number of bitcoin smartphone users in Nigeria is between 25 and 40 million. The data also suggests very strong growth over the next 4 years, which if estimates prove true, will be 140 million users by 2025.
A Young Bitcoin Savvy Trading Youth:
Nigeria out numbered the count of bitcoin smartphone users across Africa from recent researches. This correlates to the increased number of bitcoin smartphone trading youths. A young growing population and an increase in smartphone usage.
Nigeria’s youth have sought various ways to profit from the internet, mostly in crypto. Most youths are into (gamefi) play-to-earn and Move-To-Earn. Some others are finding new ways of being creative and getting into the new internet revolution of Web3.0 reaching new job opportunities and trading in foreign currencies such as USDT and BUSD.
The 140 million users by 2025 smartphone forecast have been bolstered by key companies such as Samsung, which dominates the market, but it’s facing some stiff competition from Chinese manufacturers like Infinix, Itel and Tecno.
As it stands, cryptocurrency trading in Nigeria is illegal and unacceptable. if done through a licensed broker. However, many regulated online trading platforms will service Nigerians of age and those who possess a smartphone capable of handling the trading software. These trading organisations don’t operate within the country but are licensed, regulated and audited by applicable foreign financial institutions.
Smartphone Usage and Crypto trading
While crypto trading is something relatively viral in Nigeria, its growth alongside that of smartphone usage means that many more people could turn to it. Of great advantage to anyone seeking to potentially profit from the financial system as presented in the form of crypto trading.
Most crypto trading platforms offer different kinds of crypto trading services including Spot, Futures / Perpetual, Margin etc. Whether or not, the growth of the smartphone in Nigeria will prove to be something that makes crypto trading a major to-go for those seeking potential profits remains to be seen, but some of the educational groundwork is needs to be set.
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Nsikanabasi Edet