A new study from cryptocurrency betting experts cryptobetting.org showed that Nigerians have high interest in the asset class. The study also showed that Nigeria is the only African country in the top 20, with the next African country, Kenya, placing 29 on the list.
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“The study combined Google trends searches across the globe to see the highest number of countries searching for Bitcoin, alongside this, we obtained data on how many Bitcoin ATMs there are in each country, divided by a population of 100 thousand. Lastly, we obtain data on Crypto ownership per country. We used all these different metrics to build a 10-point scale and gave each country a rating out of 100,” the study noted.
Ahead of Nigeria is the United States in the top position, followed by El Salvador, Vietnam, and Canada.
Nigeria, with a score of 25.31/100, ranked fifth on the list of countries with the most popular Bitcoin usage. The country is the leader in Bitcoin popularity on the continent of Africa, demonstrating a strong trend towards digital currencies in the region.
Nigeria also ranks second globally for Google Trends searches for Bitcoin, further emphasizing the high level of interest and recognition of the digital currency in the country. With a large and growing market, Nigeria is an important player in the world of Bitcoin and ranks fifth on this list.
The study shows 5.7 per cent of Nigerian have invested in cryptocurrency, the majority being Bitcoin.
The interest and adoption of Bitcoin in Nigeria is a testament to the growing acceptance of digital currencies as a legitimate form of investment and financial instrument.