As cryptocurrencies continue to see different use cases leading to adoption on a global scale, a recent study has shown that Nigeria tops the chart for crypto ownership as nearly half of its population uses or owns cryptocurrency.
During the course of 2022, transactions in cryptocurrency are expected to reach $35 billion worldwide, a 6.7% improvement from the $33.5 billion recorded in the previous year. As a leading global crypto market over 50% of the value will come from the US. In spite of this, other countries including Nigeria still topple the US in terms of crypto ownership.
According to the data from Trading Platform detailing the staggering growth in crypto adoption globally, about 45% of Nigeria’s population at some point in 2022 either owned or traded cryptocurrencies using it as a viable alternative to store and transfer assets. The data also showed that Thailand with 44% placed second while Turkey follows in third place with 40%.
Interestingly, India with 134 million users records the highest number of Cryptocurrency users while the US follows with 27.7 million users.
Nigeria embraces the crypto industry
Although the data did not indicate the specific use of cryptocurrency in the country, the rising fall of the nation’s fiat currency (Naira) is one of the key factors as investors eye deflationary assets to counter rising fiat inflation.
This data confirms an earlier report by TheCoinRise that Nigeria emerged as the country with the greatest interest in cryptocurrency worldwide. According to data from crypto price tracker CoinGecko that considered several variables including Google searches, Nigeria with a score of 371 had the highest level of crypto curiosity.
Additionally, another report from the crypto exchange platform KuCoin earlier in the year revealed that 35% of the nation’s population between the ages 18 to 60 had recently owned or traded digital assets while 52% of the people have invested over half of their wealth in the digital asset.
Meanwhile, NACOS, an umbrella body for Nigerian students studying IT-related courses in Nigerian higher institutions of learning, recently partnered with Domineum Blockchain to train over 100,000 of its members on disruptive and emerging technology.