By Adedapo Adesanya
Nigeria is the 5th most country most obsessed with Bitcoin, a new study has shown.
Nigeria, Africa’s largest economy, in February 2021, issued a circular to commercial banks, directing them to close all bank accounts linked with crypto trading.
As a result, Deposit Money Banks (DMBs), Other Financial Institutions (OFIs), and Non-Banks Financial Institutions (NBFIs) could not facilitate the trading of digital currencies leaving Nigerians to resort to other decentralized trading methods, including peer-to-peer trading and Gas Folex.
However, the new study from cryptocurrency betting experts cryptobetting.org sent to Business Post showed that Nigerians remain interested 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.
“The study combined Google trends searches across the globe to see the highest number of countries searching for Bitcoin, alongside this, we obtain 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.
Switzerland places sixth on the list and is the European country with the highest interest in Bitcoin, rounding out the top ten is the Philippines, India, Venezuela, and Austria. The United Kingdom places 20th on the list.
Commenting on the findings, a spokesperson for cryptobetting.org said: “Bitcoin is by far the most popular cryptocurrency across the world, this piece places different metrics together to show where in the globe bitcoin there is the highest interest in Bitcoin. While it was expected that the United States would place first. It’s interesting to see that El Salvador places second. This can be explained by the fact that Bitcoin is legal tender. This list shows diversity, with countries from different continents placing on the list showing Bitcoin’s interest is global.”
The study was conducted by cryptobetting.org, which specialises in reviewing cryptocurrency betting websites.
