Nigeria Is The World’s Most Crypto Curious Country

Nigeria takes first place among the most crypto-curious countries in the world. The country’s interest in digital currencies is fueled by their limited access to financial services and the currency crisis that is reigning across the state.

Nigeria takes first place

By observing several factors, such as Google searches that include the phrases “buy crypto” or “invest in crypto”, CoinGecko determined that Nigeria (with a score of 371 points) ranks as the most crypto-curious nation. The second position belongs to the United Arab Emirates (UAE), while Singapore is third. 

“This study provides interesting insight into which countries remain most interested in cryptocurrency in spite of market pullbacks.”

Speaking on the results was CoinGecko’s Co-Founder – Bobby Ong

He further outlined that residents of the countries at the top of the list are most inclined to “buy the dip” and have predominantly entered the digital asset universe for the long term.

Ethereum has gained traction in recent months as a result of its anticipated switch from a Proof-of-Work to a Proof-of-Stake consensus method. Singapore appears to have the highest level of interest in the network, although Georgians tend to prefer Solana.

Many Nigerians have already become HODLers in addition to displaying a great deal of interest in the industry. According to a KuCoin research, 33.4 million adults in the nation, or 35% of the adult population, had recently owned or exchanged cryptocurrencies. Additionally, 52% of people have invested more than half of their whole fortune in this asset class.

The fact that the most populous nation in Africa has limited access to financial services may be a major factor in entering the market, according to KuCoin. Nigeria, a financial center in the western portion of the continent, lacks banking and fiat-based options in its vast rural areas.

Another reason is the nation’s economic woes. The monthly inflation rate keeps going up and is currently over 18%. It follows that it is understandable why some residents chose to diversify their investment portfolios with cryptocurrency.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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