The West African country of Nigeria has the highest interest in digital currencies despite the current bear market.
Crypto in Nigeria
A study conducted by CoinGecko examined Google Trends data for the most commonly used search terms by digital currency enthusiasts. Since the market collapse in April this year, search results from each country were collected to determine which countries were more interested in, say, “Bitcoin” or “Ethereum.”
The countries that rank high are usually the most eager to buy the tokens when their value is low. With a total search score of 371 and the highest search levels among the population, Nigeria topped the list.
These searches include “invest in cryptocurrency”, “cryptocurrency” and “buy cryptocurrency”. In addition, the third highest number of searches for a particular cryptocurrency, Solana, was from Nigeria.
Due to the limited availability of financial services in Nigeria, interest in virtual assets is growing. The failure of financial services in Nigeria is one reason why many people from African countries prefer digital tokens.
Young Nigerians sold their national currencies in exchange for digital currencies. KuCoin reports that as of April, 35% of Nigerians have been operating in the digital currency market.
Bitcoin most popular in Nigeria
Based on Finder Cryptocurrency Adoption Index Nigeria owned the most Bitcoin in October last year. With a percentage of 24%, the country topped the rankings.
The survey also found that Bitcoin is the most popular currency in Nigeria. 67% of the population owns the digital currency.
With a total search score of 270 as of April this year, the United Arab Emirates ranks second in the list. Singapore is in third place and Australia in fourth.
Additionally, the Finder survey found that nearly 63% of Nigerian Bitcoin owners are male.