Skip to content

Nigeria Leads Global Search for Cryptocurrency Information

Nigeria is leading the pack for a growing curiosity in cryptocurrencies. This is despite the current crypto winter.

While we are deep in crypto winter, it seems there is a defrosting event on the horizon. 

CoinGecko published a study based on activity on Google Trends. The search results showed a surge in user curiosity from Nigeria. Out of 15 countries studied, Nigeria came in at number one for Googling for crypto information.

Young Nigerians have been ditching their local currency for crypto for quite some time. And there seems to be no signs of this stopping.

The Nigerian population searched the most for the terms ‘cryptocurrency,’ ‘invest in crypto’, and ‘buy crypto.’ This is even though the search intensity for ‘investment in cryptocurrency’ has decreased globally, especially after the April crash.

Nigerians have a growing interest in cryptocurrencies due to the low level of financial services in the country. Best described as “inadequate,” the failure of financial services in Nigeria is the same reason that many people across African countries are supporting cryptocurrencies.

As of April of this year, 35% of Nigerians are investors in the digital currency market. This is according to a report published by KuCoin. 

The report states, “The survey revealed that women account for 50% of crypto investors, on par with men. The breakdown of reasons for investment reveals that 53% of investors consider cryptocurrencies a reliable value-storage and payment means, 50% invest to gain higher returns in the long run, 40% attempt to start their own businesses and improve living conditions, 36% invest for an additional source of income to their salaries, 34% strive to achieve financial independence, and 26% hope to rely on cryptocurrencies as their main source of income without having to work additionally.”

<img width="850" height="478" src="https://s32659.pcdn.co/wp-content/uploads/2022/04/nigeria-bank-850×478.png" alt="banks nigeria" class="wp-image-196561" srcset="https://s32659.pcdn.co/wp-content/uploads/2022/04/nigeria-bank-850×478.png 850w, https://s32659.pcdn.co/wp-content/uploads/2022/04/nigeria-bank-360×203.png 360w,
Read Full Article…