Crypto is always on top of the list, at least that’s what has come up in a study done by a popular cryptocurrency price tracking firm.
According to a new research, Nigeria is hands down the most cryptocurrency curious country in the world.
The West African nation has the highest rate of interest in digital currency, despite the present bear market.
The study, conducted by price monitoring site CoinGecko, examined Google Trends data for the most-used search phrases by digital currency enthusiasts.
Since the market meltdown in April of this year, the search histories of each country were collated to determine which countries have been more interested in, say, “Bitcoin” or “Ethereum.”
The countries high up in the ranking tend to be the most eager to purchase these virtual tokens when their values are at their lowest.
Nigeria is making a name in crypto adoption. Image: ICTworks
Crypto Fanatic Nigeria Takes The Lead
With a total search score of 371 and the highest search levels among its people, Nigeria topped the list.
These queries include “invest in cryptocurrency,” “cryptocurrency,” and “purchase cryptocurrency.” Likewise, the third-highest number of searches for a certain cypto, “Solana,” originated from Nigeria.
Due to the limited availability of financial services in Nigeria, there is a growing fascination with these types of virtual assets.
The failure of financial services in Nigeria, which is best described as “inadequate,” is the same rationale why many individuals from African nations favor digital tokens.
Since quite some time, young Nigerians have abandoned their national currency in favor of digital currencies. KuCoin reports that as of April of this year, 35% of Nigerians are investors in the digital currency market.
Nigeria Has World’s Highest Rate Of Crypto Ownership
Based on the Finder Cryptocurrency Adoption Index, Nigeria has the highest rate of bitcoin ownership in the world in October last year, at 24%.
The survey also revealed that Bitcoin is the most popular token in Nigeria, with 67% of the population possessing the digital asset.
With a total search score of 270 as of April of this year, the United Arab Emirates is currently at second place in the list. Singapore ranked third (261 points) while Australia is in fourth.
Meanwhile, in terms of the composition of cryptocurrency owners in Nigeria, the Finder poll discovered that almost 63% of Nigerian bitcoin owners are men, while the remaining 37% are women.
BTC total market cap at $467 billion on the daily chart | Source: TradingView.com Featured image from Ivo Pontes, Chart from TradingView.com