Nigeria has emerged as the most crypto-active country, according to data collected from Google Trends. Despite the challenging period in the cryptocurrency market, known as the crypto winter, Nigerians have displayed unwavering enthusiasm and curiosity regarding Bitcoin, Ethereum, and other cryptocurrencies. This trend reinforces Nigeria’s leading position in crypto interest and adoption.
Leverage Trading, a prominent cryptocurrency analysis firm, reported that Nigeria ranked highest in three search terms related to cryptocurrencies: “Buy Bitcoin,” “Trade Crypto,” and “How to Buy Bitcoin.” The analysis indicates that Nigerian citizens continue to actively participate in purchasing, trading, and seeking information about cryptocurrencies.
The global cryptocurrency market experienced volatility throughout 2022, with prices undergoing a downward trajectory for the majority of the year. However, certain nations, including Nigeria, exhibited resilience by consistently engaging in crypto-related activities. Google search volumes for transactional cryptocurrency terms were analyzed, revealing Nigeria’s dominance in terms of interest and search scores.
Nigeria achieved a perfect score of 100 for the search term “Buy Bitcoin,” reflecting the country’s remarkable inclination to invest in Bitcoin despite the crypto winter and declining prices. Other countries such as Cameroon, St. Helena, Ghana, and Cyprus also demonstrated involvement in the cryptocurrency space, albeit to a lesser extent.
Similarly, Nigeria topped the rankings for the search term “Trade Crypto” with a perfect score of 100, indicating a strong interest in both buying and trading digital currencies. Singapore, Lebanon, the United Arab Emirates, and Kenya also showcased notable activity in crypto trading, defying the market’s downward trend.
Nigeria’s leading position was further solidified when analyzing the search term “How to Buy Bitcoin.” With a perfect score of 100, Nigerians displayed an enduring interest in expanding their knowledge of the dynamic cryptocurrency market. Cameroon, Ghana, St. Helena, and Cyprus also appeared on the list, emphasizing their active pursuit of information related to buying Bitcoin.
Despite the Central Bank of Nigeria’s directive to financial institutions to refrain from enabling cryptocurrency transactions, the popularity of digital currencies continues to rise in the country. This is particularly evident in a nation grappling with high poverty rates, escalating inflation, and a rapidly devaluing currency. Cryptocurrencies have become a favored means to safeguard funds and preserve financial worth.
A report by global research firm Morning Consult highlighted that approximately half of Nigerian adults engage in cryptocurrency trading on a monthly basis, the highest proportion among any population worldwide. This increased enthusiasm can be attributed, in part, to Nigeria’s rapidly expanding population, as projected by Axios in their latest report. Additionally, difficulties with remittance processes and the emergence of local cryptocurrency exchanges have contributed to the remarkable increase in cryptocurrency adoption.
Nigeria’s dominance in crypto activity despite market challenges underscores the country’s resilience and adaptability. As the cryptocurrency market continues to evolve, Nigeria’s ongoing interest and involvement position it as a key player in the global crypto landscape.