58 million Nigerians now own cryptocurrencies- Finder report

Eberechukwu Etike
According to the report, 42% of Nigerians who have adopted cryptocurrency are between the ages of 18 and 34…

According to a Finder crypto report on the Cryptocurrency Adoption Index for the Month of August 2022, Nigeria is among the global top 3 countries in terms of crypto adoption with 27% of the total population of internet users aged 18+ currently owning cryptocurrency.

This number represents a 6% increase from the 21% recorded last year.

A similar report released in April by KuCoin indicates that 33.4 million Nigerians, which accounts for 35% of the population aged 18 to 60, currently own or have traded cryptocurrencies in a period of past six months.

The report also indicated that 70% of the respondents to the survey indicated that they will likely increase their cryptocurrency assets soon. It also showed that another 6% of the country’s population is interested in investing in cryptocurrency in the coming six months.

This might explain the significant increase in adoption in the country in just four months.

According to James Edwards, a cryptocurrency specialist, the global adoption rate is surprising given the drop in crypto prices and the total market capitalisation. According to him:

We saw huge drops in the price of Bitcoin at the start of May and June which led to declines in crypto ownership in other markets. However looking at Google Trends the search interest for ‘buy Bitcoin’ in Nigeria has actually risen in the past year, suggesting consumers are hoping to buy the dip.

James Edwards

The estimated percentage amounts to 58 million Nigerians. This represents 27% of the total population of approximately 218 million people.

Read Also: Crypto Report: 35% of Nigerians have invested in crypto

Global cryptocurrency adoption

Despite the price meltdown, global crypto adoption has reached new highs in August for a number of countries.

India leads the global cryptocurrency adoption table of 26 countries with a whopping 29% adoption rate. This is followed by Nigeria at 27%. Both countries are well ahead of well-developed economies such as the United States (13%), the United Kingdom (7%), and Canada (10%).

With 6%, Germany remains at the bottom of the crypto adoption table.

Overall, based on the report, the global cryptocurrency adoption rate now sits at 15%, the same as its previous month’s report.

The gender gap in crypto adoption in Nigeria

In the early days, society made it seem like women should not be involved in wealth creation, financial inclusion, and investments, but there has been a shift over the years and in recent times, women are beginning to dominate the space.

The same trajectory holds for the cryptocurrency space. The space is still male-dominated even though the population of female investors is increasing, especially in Nigeria.

The gender gap in cryptocurrency adoption in Nigeria
The gender gap in cryptocurrency adoption in Nigeria

According to the report, an average of 41% of cryptocurrency holders across the globe are women compared to 59% who are men. Globally, Norway has the widest gender gap, with 74% of people that own crypto being men.

Read Also: Nigeria to lead global crypto adoption with 100% rate by 2030- Report

The age demography of owners

It is no secret that the cryptocurrency space attracts a lot of attention from the younger generation around the world. These individuals have found easier ways to enter the market as technology and smartphones have advanced.

In Nigeria, for example, a country with a large population of youths and high unemployment, it is no surprise that these individuals are constantly looking for ways to make a living, which has resulted in millions entering the crypto space for its financial opportunities.

According to the report, 42% of Nigerians who have adopted cryptocurrency are between the ages of 18 and 34.

A similar report by KuCoin indicates that an increase in the unemployment rate in Nigeria increased to 53.4% in late 2020, has driven many young people to adopt crypto investment as a source of wealth.

The report also indicates that gadgets and sports are the top hobbies of the majority of respondents who identified as crypto investors. The report also YouTube, Telegram, and Facebook are the top social media used for cryptocurrency-related information.

Bitcoin is still the ‘GOAT’

Despite the massive drop in the value of bitcoin, crypto holders prefer the coin over other popular currencies.

According to the report, Australia has the highest BTC adoption rate at 60%. This is followed by four African countries. They are Nigeria. Ghana with 54%, South Africa with 52%, Kenya with 49%, and Nigeria with 47% bitcoin ownership quota.

BTC is still the 'GOAT'- Cryptocurrency adoption
BTC is still the ‘GOAT’- Cryptocurrency adoption report

Other coins appear to be less popular. Nigeria has a 24% adoption rate for ETH, an 18% adoption rate for Dogecoin, and an 11% adoption rate for Cardano.

Bottomline

It is quite interesting to discover that there is still a growing interest among Nigerian adults in the cryptocurrency market, despite the severe restrictions imposed by the Federal Government and the fluctuations in the global cryptocurrency market.


Technext Newsletter

Get the best of Africa’s daily tech to your inbox – first thing every morning.
Join the community now!

Technext Newsletter

Get the best of Africa’s daily tech to your inbox – first thing every morning.
Join the community now!