The lack of adequate financial services is driving crypto adoption in Nigeria, the report states

Cryptoverse report by cryptocurrency exchange KuCoin has highlighted this Many Nigerian citizens have started using cryptocurrencies as a viable alternative for storing and transferring assets.

According to the message 35% of Nigeria’s population between the ages of 18 and 60 – or 33.4 million people – have owned or traded cryptocurrencies in the past six months. Of them, nearly 17.36 million (or 52% of Nigerian crypto investors) have more than half of their wealth allocated to cryptocurrencies.

One of the main reasons investors around the world are looking to diversify away from traditional assets into cryptocurrencies is to counter rising fiat inflation.. For example, most UK investors have previously announced that they are choosing tokens over gold, oil, stocks and property as the safest alternative to traditional investments.

The lack of adequate financial services is driving crypto adoption in Nigeria, the report states
The lack of adequate financial services is driving crypto adoption in Nigeria, the report states

The KuCoin report also highlighted peer-to-peer trading as the most popular method among Nigerian investors to convert fiat into crypto assets.. As for cryptocurrency adoption, approximately 23.38 million Nigerians, or 70% of existing crypto investors, will increase their cryptocurrency investments in the next six months.

The value of Nigeria’s fiat currency, the naira, has fallen by more than 209% over the past six yearswhich is one of the main reasons for local investors to focus on deflationary assets like Bitcoin (BTC).

The value of Nigeria’s fiat currency, the naira, has fallen by more than 209% over the past six yearswhich is one of the main reasons for local investors to focus on deflationary assets like Bitcoin (BTC).

The KuCoin report also showed this While most Nigerian crypto investors started many years ago, 26% of the group only started investing in crypto six months agodue to the 2021 bull run that saw BTC prices briefly surpass $69,000.

In October 2021, Nigerian President Muhammadu Buhari launched the country’s central bank digital currency (CBDC), the eNaira. Numerous governments around the world intend to use CBDCs as a replacement for digitized fiat money, with the main goal of reducing operational costs and speeding up cross-border payments.

eNaira is the most advanced CBDC, scoring 95 in the retail and wholesale categories in a recent PwC Global CBDC Index.

in early April, a study published by crypto exchange Gemini confirms a massive surge in global crypto investors in 2021.

As Cointelegraph reported, India, Brazil and Hong Kong saw the highest adoption of cryptocurrencies, with more than 50% of respondents reporting having invested in cryptocurrencies..

Cryptocurrency ownership by country. Source: Gemini

The Gemini report also found this out Indonesia and Brazil are world leaders in terms of the share of cryptocurrency investors in the total population.

Clarification: The information and/or opinions expressed in this article do not necessarily reflect the views or editorial line of Cointelegraph. The information contained herein should not be construed as financial advice or investment recommendation. All investment and trading movements involve risk and it is the responsibility of each person to conduct their proper research before making any investment decision.

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