Nigeria Crypto Adoption Rate Hits 24%, Followed by Malaysia and Australia

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In Brief
  • Nigeria has the highest rate of cryptocurrency adoption, followed by Malaysia and Australia.

  • Most investors focus on bitcoin and Ethereum, though some altcoins like Cardano are seeing strong numbers as well.

  • Developing nations appear to be at the center of high adoption rates.

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Results from the Finder Cryptocurrency Adoption Index, which examines 22 nations, show that Nigeria, Malaysia, and Australia are topping adoption rates worldwide. Most investors seem keen on bitcoin and ethereum, with some other altcoins faring relatively well.

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A new survey released by Finder shows that Nigeria has the highest rate of crypto adoption in the world at 24.2%. Following Nigeria are Malaysia and Australia, and most of the ownership focuses on the top 10 cryptocurrencies by market cap. The African nation has experienced consistent adoption growth despite some disapproval from officials.

The Finder Cryptocurrency Adoption Index surveyed over 41,000 individuals in 22 countries and returned some interesting results. These top 3 countries see investors primarily put their capital into bitcoin, Ethereum, and Cardano, though the likes of Dogecoin also stand out. However, bitcoin remains the most popular worldwide, having become something of a household name since 2017.

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Nigeria has also launched the website for its upcoming central bank digital currency (CBDC), the eNaira, and the government is keen not to let cryptocurrencies take over.

Interestingly, some of the more developed Western nations show little interest in cryptocurrencies. The adoption rate in the U.K. is among the lowest, with ownership estimated to be 5.4%. Most own bitcoin and ethereum, but at 1 in 20 adults, this is a significantly lower number than other countries.

The U.K.’s financial regulator, like those in other major economies, is beginning to crack down on the cryptocurrency market. This could be one of the reasons why there is a low adoption rate, though that hasn’t stopped investors in the U.S., for example, from investing in the asset class.

Tech-savvy developing nations contributing heavily to crypto growth

Cryptocurrencies are particularly popular in developing countries, as the younger population flock to the new asset class. Africa has proven to have a high rate of adoption in general, despite uncertain regulation in many countries. India, too, has ranked highly in terms of adoption, with its market growing by a whopping 641% as the government tackles the question of regulation. The market growth shows no signs of abating as A-list celebrities join as ambassadors for the crypto market.

These countries have been proven to be highly savvy with technology, as digital payment platforms have already entrenched themselves well into the market. India, like Nigeria, is also working on its own CBDC, as the government considers regulating the asset class as commodities.

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Rahul's cryptocurrency journey first began in 2014. With a postgraduate degree in finance, he was among the few that first recognized the sheer untapped potential of decentralized technologies. Since then, he has guided a number of startups to navigate the complex digital marketing and media outreach landscapes. His work has even influenced distinguished cryptocurrency exchanges and DeFi platforms worth millions of dollars.

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