Nigeria is leading the pack for a growing curiosity in cryptocurrencies. This is despite the current crypto winter.
While we are deep in crypto winter, it seems there is a defrosting event on the horizon.
CoinGecko published a study based on activity on Google Trends. The search results showed a surge in user curiosity from Nigeria. Out of 15 countries studied, Nigeria came in at number one for Googling for crypto information.
Young Nigerians have been ditching their local currency for crypto for quite some time. And there seems to be no signs of this stopping.
Nigeria – popular searches
The Nigerian population searched the most for the terms ‘cryptocurrency,’ ‘invest in crypto’, and ‘buy crypto.’ This is even though the search intensity for ‘investment in cryptocurrency’ has decreased globally, especially after the April crash.
Nigerians have a growing interest in cryptocurrencies due to the low level of financial services in the country. Best described as “inadequate,” the failure of financial services in Nigeria is the same reason that many people across African countries are supporting cryptocurrencies.
As of April of this year, 35% of Nigerians are investors in the digital currency market. This is according to a report published by KuCoin.
The report states, “The survey revealed that women account for 50% of crypto investors, on par with men. The breakdown of reasons for investment reveals that 53% of investors consider cryptocurrencies a reliable value-storage and payment means, 50% invest to gain higher returns in the long run, 40% attempt to start their own businesses and improve living conditions, 36% invest for an additional source of income to their salaries, 34% strive to achieve financial independence, and 26% hope to rely on cryptocurrencies as their main source of income without having to work additionally.”
Emirates is second in search results
As for the United Arab Emirates, it ranked second. This is not surprising given the country’s support of cryptocurrencies. New legislation around crypto has been introduced, and a specialized body has been formed to supervise the adoption of cryptocurrencies.
The cryptocurrency sector is attracting several major players in the industry to work in the UAE.
Singapore came in third place with a search result of 260. The United States of America came in 12th place with a search result of 157.
The results reflect the growing global interest in the digital currency market across the globe.
The growth of interest in Ethereum over Bitcoin is expected to be due to the upcoming Ethereum Merge.