According to a study released by CoinGecko, Africa’s most populous economy— Nigeria— takes the lead in terms of global crypto curiosity. In a numbered study, Nigeria scored 371, courtesy of the data procured from the global study of Google Trends relevant to keywords like ‘Invest in Crypto’, ‘Buy Crypto’, and more.
Following Nigeria are countries like the United Arab Emirates and Singapore with scores of 270 and 261, respectively.
Bobby ONG, the co-founder of CoinGecko, considers the findings to be interesting insights, especially in the wake of the recent market pullbacks. He says economies topping the list will have individuals most likely to ‘Buy the Dip.’ According to ONG, the insights also outline the long-term pro-crypto outlook of these countries.
Despite the global sentiments, at CoinSwitch, we always advise caution and a thorough DYOR (Do-Your-Own-Research) strategy.
Nigeria’s tryst with crypto
The West African country’s love affair with crypto assets is a fascinating tale. It all began when the Nigerian Central Bank came down heavily on crypto assets back in 2021—ordering commercial lenders to refrain from crypto-driven operations and transactions. The CoinGecko study shows that despite the crackdown, Nigerian people developed a special affinity for crypto.
As luck would have it, in June 2022, the Nigerian Stock Exchange even proposed a blockchain-powered interface to increase trade outreach. And we all know how closely people associate crypto with blockchain technology.
Coming back to the report, Singapore— which is third on the list— has the search focus on Ethereum. Likewise, Georgia, which is ranked seventh on the list, has most of its people looking up Solana.
FAQs
What is Nigeria saying about cryptocurrency?
Nigeria has expressed mixed views on cryptocurrency. While some officials have shown interest in regulating it, others have raised concerns about its potential for illegal activities and financial risks.
Why is crypto so big in Nigeria?
Cryptocurrency is significant in Nigeria due to factors such as a large youth population, high mobile phone penetration, and a volatile national currency. It offers opportunities for investment, remittances, and financial inclusion.
How many Nigerians are into crypto?
It’s estimated that millions of Nigerians are involved in cryptocurrency trading and investment, though exact numbers are difficult to ascertain due to the decentralized nature of crypto transactions.
Why was crypto banned in Nigeria?
Cryptocurrency was banned in Nigeria in 2021 by the Central Bank due to concerns over its potential use for money laundering, terrorism financing, and other illicit activities. However, the ban has been met with criticism and calls for regulatory clarity rather than outright prohibition.
