A new report suggests Nigerians are embracing Bitcoin at a surprising rate. According to an open-source blockchain platform, Elastos, a whopping 20%, or one in five Nigerians, are using Bitcoin for everyday transactions.
Survey Methodology
The data comes from a survey conducted with over 1,400 “tech-savvy” individuals across seven countries, including Nigeria, Brazil, Germany, South Korea, UAE, UK, and US. Completed by a third-party market research company between March 30th and April 4th, 2024, the survey provides insights into real-world Bitcoin usage and user perceptions.
Nigerians Trust Bitcoin More Than Traditional Systems
The study revealed a striking trend: 67% of Nigerians surveyed expressed greater trust in Bitcoin when it comes to safeguarding their life savings compared to traditional institutions like banks, local governments, and even cash.
Emerging Markets Drive Bitcoin Adoption
The data highlights the significant role emerging markets like Nigeria play in Its adoption. Nigerians reported much higher usage and trust levels compared to developed economies like Germany (8%) and the UK (9%) where daily Bitcoin use remains lower.
Confidence in Transaction Security
Interestingly, Nigerians also showed a higher level of confidence in Bitcoin’s ability to secure online transactions compared to traditional options. 66% of Nigerians surveyed expressed more trust in Bitcoin-based systems compared to banks or governments, while only 16% (Germany) and 21% (UK) felt the same way about traditional financial institutions.
Global South Leads the Way in Crypto Adoption
Elastos’ Global Head of Business Development, Jonathan Hargreaves, emphasized the importance of the “global south” in driving the adoption of decentralized currencies like Bitcoin. He pointed out that the lack of reliable alternatives for cross-border transactions and inflation protection fuels Bitcoin’s popularity in these regions.
This study sheds light on a potential shift in global financial landscapes, with developing nations leading the way in embracing cryptocurrency.
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