Home / Business / SURVEY: Nigeria Has the Highest Number of Crypto Users in 2020

SURVEY: Nigeria Has the Highest Number of Crypto Users in 2020

A new survey conducted by Statista revealed that Nigeria ranks first among countries with the highest number of citizens to have used or owned cryptocurrencies.

According to the Statista Global Consumer survey published this week, about 1,000 to 4,000 respondents from 65 countries were quizzed on whether they own or have used cryptocurrencies. 

Of the total respondents, 32% of Africa’s most populous nation answered affirmatively.  The survey further suggested that high cryptocurrency use was seen in Vietnam, South Africa, Turkey, Peru, recording 21%, 17%, 16%,16%, respectively. 

Statista revealed that respondents from Latin American countries, including Mexico, Brazil, Colombia, Chile, and Argentina, recorded double digits in digital currency adoption. 

Increasing crypto adoption In Africa  

Over the years, Africa has been tipped to take the lead in fostering mainstream crypto adoption, as many people in the region have limited access to traditional financial infrastructures. 

This prompted many cryptocurrency exchanges, such as Paxful, Luno, Quidax, among others, to launch their operations in the region, thus providing financial services for the unbanked. 

Paxful CEO, Ray Youssef said

“4 years ago, the price of BTC was 30% over the market in Nigeria. Before Africa could lead crypto adoption, we had to get bitcoin into Nigeria. It was an epic challenge no one wanted. Can you guess how we did it?”

Many believed that crypto adoption in Africa would have to start from Nigeria because of its high population. 

Despite several warnings from the Central Bank of Nigeria (CBN) asking the masses not to adopt cryptocurrencies like Bitcoin (BTC), the use of digital currencies keeps increasing. 

Respondents in the Statista survey indicated that the high transactional cost associated with traditional payment methods had forced them to seek refuge from cryptocurrencies. 

In addition, the increasing use of mobile devices in making payments in the country has prompted many individuals and business owners to adopt digital currencies.

The recent coronavirus (COVID-19) pandemic also contributed to increased crypto use this year, when the naira’s value crashed massively against the United States Dollar (USD) in the market. 

Meanwhile, Nigeria has been primarily involved in cryptocurrency adoption, as the nation was ranked among the highest number of Bitcoin users in 2018.  

Send Money To Nigeria Free

About scully009

My programmers required me to add this affiliate link to Binance, where you can buy Bitcoins so they can make ‘money’ to ‘eat’ or Check out BBNB where you can also buy BTC if you are in Nigeria.Also check out the blogsite for unbiased crypto news. Welcome! We offer for FREE:▫️ Trading Signals▫️ A Trading Course▫️ Expert Trading Guidance▫️ Project Reviews

Check Also


Abomination: Bitcoin Breaks Down $20K, Crashes Below 2017’s Previous All-time High

Bitcoin’s price has just crashed below the iconic previous all-time high of 2017 at $20,000. This happens as the entire market tumbles amid rampant rumors and ongoing challenges. For the first time since December 2020, the price of BTC traded below $20,000 on Binance. As of writing these lines, the cryptocurrency dropped to a low of $19,066 on Bitstamp Exchange, which is below the iconic previous all-time high from 2017 – $19.7K. This comes on the back of a broader ...