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New Report suggest- Lack of decent financial services increase crypto holders in Nigeria.

One of the major intentions crypto nvestors across the globe have is to diversify traditional assets into crypto to counter rising fiat currency inflation.

A recent study has uncovered startling growth in crypto adoption across Nigeria, motivated by insufficient access to affordable fiat-based financial services in Africa.

Crypto exchange KuCoin’s “Into the Cryptoverse Report” pointed out that multiple Nigerian citizens have begun using cryptocurrencies as a reasonable alternative to store and transfer assets.

According to the survey, 35% of the Nigerian community aged 18 to 60 — or 33.4 million people — have acquired or traded cryptocurrencies during the last six months.

Out of that ppopulation, almost 17.36 million (or 52% of Nigerian crypto investors) have rationed over half of their investments to cryptocurrencies.

One of the major intentions why investors across the globe aim to diversify traditional investments into cryptocurrencies is to counter rising fiat inflation.

For example, a selection of Lagos state, Ibadan and Abuja investors was interviewed not long since, and a large percentage believed tokens to be comfortable and more secure than traditional assets such as gold, oil, stocks and real estate.

The KuCoin report further indicated peer-to-peer trading as the most common process among Nigerian investors to recycle fiat into crypto assets.

Doubling down on the crypto adoption rampage, approximately 23.38 million Nigerians, or 70% of existing crypto investors, will increase their cryptocurrency assets over the coming six months.

The worth of the naira, the nation’s fiat currency, has declined by over 209% in the past six years, which feels like one of the key catalysts for local investors to carry away deflationary assets such as Bitcoin (BTC).

The survey also reveals that while a majority of Nigerian crypto-hold investors started their hodling journey several years ago, 26% began investing in cryptocurrencies just six months back — thanks to the 2021 bull run, which saw BTC prices briefly cross the $69,000 mark.

In October 2021, Nigerian President Muhammadu Buhari launched the country’s central bank digital currency, the eNaira. Several governments across the world intend to use CBDCs as a digitized fiat alternate, mainly intended to reduce operative fees and fasten up cross-border payments.

The eNaira is regarded as the most developed CBDC, scoring 95 out of 100 across both the retail and wholesale classifications

PwC’s lately published “2022 Global CBDC

Earlier in April, research published by crypto exchange Gemini showed a huge rise in global crypto investors in 2021.

As Otomaco revealed India, Brazil and Hong Kong are remarkably considered the highest crypto adopter, with more than 50% of respondents affirming investing in cryptocurrencies.

Cryptocurrency ownership by country. Source Gem
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