Crypto Obsessed: Nigeria tops Google Trends Search for cryptocurrency information
Crypto is always at the top of the list, at least that’s what has come up in a study conducted by a popular cryptocurrency price tracking firm.
According to a new survey, Nigeria is arguably the most cryptocurrency curious country in the world.
The West African nation has the highest interest in digital currency, despite the current bear market.
The study, conducted by price monitoring site CoinGecko, examined Google Trends data for the most used search phrases by digital currency enthusiasts.
Since the market crash in April of this year, the search histories of each country were aggregated to find out which countries have been more interested in, for example, “Bitcoin” or “Ethereum.”
The countries high up in the rankings tend to be the most eager to buy these virtual tokens when their values are at their lowest.
Nigeria is making a name in crypto adoption. Image: ICTworks
Crypto Fanatic Nigeria takes the lead
With a total search score of 371 and the highest search levels among the people, Nigeria topped the list.
These queries include “invest in cryptocurrency,” “cryptocurrency,” and “buy cryptocurrency.” Similarly, the third highest number of searches for a certain cypto, “Solana”, originates from Nigeria.
Due to the limited availability of financial services in Nigeria, there is a growing fascination for these types of virtual assets.
The failure of financial services in Nigeria, which is best described as “inadequate”, is the same reason why many individuals from African countries prefer digital tokens.
For some time now, young Nigerians have been abandoning their national currency in favor of digital currencies. KuCoin reports that as of April this year, 35% of Nigerians are investors in the digital currency market.
Nigeria has the world’s highest rate of crypto ownership
Based on the Finder Cryptocurrency Adoption Index, Nigeria has the highest rate of bitcoin ownership in the world as of October last year, at 24%.
The survey also revealed that Bitcoin is the most popular token in Nigeria, with 67% of the population owning the digital asset.
With a total search score of 270 as of April this year, the United Arab Emirates is currently second on the list. Singapore ranked third (261 points) while Australia is fourth.
Meanwhile, in terms of the composition of cryptocurrency owners in Nigeria, the Finder survey discovered that almost 63% of Nigerian bitcoin owners are men, while the remaining 37% are women.
BTC total market cap at $467 billion on the daily chart | Source: TradingView.com Featured image from Ivo Pontes, Chart from TradingView.com
