Nigeria, UAE lead countries most interested in crypto despite market crash
The crash in the cryptocurrency market has partly weakened investors’ interest in getting involved in various digital assets as uncertainty increases. However, it appears that some investors in some countries are approaching the fall as if it were a regular progression in the market’s growth trajectory.
Along these lines, Google Trend search statistics indicate that Nigeria ranks at the top as the most crypto-obsessed country since the market crash began in April with a total score of 371, according to data obtained by CoinGecko and shared with Finbold on August 3.
The score is based on a total search score for a combination of specific keywords, including ‘cryptocurrency’, ‘invest in crypto’, ‘buy crypto’, ‘Bitcoin (BTC)’, ‘Ethereum (ETH)’ and ‘Solana (SOL)’ .
Among the countries surveyed, only Nigeria registered a top popularity score of 100 for the keywords “cryptocurrency”, “invest in crypto” and “buy crypto”. The United Arab Emirates ranked a distant second with a score of 271, followed by Singapore at 261, with Australia fourth at 218. The United Kingdom ranked fifth overall with a score of 198.
Other countries surveyed include Canada (192), Georgia (187), Lebanon (168), New Zealand (167), Trinidad and Tobago (164), Pakistan (158), United States (157), Ireland (154), Cyprus (151 ), and Kenya (143).
Nigeria’s Sustained Crypto Interest
Before the market crash, Nigeria still ranked among the top countries with the most interest in cryptocurrencies, driven by factors such as a struggling economy. Therefore, citizens turned to crypto as a store of value to beat the rising inflation and devaluation of the local currency.
The findings complement an earlier research in April which indicated that approximately 35% of Nigeria’s population are crypto investors. In addition, the countries’ governments have recently outlined the benefits of cryptocurrencies for the financial sector.
As reported by Finbold, the Central Bank of Nigeria (CBN) acknowledged that cryptocurrencies have introduced innovations in the financial industry. This aspect has forced most institutions to change the way they operate.
Bet on crypto market to recover
However, the sustained interest in digital currencies during the market crash can be attributed to the widespread notion that the market will rise again.
In particular, analysts such as Bloomberg Intelligence commodity strategist Mike McGlone have argued that the market will rise in the second half of the year, placing Bitcoin’s next all-time high at $100,000.
It is also worth noting that there was some relief in the market throughout July, with assets such as Bitcoin and Ethereum recording smaller gains.
Disclaimer: The content of this page should not be considered investment advice. Investment is speculative. When you invest, your capital is at risk.
