A recent study carried out by the KuCoin cryptocurrency exchange has shown that Nigerians are very open to investing in cryptocurrencies. 33.4 million citizens ages 18 to 60 are said to have either owned crypto or had experience trading with it. This accounts for 35% of the population.
Further data also shows that 7.2 million, or 6% of the population were “crypto-curious,” meaning they were considering dipping their toes into crypto. Moreover, 52% of the crypto investors have allocated the largest portion of their investments into digital assets and 70% said they were planning on growing their crypto portfolios.
Another positive news is that the gender gap does not seem to be a thing in the cryptocurrency world, as exactly half of the Nigerian crypto investors are women.
The reason for such a popularity growth seems to be the growing inflation in Nigeria. As the study results read:
“The Nigerian currency, Naira, has depreciated by over 209% in the past six years. [...] 53% of investors consider cryptocurrencies a reliable value-storage and payment means, 50% invest to gain higher returns in the long run, 40% attempt to start their own businesses and improve living conditions, 36% invest for an additional source of income to their salaries, 34% strive to achieve financial independence, and 26% hope to rely on cryptocurrencies as their main source of income.”
According to the article, Nigeria belongs to what is now the majority of African countries that are flocking to crypto, as the number of digital assets transactions across the continent has risen 1,386.7% over the past year, and the number of users recorded a 2,467.2% increase.