As the market crash continues, countries like Nigeria are increasing their interest in the Cryptocurrency sector, BeInCrypto confirms. According to a study by CoinGecko based on Google trends activity examining 15 countries, Nigeria placed on top of the list for search results about crypto information.
While the global search intensity for the term “Investment in crypto” declined, the Nigerian top searches were “Buy crypto,” “Cryptocurrency,” and “Invest in crypto.” The reason behind the rapidly increasing interest in crypto is the lack of financial services and institutions in the country, which can also explain the support for cryptocurrencies across all African countries.
According to KuCoin’s report, in April 2022, roughly 35% of the entire Nigerian population are investing in cryptocurrency. The report also includes data such as the gender fraction of investors, which is almost 50% for men and women. It states that 53% of investors consider crypto a safe value-storage and payment measure and 50% of investors gain higher returns while investing long-term. Additionally, it concludes that 40% of investors have tried to start their own business. While 36% of investors invest just to have another source of income, 26% rely on crypto as their main source of income.
The 2nd place on the list was occupied by the United Arab Emirates (UAE), which is nothing out of the ordinary, as UAE had already shown great support for cryptocurrencies. Additionally, their new legislation gave a green light to a new regulatory body that has been formed to supervise, regulate and help the sector to be adopted.
Meanwhile in some countries, Ethereum became a thing of bigger interest rather than the famous Bitcoin. The possible reason for the exponential growth of the popularity of Ethereum can be accounted for by the upcoming Ethereum merge.