Report: Over A Third of Nigerians Are Invested in Bitcoin, Crypto

Advertisements

  • KuCoin conducted a report with multiple surveys that shows 35% of the adult population aged 18-60 in Nigeria are vested in bitcoin or other cryptocurrencies.
  • The investor class is largely made up of a youthful population driven by Nigeria’s median age of 18.4 years old, which leads to 52% of the investors being below the age of 30.
  • Nigeria hosts many long-term investors in the space as its currency, the Naira, has seen a 209% depreciation over a six-year period. 37% of investors in the space have been invested for over 3 years.

KuCoin, a leading cryptocurrency exchange, recently released a report titled “Into The Cryptoverse” where they discussed the penetration of Bitcoin and other cryptocurrencies into populations of varying countries. Most notable among them is Nigeria; 35%, or 33.4 million, of its adults aged 18-60 owned or traded bitcoin or some form of cryptocurrency in the last 6 months.

Users With Internet Access

This staggering amount of 35% of adults becomes even more bewildering when one recognizes that as of January 2022, only 51% of the entire population of Nigeria has access to the internet, according to the report. Of that 51% of the population, 86% of Nigerian internet users are familiar with cryptocurrency as an investment vehicle. The report also states that according to Google Trends, Nigeria hosted the highest number of searches for Bitcoin in early 2021.

A survey conducted of the penetrated 35% shows that 70% of those users intend to increase their holdings within a short period of time. Another 6% of the population not currently invested were surveyed and said they are interested in investing within the next six months.

Youthful Investor Interest Grows as Naira Falls

Over a course of six years, Nigeria’s currency, Naira, has depreciated 209%, according to the report. The adoption rate of Bitcoin is far more substantial in populations that have a need for Bitcoin, rather than just a want for it. The failing Naira led to earlier adoption that most, as 37% of those currently involved in bitcoin have been invested or trading in the asset for more than 3 years, with another 27% having just started within the past 6 months.

A need to opt out of the existing structure is being driven by the youthful population of Nigeria as its median age sits at 18.4 years old, according to Statista cited in the report. This drives the statistic in which 52% of Nigerians invested in bitcoin and other cryptocurrencies under the age of 30.

Gender Parity Among Investors of Nigeria

One interesting statistic KuCoin uncovered in a survey of those currently vested in bitcoin and other cryptocurrencies showed 50% gender parity. Nigeria seems to be proving that when economic need, youth of a population, and innovation collide, gender plays no role in the adoption of an emerging monetary system.

Nigeria’s Long-Term Investor Outlook

Low-time preference seems molded with entrepreneurial spirit in Nigeria with 62% of investors believing this emerging system is the future of finance and 50% of investors saying they are in it for the long run. 40% of investors look to use their gains to start a business, 36% are looking for another revenue stream, and 26% seek to rely on their investment as primary income.

portfolio diversification

The portfolio diversification, or the lack of diversification in some cases, is a fascinating statistic among Nigerian investors. On average, these investors allocate 60% to cryptocurrency, 20% to cash or bank deposits, and 7% to foreign currencies with additional financial instruments closing the gap, which means over 52% of investors are allocating over half of their portfolio to cryptocurrencies, according to the report.

A little over one-fifth of these investors (22%) store over 90% of their assets in bitcoin or another cryptocurrency. This minority group tends to be slightly older and less familiar with other financial products with a focus on money transfers and transactions, rather than trading.

Conclusion

As of February 2022, 65% of these investors utilize peer-to-peer trading to deposit fiat for cryptocurrencies after the Central Bank of Nigeria barred banks from enabling crypto transactions in February 2021, according to another survey conducted by KuCoin cited in the report.

Further KuCoin data shows a 1,386.7% increase in monthly transactions across African countries from January 2021 – January 2022. During the same period, active users also increased by 2,467.2%.

Countries like Nigeria showcase the need of a new monetary system that allows cross-border payments with minimal fees and global access in its most reliable form. The central authorities of Nigeria have failed to properly care for its citizenry and its youthful population has taken it upon themselves to enforce needed change. While bitcoin certainly serves as a store-of-value for many in more developed places of the world, the humanitarian and altruistic use cases of Bitcoin are what truly make it inevitable.


Share post on

Sonic BTC is reader-supported. When you buy through links on our site, we may earn an affiliate commission.

Bitcoin Enchancment Proposal 21 Eases Person Expertise When Paying Invoices Bitcoin

Bitcoin Enchancment Proposal 21 Eases Person Expertise When Paying Invoices

The below is a direct excerpt of Marty's Bent Issue #1181: "BIP21 is a...

By wpadminsonic164
There’s an Insatiable Urge to Burn Crypto — A Have a look at Why Tasks Burn Tokens and the Advantages Bitcoin

There’s an Insatiable Urge to Burn Crypto — A Have a look at Why Tasks Burn Tokens and the Advantages

In recent times, cryptocurrencies that burn tokens have been very popular and a number...

By wpadminsonic164
Bitcoin mining firm Luxor launches ASIC buying and selling desk Bitcoin

Bitcoin mining firm Luxor launches ASIC buying and selling desk

On January 11, 2022, Washington-based bitcoin mining company Luxor announced the launch of a...

By wpadminsonic164
Binance Invests $200 Million Into the Enterprise Journal and Digital Writer Forbes Bitcoin

Binance Invests $200 Million Into the Enterprise Journal and Digital Writer Forbes

Reports indicate that the world's largest cryptocurrency exchange by trade volume, Binance, has announced...

By wpadminsonic164
Mirror Buying and selling Worldwide Bitcoin Ponzi Scheme CEO arrested in Brazil Bitcoin

Mirror Buying and selling Worldwide Bitcoin Ponzi Scheme CEO arrested in Brazil

Johann Steynberg, the wanted CEO of Mirror Trading International, was recently arrested by Brazilian...

By wpadminsonic164
Tesla Hodls Bitcoin: Steadiness Sheet Reveals $1.26B in Digital Belongings Bitcoin

Tesla Hodls Bitcoin: Steadiness Sheet Reveals $1.26B in Digital Belongings

Elon Musk's electric car company, Tesla, is hodling bitcoin. The company's balance sheet shows...

By wpadminsonic164
Fuel DAO venture types for Airdrop tokens to Ethereum customers who’ve spent $ 1,559 in charges Bitcoin

Fuel DAO venture types for Airdrop tokens to Ethereum customers who’ve spent $ 1,559 in charges

A new type of airdrop was very popular in the final quarter of 2021...

By wpadminsonic164
How I outline Bitcoin generational wealth Bitcoin

How I outline Bitcoin generational wealth

Bitcoin Generational Wealth – The PreludeThis article was inspired by another bitcoiner, @chadlupkes, and...

By wpadminsonic164

Latest Posts

Why are whales shopping for the Cardano dip?  – Cardano Feed Cardano

Why are whales shopping for the Cardano dip? – Cardano Feed

Cardano's ecosystem is starting to look lively once again and whales have taken a...

By wpadminsonic164
Ripple(XRP), Cardano(ADA) & Binance Coin(BNB) Goal at 10% Bounce in 24 Hours !  – Cardano Feed Cardano

Ripple(XRP), Cardano(ADA) & Binance Coin(BNB) Goal at 10% Bounce in 24 Hours ! – Cardano Feed

Cardano(ADA) Price AnalysisCardano price broke through the descending channel a couple of days ago...

By wpadminsonic164
Second STATE Token Launch and Declare Occasion Announcement – Medium Polkadot

Second STATE Token Launch and Declare Occasion Announcement – Medium

ParaState is pleased to announce the release of our 2nd tranche of STATE tokens...

By wpadminsonic164
BTC Information – Heineken prevê aumento de preço Videos

BTC Information – Heineken prevê aumento de preço

Painel diário de notícias de negócios e empresas, comentadas e analisadas pela Business Training...

By wpadminsonic164
Bitcoin Enchancment Proposal 21 Eases Person Expertise When Paying Invoices Bitcoin

Bitcoin Enchancment Proposal 21 Eases Person Expertise When Paying Invoices

The below is a direct excerpt of Marty's Bent Issue #1181: "BIP21 is a...

By wpadminsonic164
Instructions to Research Stablecoins | USDC, USDT, BUSD, PAXOS – Cardano Feed Cardano

Instructions to Research Stablecoins | USDC, USDT, BUSD, PAXOS – Cardano Feed

by Robin Smith May 24, 2022 DeFi videos In the part 1 of 2...

By wpadminsonic164
Kaspars Koskins, CEO of ADALend: “We’re constructing a safe lending platform on Cardano” |  Bitcoinist.com – bitcoinist.com Cardano

Kaspars Koskins, CEO of ADALend: “We’re constructing a safe lending platform on Cardano” | Bitcoinist.com – bitcoinist.com

Launch of the interview series from ADALend CEO Kaspars Koskins, one of the most...

By wpadminsonic164
Bitcoin plunges, and might there be another challenger on the way? Videos

Bitcoin plunges, and might there be another challenger on the way?

Brian Kelly on bitcoin's fall and Powell's comments on digital dollars. With CNBC's Melissa...

By wpadminsonic164