A recent survey that considered evaluating countries according to crypto usage, showed that Nigeria ranks the 1st in cryptocurrency adoption, in the world.
According to the survey, in 2021, about 300 million people globally have owned crypto, or even used it at some point in their lives. In Nigeria, at least 1-in-3 people have owned or used Crypto.
Binance, the largest cryptocurrency platform by trading volume, recently published data about Nigeria ranking 1st globally as per capita for Bitcoin and cryptocurrency adoption, with 1-in-3 Nigerians owning crypto assets in 2020.
According to the survey, certain factors may have made this trend possible. First, of the 200 million people in Nigeria, the larger population, are young people. Also, with this population being tech-savvy, and the prevalence of mobile phone-based P2P payments, the cryptocurrency adoption is something to be expected, as it is already playing out.
Vietnam ranks second by crypto adoption. The Asian nation has seen the increase in demand for crypto by a 100 million, with varying activities including trading, P2P payments and several other utilities.
Philippines and Turkey ranked third and fourth respectively by crypto adoption and Peru came 5th, in spite of being the most developed nation in Latin America.
As Binance reported on its blog, the ranking was done according to Statista’s survey of selected countries that used or owned crypto in 2020.
Binance says even though presently, over 300 million people have used or owned crypto globally, it is still a long journey on the road to an immersion of the world’s population in crypto adoption. As Binance puts it, 300 million people is just 3.8% of the world’s population, and 5.8% of the people on Earth who are between ages 15-65.
“For context, Google has nearly 4 billion users, Facebook has almost 3 billion users”, Binance noted, adding that by 50% users globally(2.55 billion people aged 15-65), it will become one of the widest-used technologies in the world.
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Paul Femi Balo is the founder and publisher of TechBooky. He covers artificial intelligence, African technology, digital infrastructure, enterprise technology and the global digital economy.
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