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Bitcoin Adoption Trends in Nigeria and UAE
Web3 infrastructure company Elastos recently released a report highlighting the use of Bitcoin in daily transactions, regardless of its current valuation. The research findings reveal interesting insights into the adoption of Bitcoin in different regions.
Nigeria and UAE Leading in Bitcoin Transactions
- 20% of respondents from Nigeria use Bitcoin for daily transactions.
- 23% of consumers in Nigeria and 20% in the UAE use Bitcoin every day.
According to the report, 67% of Nigerians trust Bitcoin more than traditional payment methods like banks or cash to secure their life savings.
Global Trust in Bitcoin
Other jurisdictions also show significant trust in Bitcoin:
- 35% of consumers from Brazil and 32% from the UAE have more confidence in Bitcoin-based services to protect their life savings.
- Comparatively, the UK and Germany have lower percentages at 20% and 22% respectively.
The report, known as the ‘BIT Index,’ highlights the role of the ‘global south’ in Bitcoin adoption, as mentioned by Jonathan Hargreaves, Elastos’ global head of business development.
Bitcoin Adoption in Nigeria and Brazil
Further data from the report indicates:
- 66% of Nigerians and 35% of Brazilians have more confidence in Bitcoin-based systems than traditional alternatives.
- 48% of Nigerian respondents are interested in using Bitcoin for international money transfers.
In contrast, only 18% and 20% of respondents in Germany and the UK respectively show interest in cross-border Bitcoin transactions.
Recent Crypto Adoption Rise in Nigeria
Nigeria has seen a significant rise in crypto adoption in recent years:
- Nigeria ranks second in the world for crypto adoption after India.
- The country’s high inflation rate, reaching 30% in January, has also contributed to the adoption of cryptocurrencies.
- Recent reports suggest that almost half of Nigeria’s population are crypto owners.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
